Speaking to reporters here, he said that ULIPs have more potential in the long-term.
"Although mutual funds and ULIPs are similar products, the imposition of long-term capital gains tax (LTCG) on the former has been a boost for us," Chugh said.
Since customers in large metro cities are more market savvy than people in the smaller towns, the company is targeting them for ULIPs.
The company would also focus more on innovation in new products, he added.
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