It is a war between two major controlling boards IRDA and SEBI. This war has become apparent when insurance companies selling Unit Linked Insurance Plans(ULIP) that is similar to the mutual funds but come with insurance cover. There is big controversy about the nature of ULIPs because of the high cost structure and miselling by the agents. If you don’t have the basic idea on this product, please read What is ULIP?. IRDA has recently set the cap for fess, that made ULIPs look more attractive to the investors.
Few weeks back SEBI has asked IRDA that insurance companies to the approval from SEBI to issue the ULIPs. The reason for the heat is it directly related to the market. With the ongoing war, this week SEBI has announced list of 14 major insurance companies to stop selling the ULIPs. The following are the list of companies:
SBI Life, ICICI Prudential, TATA AIG, Aegon Religare Life, Aviva Life, Bajaj Allianz, Bharti AXA, Birla Sunlife, HDFC Standard Life, ING Vysya Life, Kotak Mahindra old mutual life, Max New York Life, Metlife India and Reliance Life
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April 11, 2010 at 8:12 pm
Hi,
I am having a HDFC ULIP, and paying premimum from last 2years. How it will impact to my current policy?
Thanks,
GNP.
June 7, 2010 at 10:35 pm
hi,
i am having a icici ulip, and paying premiun from last 1 years. how it impact yo my current policy?
thanks,
ks
August 11, 2010 at 8:44 pm
hi,
i bought a sbi ulip plan last year, but somehow now i don’t want to continue it. can you advise me how can i cose this policy……
thanks……..
raj.
December 10, 2010 at 8:40 am
I readed news ban of 14 ULIP insurance. But what about and what action has been taken to refund and penelty to thos they sold plan by misselling as i have also lodged the complain against Birla Sunlife and in which plan is totaly diffrenece then the plan convinced to me any my premium was of 5 lac and without giving any benifit BSL is deducting approx Rs 3000/- per month and there is no any risk cover to save my 5 lac i have to contnue the same by paying 10000/- minimum and i paid else they threatning me for lapsation. It is also poited out that duplicate signature made by some person on declaration form. I have sent my complained duely filled in form of IRDA please advaise me what other action i can take against duplicate signature as this is criminal and can i take such action because i think IRDA and SEBI never suported me in my several complain and i have no trust on them now.
October 3, 2011 at 12:05 am
What happens to people who have already invested in these plans?