IRDA SEEKS ULIP DATA TO GAUGE LOSS

With the mayhem in the stock markets and dip in sales of unit-linked insurance plans (ULIPs), insurance regulator IRDA has decided to direct life insurers to furnish data on the performance of their funds. Worried that the drastic fall in the net asset values (NAVs) of ULIPs may affect
the popularity of life insurance policies, the regulator is looking at imposing some restrictions on ULIPs. Currently, companies have full freedom to sell ULIPS or traditional policies or a mix of both.