International Journal of Marketing & Financial Management

International Journal of Marketing & Financial Management

Print ISSN : 2349 –2546

Online ISSN : 2348 –3954

Frequency : Monthly

Current Issue : Volume 3 , Issue 2
2015

A STUDY OF UNIT LINKED INSURANCE PLANS IN INDIAN LIFE INSURANCE AND IMPACT OF NEW GUIDELINES FOR ULIPs IN LIFE INSURANCE SECTOR

*Dr. S. VALLUVAN, **Mrs. G.SIVASAKTHI, ***Ms. D. IDA

*Assistant professor, school of commerce – PG, Rathnavel Subramaniam college of Arts & Science, (Autonomous), Sulur, Coimbatore.,    **M.Com Student, Rathnavel Subramaniam College of Arts & Science (Autonomous), Sulur, Coimbatore.,    ***M.Com Student, Rathnavel Subramaniam College of Arts & Science (Autonomous), Sulur, Coimbatore.

DOI : Page No : 29-35

Published Online : 2015-02-28

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ABSTRACT

ULIP came into play in the 1960s and is popular in many countries in the world. Unit Linked guidelines were notified by Insurance Regulatory Development Authority (IRDA) on 21st December 2005. On April 9, 2010 SEBI barred 14 life insurance companies from selling or renewing ULIPs unless they registered with it. These ULIPs had already got the approval from IRDA which led to a legal tussle between two regulators. Finally on June 18 2011, in an amendment favoring IRDA over SEBI an act was signed by Former President Pratibha Patil. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured, especially since the investment risk is borne by the policyholder. This study aims to analyze the recent changes made by IRDA regarding ULIPs and the impact of new guidelines for ULIPs in Indian life insurance sector.

Keywords: Growth of ULIPS, Indian Life Insurance Sector, Impact of New Guidelines for ULIPs.