Unit linked insurance plan benefit details to be published : IRDA

Insurance Regulatory and Development Authority (IRDA) asked the private insurance companies to publish the agent benefits details in the Unit linked Insurance Plan (ULIP) dealings. According to IRDA the insurance company must detail about the ULIP program agent charges with the benefit certificate to the policy owners. The IRDA aims to bring more transparency in the insurance field. There was some conflict in opinion of Securities and Exchange Board of India (SEBI) and IRDA regarding the ULIP agent commissions. With in a short period there was a massive acceptance to the ULIP program. The insurance program which invests the money in share market and gives the benefits to the customers. Most of the private insurance companies are using ULIP program. SEBI interfered in the ULIP programe policies of Insurance companies as the introduction of ULIP affects the mutual funds a large. The mutual fund dealing companies approached the SEBI as the allowed very lowest commission to Mutual Fund agents. The Bajaj Alliance company which deals ULIP reported that they have no objection to publish about the benefits given to ULIP agents.

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