Irdai looks to change rules of Ulips, says report

Insurance Regulatory and Development Authority of India (Irdai) is likely to change its rules governing Ulip schemes in order to improve product proposition, The Economic Times reported.

The insurance regulator, the newspaper said, is likely to ease the rules of buying annuity after accumulation phase, get rid of the minimum capital guarantee and allow a partial withdrawal on pension plans.

The insurers can be allowed to charge an extra premium for buying riders with Ulips. The regulator has set up a panel of stakeholders for recommendations before it comes out with the final set of norms, the report said.