Just under two weeks ago, the ministry of finance had located the ball in the Insurance Regulatory Development Authority’s (IRDA’s) hand, creation IRDA the sole regulator for unit linked insurance plans (ULIPs).
In a circular issued on June 28, 2010, the regulator notified a number of changes to the configuration and framework of ULIPs that are usually helpful to customers, but with some care.
These changes, that will be successful in all ULIP sales from September 1 this year, plan to address the issues that were being highlighted by critics and customers alike. Here we take a look at them
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Thursday, July 8, 2010
Saturday, July 3, 2010
Future Generali Life launch new ULIP
Future Generali Life Insurance, a joint venture between Future group of India and Generali Group of Italy, has come out with a unit linked insurance plan (ULIP) ‘Future Generali NAV Assure’. The plan seeks to provide maximum opportunity for growth while protecting the investments next to adverse market circumstances in financially unstable times. Addressing presspersons here on Wednesday after launching the product, Balram Sarma, Chief Operating Officer, said the scheme guarantees highest NAV (net asset value) recorded on every day basis during the first seven years of the policy or NAV at maturity date, whichever is superior.
The ULIP would protect the investment proceeds and the customer could invest without waiting to time the markets whether they are cheerful or bearish. It is available for customers in the age group of 8-60 years.
The insurance plan allows flexibility to its customers to pay premiums with 4 options to select from being single, 3, 5 and 7 years. It comes with a fixed policy term of 10 years and the minimum annual premium is Rs. 39,960.
The NAV guarantee is applicable only on maturity provided the policy is in force. The premium allocation charges sort from 1-8(%) per cent depending on the premium group and the premium paying term.
According to Mr. Balram Sarma, Future Generali was working through 91 branches across 83 locations with over 44,000 licensed advisors.
The ULIP would protect the investment proceeds and the customer could invest without waiting to time the markets whether they are cheerful or bearish. It is available for customers in the age group of 8-60 years.
The insurance plan allows flexibility to its customers to pay premiums with 4 options to select from being single, 3, 5 and 7 years. It comes with a fixed policy term of 10 years and the minimum annual premium is Rs. 39,960.
The NAV guarantee is applicable only on maturity provided the policy is in force. The premium allocation charges sort from 1-8(%) per cent depending on the premium group and the premium paying term.
According to Mr. Balram Sarma, Future Generali was working through 91 branches across 83 locations with over 44,000 licensed advisors.
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