Chennai, Aug 20 (Calcutta Tube) More than 60 new unit linked insurance policies (ULIP) have been filed for approval with the insurance regulator during the past two days by the Indian life insurers.
The Insurance Regulatory and Development Authority (IRDA) had come out with policyholder-friendly regulations sometime back capping various charges levied by the life insurers.
The IRDA had said that life insurers have to design and file new products confirming to the new ULIP regulations so as to sell them from Sept 1 onwards.
‘We have received more than 60 ULIP products for approval in the past two days. Our actuarial team is looking into them in detail,’ a senior IRDA official told IANS on condition of anonymity.
Responding to the industry’s apprehension on delayed product approval, he said: ‘If the product design confirms to our guidelines then sanction would be issued in a day. Our actuarial team is working nearly 18 hours a day.’
Industry sources said the quality of product filings confirming to the regulations this time around is poor.
Life insurance officials to whom IANS spoke to said they should get their product approved by IRDA at least by Aug 27 so that they can start selling it during the first week of September.