IRDA announced new rules for ULIP to highlight the insurance side of it.
So from now on, ULIPs will have a lock-in period minimum of 5 years than that of exisiting 3 years. Also, the PPT (Payment paying Term) would also be 5 years.
As per IRDA, these are required to lighten the burdon of customers coz in initial years ULIPs have more changes compared to later years. ULIPs are always a long term investment (or rather call it insurance) and this change will boost this fact more.
Also, the sum insured would be 10 times of the first premium instead of current 5 times. So it looks like a good 80C tool if you are looking for insurance actually than investment.
One good thing included here is the facility to avail loan on ULIP. Its to ensure if insurer is in need on money, he can take benefit of this new ULIP feature.
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