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Welcome .. Happy to receive you from cdramakrishnan.com The Insurance Regulatory and Development Authority (IRDA) issued its new guide lines on Unit Linked Insurance plans (ULIP's) on June 28, 2010,forcing an overhaul of the product offerings. Now as of Oct 2013, it has given time till 31st Dec'13 to all 24 insurers to close down all old plans and come out with new preferably Traditional.

The concept of ULIP increased the life insured population in India by 4% in just 4 years (it was 1.5% for over 40+ years of LIC monopoly and now it is 5.5% with 24 private insurers too in the market) --- Of the insured population, a significant percentage remains under-insured. So, while premium as percentage of GDP is 4.47 per cent, sum assured as a multiple of GDP is just 0.3. It is estimated that the sector will grow at a compounded average growth rate of 15-20 per cent over the next 15-20 years.

Sixty-two percent of all people in the United States were covered by some type of life insurance in 2013, according to LIMRA's 2013 Insurance Barometer Study. Vehicle Insurance is made mandatory; why? When accidents occur because of our negligence, government is put to loss... Life-Insurance and Health Insurance is subject matter of solicitation, thus your life is precious to you and hence YOU SHOULD ONLY MAKE IT MANDATORY.

ULIP which bundle insurance protection with investment, were initially heavily loaded with charges and NOW NOT THE CASE. Under the new norms, ULIP's are now clearly structured to CASE. favour the consumer. Critics have been silenced with new norms resulting in moderation of commissions and charges. Minimum insurance covers have been stipulated and caps places on penalties on premature surrender. During 2010-11, the new premium flowing into ULIP's were Rs. 52,600 crores compared to Rs.59,000 crores in the previous year, while the premium in non-linked policies were Rs.73,000 crores compared to Rs.50,000 crores in the previous year. Revamped ULIP' s could well be the right investment tool for you. The new ULIP plans stand out in terms of flexibility and cost. They provide better avenues for wealth creation along with adequate life cover. ULIP's could be good investments provided you are willing to take long-term call. What fares better? MF+TERM PLAN OR ULIP Mutual Fund FMC is 2.25%: Keeping everything else same, if the mutual fund FMC is 2.25%, the total corpus thro' MF+TERM PLAN combination drops to Rs.44.62 lac and ULIP corpus is Rs.45.15 lac. Any slight change in charges can shift the balance in favour of ULIP even now. ULIP's are suited to meet life cycle goals. Now IRDA is coming out with new guidelines with emphasis on Traditional Products.

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