With the government bringing the curtain down on the tussle, insurance companies are now free to issue fresh ULIPs and their regulator IRDA can continue to guide them.
Commenting on resolution of ULIP/IRDA issue, Deepak Sood, MD & CEO, Future Generali India Life Insurance Co said, ``The long awaited clarity in the regulatory framework is welcomed by insurers and customers alike. The uncertainty had led to insurers delaying their distribution thrust and customers delaying the decision to invest in insurance cover. Now with this ordinance and the clarity it offers, both the IRDA as the regulator and us as insurers can focus on our efforts to provide total insurance solutions to Indian customers and focus on the bigger macro-economic need (i.e.) Indians are uninsured and/or underinsured and there is a crying need to rapidly grow the real penetration (per capita) of insurance cover among our people, to help ensure the financial security and happiness that this provides.``
He further added, ``It has also been clarified that pension products need not compulsorily offer life insurance cover or health insurance cover as was required by an earlier IRDA circular. Now an insurance contract offering one out of three i.e. life insurance cover, health insurance cover or annuitisation on human life is sufficient to categories it as a life insurance product. Going forward, we are confident that customers will benefit from the awaited fresh guidelines on ULIPS from IRDA.``
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