Ulips to turn costlier after new Irda fiatAdd to Clippings

Prices of unit-linked insurance policies (Ulips) are set to rise, thanks to a clarification issued by Insurance Regulatory Development Authority (Irda) on lapsed policies. Irda has stipulated that if a unit-linked policy lapses during the first three years, the policyholder will be entitled to a surrender value at least from second year onwards, which will become payable only at the end of three years. In case the policyholder expires during the first three years for such lapsed policies, insurers will have to be paid a death benefit that will at least be equal to the fund value.