Вы находитесь на странице: 1из 9

IRDA Vs SEBI with respect to ULIP

Securities and Exchange Board of India

SEBI Act, 1992 and Exchange Board of India (SEBI) was first established in the year 1988 as a non-statutory body for regulating the securities market. It became an autonomous body in 1992 and more powers were given through an ordinance. Since then it regulates the market through its independent powers.

Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India and is based in Hyderabad (Andhra Pradesh). It was formed by an Act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

ULIP(Unit Linked Insurance Policies)

It is a market linked investment where the premium paid is invested in funds Different options are available, like 100% equity, balanced, debt, liquid etc and according to the fund selected, the risks and returns vary. There is a greater flexibility in terms of premium payments which means a premium holiday is possible. You can also invest surplus money by way of top ups which will increase your investment in the fund and thereby provide a push to returns as well. The higher of the sum assured or fund value is paid at the maturity or incase of death.

Aegon Religare Life Insurance Company Limited Aviva Life Insurance Company India Limited Bajaj Allianz Life Insurance Company Limited Bharti AXA Life Insurance Company Limited Birla Sun Life Insurance Company Limited HDFC Standard Life Insurance Company Limited ICICI Prudential Life Insurance Company Limited ING Vyasa Life Insurance Company Limited Kotak Mahindra Old Mutual Life Insurance Limited Max New York Life InsurancAe Co. Limited Metlife India Insurance Company Limited Reliance Life Insurance Company Limited SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited

The IRDA issued new guidelines on June 28 2010-11 for ULIP plans. Some of the norms laid down were Rationalisation of charges, fixing the maximum reduction in yield between 4 per cent and 2.25 per cent, from the annualised premiums paid from 5th to 15th year of a policy and increase of lock-in period for ULIPs to five years including top-up premium

Life insurance firms with 10 years of existence (in India) are eligible to launch an IPO. However, such companies will need to take IRDAs approval before approaching SEBI. According to the notification, the approval granted by the insurance regulator shall have a validity period of one year from the date of issue of the approval letter, within which the company can file the Draft Red Herring Prospects (DRHP) with SEBI under Issue of Capital and Disclosure Requirements (ICDR) Regulations.