POSTED BY December 15, 2012 1:42 am COMMENTS (2)
ONwhether IRDA regulation issued in year 2010 with the title of ‘ Treatment of Discontinued Linked Insurance Policies Regulations, 2010,’ which limits the surrender charges of life insurance policy, can be applied to the a ULIP purchased in year 2006 and to be surrendered in year 2013 ?
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All the ULIP’s which were bought before the RULE came in will follow old rules only, unless and untill specified . In your case, whatever is written in the BROCHURE you got , will be final 🙂
No. The regulation comes into effect the date it was published in the govt gazette and applies to all policies cleared by the IRDA thereafter.