ULIPs Redefined in India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Case Details:


Case Code : INS055 For delivery in electronic format: Rs. 400 ;
For delivery through courier (within India): Rs. 400 + Shipping & Handling Charges extra


Case Length : 12 Pages
Period : 2011
Pub Date : 2011
Teaching Note : Not Available
Organization : -
Industry : -
Countries : India


Unit Linked Insurance Plans (ULIPs) scored high over traditional insurance plans and achieved around 90% of the portfolio in Indian insurance industry in short span of time.

At the same time, the growing market potential sparked dubious methods in selling by distributors and unethical practices by companies.

Insurance regulator IRDA initiated curbs to contain mis-selling and wrong practices. Stock market regulator raised controversy claiming ownership of ULIPs. It argued that ULIPs mimic mutual funds which were in its purview.

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This development created chaos in huge base of customers and insurance market and both regulators went into legal battle. Government involved to solve the case on priority, held consultations with all related stake holders and promulgated an ordinance favoring IRDA. IRDA also revamped ULIPs and issued fresh guidelines with features like longevity, cap on charges, and increase in life cover and minimum guarantee in annuity products. IRDA Chairman Harinarayana opined that the changes were aimed to benefit customers and companies in the long run and for sustained development of the industry.


Life insurance concepts and life insurance industry growth in India.
How unit linked insurance plans fuelled market growth and further triggered unethical practices by sellers and companies.
Why SEBI raked up controversy to get hold on ULIPs market and how the issue has been resolved.
What are new guide lines introduced by IRDA for ULIPs and their implications to customers and companies.


  Page No.
Introduction 1
ULIPs in India 1
Mis-Selling and Other Unethical Practices 3
SEBI-IRDA Tussle 4
New Guidelines for ULIPs 6
Exhibits 8


Unit Linked Insurance Policies, ULIP, Life Insurance Policies, SEBI, IRDA, ULIPs New Guidelines, Traditional Insurance Plans

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