If you think you heard the last in the SEBI vs. IRDA fight…well the answer is no. The latest salvo is from SEBI – they have BANNED unit linked plans!
They have banned all the life insurance companies. It is an order by Mr. Prashant Saran whole time member…here is a pdf of the order..ULIPOrder
Mr. Saran says that the notices were sent in December to all the companies and they all have made written submissions….however he does not think it is necessary to give them a personal hearing. Hence after considering all the brochures and definitions…from IRDA and SEBI and the contract regulations…SEBI HAS BANNED ULIPS!
It is quite amazing that this order covers 14 companies – and excludes LIC, Shriram, BoB, have been excluded….
The industry is still in a state of denial. In fact I have been asked not to sensationalize a WRONG order…I have no clue ….draw your own conclusions…
THIS is going to be fun…watch this space!
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