ULIP now with lock-in of 5 years

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There are some good news for ULIP lovers.

ULIP products are now going to be more attractive as IRDA has asked insurers to made changes in the policies from 1st October 2009.

This includes No partial withdrawal charge from 5th year onwards and cap on some charges.

This will increase the overall yield for an investor in the long run.

However there is a bad news as well, IRDA is planning to increase the lock-in period of ULIP from 3 years to 5 years.

I am sure that if lock-in period gets increases then ULIP products are sure to loose interest at least among a section of investor.

Few years back IRDA has asked insurers to put a lock-in of 3 years to all ULIP products.

For detail please visit Economic times link.

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