<p>The new regulations could have been made much better. Both IRDA and government have ignored the repeated plea of the insurance companies, Bajaj said on the sidelines of a function at the Visesvaraya National Institute of Technology here last night. According to Bajaj, who also heads Bajaj Allianz Life Insurance, ULIPs with low-premium would no more be viable for insurers.<br /><br />He said that Bajaj Auto has forayed into a new segment and would come up with four-wheeler in 2012. IRDA's new guidelines, which came into affect from September 1, aims to protect unit-linked insurance product holders from mis-selling by dealers and onerous commissions.<br /><br />As per the new IRDA guidelines which came into effect from September 1, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.<br /><br />Furthermore, IRDA has fixed the floor on guaranteed returns from ULIP pension plans at 4.5 per cent, which will greatly benefit policyholders saving up for retirement.<br />Along with these changes, the regulator has fixed stringent minimum disclosure guidelines for insurers.</p>
<p>The new regulations could have been made much better. Both IRDA and government have ignored the repeated plea of the insurance companies, Bajaj said on the sidelines of a function at the Visesvaraya National Institute of Technology here last night. According to Bajaj, who also heads Bajaj Allianz Life Insurance, ULIPs with low-premium would no more be viable for insurers.<br /><br />He said that Bajaj Auto has forayed into a new segment and would come up with four-wheeler in 2012. IRDA's new guidelines, which came into affect from September 1, aims to protect unit-linked insurance product holders from mis-selling by dealers and onerous commissions.<br /><br />As per the new IRDA guidelines which came into effect from September 1, the commission paid to distributors and expenses charged by insurers will no longer be front-loaded and will be distributed over the lock-in period of the schemes, which has been raised to five years from three years earlier.<br /><br />Furthermore, IRDA has fixed the floor on guaranteed returns from ULIP pension plans at 4.5 per cent, which will greatly benefit policyholders saving up for retirement.<br />Along with these changes, the regulator has fixed stringent minimum disclosure guidelines for insurers.</p>