SEBI News: ULIP Ban for 14 private Insurance companies

SEBI or Securities and Exchange Board of India has passed some strict rules regarding ULIP(Unit Linked Indurance products). SEBI has issued a directive to all private life insurance companies not to issue any offer document or advertisement soliciting money from investors for a ULIP or any product having an investment part in the nature of mutual funds, till they approve of the same. The list of the 14 insurance companies against whom ULIPs are unauthorized are given below.

SEBI is India’s market regulator and they have banned big major insurance companies from issuing ULIP without their permission or without getting certificate of registration from SEBI. The list is given below:

1. SBI Life
2. ICICI Prudential
3. Tata AIG
4. Aegon Religare Life
5. Aviva Life
6. Bajaj Alliance
7. Bharti AXA
8. Birla Sunlife
9. HDFC Standard Life
10. ING Vysya Life
11. Kotak Mahindra Old Mutual Life
12. Max New York Life
13. Metlife India
14. Religare Life

More on this report coming soon.

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