Nothing wrong with the acturial funded products:IRDA

Mumbai, Aug 18 (UNI) Close on the heels of its recent announcement seeking withdrawal of acturial funded products by the insurance companies from the market, the Insurance Regulatory and Development Authority (IRDA) today clarified there was nothing wrong with these products and they are detrimental to the interests of the policyholders.

The IRDA in a statement said that its (IRDA) objective is to remove complexity in all unit linked products and ensure comparison across ULIPs of all companies.

''The existing and new customers who have purchased these products need not worry under any circumstances as policyholder interests will be protected by the insurers and the Authority,'' IRDA statement said.

The IRDA further said that the companies having acturial funded products have been asked to withdraw them over a period of time.

They can continue to sell the products till then and customers, both existing and new, can continue to enjoy the benefits of these products and have no reason to feel concerned.

UNI