IRDA warns on ULIP ads

Insurance regulator IRDA has in a move aimed at checking misselling of policies, asked insurance companies not to provide a "fabricated sense of security" through advertisements to lure customers towards schemes such as ULIPs.

Insurance regulator IRDA has in a move aimed at checking misselling of policies, asked insurance companies not to provide a "fabricated sense of security" through advertisements to lure customers towards schemes such as ULIPs.

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"The brand names of insurance products must not use terms or phrases that convey a fabricated sense of security," a circular from the regulator said, asking insurers to clearly state the underlying conditions for a guaranteed benefit from insurance cover.