Comparative Study of Selected Insurance Companies in Haryana and Punjab
Abstract: The interest shown by people in the Unit Linked Insurance Plans is because of the many benefits these plans offer such as high growth potential, life risk cover, transparency, tax benefits and premium payment flexibility etc. It is one of the best methods of investments if one is living in an economy that is booming and is on the path to growth. The units that are part of the share market are bought with money invested by the investor and as the equitymarket grows, the money invested by the investor also increases and gives a good return.
Introduction: ULIP came into play in the 1960s and is popular in many countries in the world. Unit linked guidelines were notified by Insurance Regulatory Development Authority (IRDA) on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured, especially since the investment risk is borne by the policyholder. It is the endeavor of IRDA to enable the buyer to make the most informed decision possible when planning for financial security. The Indian insurance sector has gone through a sea change after the adoption of liberalization, privatization and globalization process by the government in the last decade of 20th Century..
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