Insurance cover for Mutual Fund products to continue

Insurance Regulatory and Development Authority (IRDA) has advised the Life Insurance Council to review and put on hold the decision to discontinue offer of group covers on Mutual Fund products.

Life Insurance Council had earlier decided to discontinue the offer of group life insurance cover on Mutual Fund products with effect from October 1, 2008.

The council had earlier decided that the insurer would not sell group covers to mutual funds that bundle life insurance with units and thereby create competition for ULIPs. The IRDA notification will come as a major relief to some fund houses involved in selling schemes bundled with insurance cover.

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