There is an appeal to revise ULIPs norms to IRDA or a 3-5 years sphere. Till now LIC accounted to 71 percent of the new business income in the life insurance sector. On the other hand, since last two years, 50 percent share is now played by the private sector. To provide greater protection to the policyholders, there were revised guidelines on unit-linked insurance plans (Ulips). The premium income rose to Rs 67,135 crore, for April- January. As LIC was the traditional insurance seller, the new regulations have changed the scenario of the sector as private players have gained the chance. The decline of 40 per cent in total made LIC to suffer, and lead to slow growth. The regulations are meant to protect between the private sector and the public sector, between the traditional plans and Ulips the rules should be implemented between the private sector and the public sector, between the traditional plans and Ulips. The private players are now planning their schemes to a 3-5 years horizon to include this fiscal year. As the changes in insurance industry keeps changing, the map needs to be created. The implementation of International Financial Reporting Services accounting norms will affect the industry, and also the Direct Taxes Code in its present form will be detrimental to the industry’s growth as stated by Gaurav Garg, managing director and CEO, Tata AIG General Insurance Company.

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