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   Primarily invested in Medium High
company stocks with the
general aim of capital
appreciation
        Invested in corporate bonds, Medium
  government securities and
other fixed income
instruments
 Sometimes known as Money Low
Market Funds ² invested in
cash, bank deposits and
money market instruments

  Combining equity Medium


investment with fixed
interest instruments
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ëbolished entry loads for mutual


ëugust µ09 fund schemes

Issued show-cause notices to


some life insurers asking why
action should not be taken against
December them for selling ULIPs without its
µ09 approval

ëgain questioned Insurers about


not seeking Sebi¶s permission
January µ10 over issuance of Ulips

³ULIPs are broadly similar to the


mutual funds, except that they are
required to segregate a certain part
of the premium towards the life
February µ10 insurance of the plan holder.´

³Ulips globally are managed by


insurance regulators, and under no
circumstance will we let Ulips to
March µ10 be taken over by Sebi.´
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Issued order to ban 14 private


insurance companies from
9-ëpr-2010 issuing/servicing Ulips

³«they (Insurers) shall continue to


carry out insurance business
as usual including offering,
marketing and servicing
ULIPs in accordance with the Finance Secretary ëshok Chawla
Insurance ëct, 1938, Rules, said that it was an issue
Regulations and Guidelines between the two regulators
issued there under by the and they should resolve it
10-ëpr-2010 IRDë.´ among themselves

Talks to order ban on 9 more Finmin interved and status quo was
insurers including, state restored. Matter to be settled
11-ëpr-2010 owned LIC in court.
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ësked Irda and Sebi ² to ³jointly


seek a binding legal mandate
12-ëpr-2010 from an appropriate court.´
Issued second order that exempted ³It could take another one or two
existing Ulips from the ban, days to arrive at a decision´ ±
but said its nod was must for on future course of legal ³We need to look at both the orders
13-ëpr-2010 issuing new Ulips. action. internally and discuss it´

³There is no fresh clarification. The


earlier one stands good.´ ± on
ban on issuance of new Ulip
14-ëpr-2010 products.

Moved the Supreme Court and some Supports Sebi¶s ëpril 13 order; says
high courts (including directions issued were in
high courts of Delhi, Bombay keeping with the agreement
and Hyderabad) to guard worked out with the insurance
15-ëpr-2010 against any ex parte decision. regulator.
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ear

1st year 12.50% 15%

2nd year 10.00% 12.50%

3rd year 7.50% 10%

4th year 5.00% 7.50%

5th year 2.50% 5%

6th year NIL 2.50%

7th year onwards NIL NIL