On new ULIPs, the minimum sum assured will be less than 10 times the premium
IRDAI (Insurance Regulatory and Development Authority of India) issued a notification on new regulations in ULIPs (unit linked insurance plans) and traditional insurance policies, a few weeks back. Of the several changes, the move to reduce the minimum sum assured (SA) in ULIPs and a guaranteed surrender value for traditional policies from the second year, were prominent.
Source: https://www.thehindubusinessline.com/portfolio/personal-finance/did-you-know-life-insurance-rules-have-changed/article29252624.ece (Accessed on August 29, 2019)
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