Insurance Awareness - Life Insurance - LIC
Which of the following statements is CORRECT regarding fund switching in ULIPs as per IRDAI regulations?
Which of the following statements is CORRECT regarding fund switching in ULIPs as per IRDAI regulations?
easy Q1 of 15
Step-by-Step Solution
Step 1: Understand IRDAI’s role
IRDAI permits fund switching in ULIPs but does not prescribe a fixed minimum or maximum number of free switches.Step 2: Apply regulation logic
The number of free switches is a product feature decided by the insurer and disclosed in policy documents.Final Answer:
IRDAI allows fund switching, but the number of free switches depends on the insurer’s product design → Option CQuick Check:
IRDAI regulates disclosure and fairness, not a fixed switch count.
Quick Trick: Fund switching allowed, count decided by insurer.
Common Mistakes:
MISTAKES- Assuming IRDAI mandates a fixed number of free fund switches.
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