Insurance Awareness - Life Insurance - LIC
What is the mandatory lock-in period for Unit Linked Insurance Plans (ULIPs) as per IRDAI regulations?
What is the mandatory lock-in period for Unit Linked Insurance Plans (ULIPs) as per IRDAI regulations?
easy Q11 of 15
Step-by-Step Solution
Step 1: Identify the concept
The question asks about the lock-in period for ULIPs, which is a key regulatory feature defined by IRDAI.Final Answer:
5 years → Option DQuick Check:
IRDAI mandates a minimum lock-in period of 5 years for ULIPs to ensure long-term investment and insurance benefits.
Quick Trick: Remember '5 years lock-in' as a hallmark of ULIPs.
Common Mistakes:
MISTAKES- Confusing ULIP lock-in with traditional insurance plans which may have different terms.
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