There is a good and welcome news for investors willing to invest in Ulip insurance policies. The Insurance Regulatory & Development Authority (Irda) has put a cap on overall charges that insurance companies can charge subscribers of unit linked insurance policies (Ulips). In the recent years Ulips or Unit Linked Insurance Plans has been the thrust area for insurance companies and contributes to a major part of life insurance business in India. Ulip plans are a combination of insurance and investments and easy to invest compared to term insurance or other traditional insurance policies. There was always a conflict with regard to the very high charges levied by insurance companies ( up to 60% in some cases ) as compared to mutual fund. Ulips provide life cover and invest part of the premium in stocks and bonds. In most cases, the sum assured in the policy varies according to the value of its underlying assets. A right move by IRDA to cap the charges for Ulip plans considering the consumers benefit in mind. The changes will come into effect from October 1, 2009. All existing products that do not meet the requirements should be withdrawn or modified by December 31, 2009 as stipulated by IRDA. Irda has mandated that the cap on charges will be based on the difference between gross and net yields of any product. The net yield is the gross yield adjusted for all charges. “For insurance contracts which are of tenor of less than or equal to 10 years duration, the difference between the gross and net yields shall not exceed 300 basis points, of which fund management charges shall not exceed 150 basis points. For other contracts (those whose contract period is above 10 years) the difference between gross and net yield shall not exceed 225 basis points, of which the fund management charges shall not exceed 125 basis points. ” Click below to Read The Full Article www. getmeinsure. com/india-insurance/articles-news-insurance/ulip-insurance-india-pay-less-charges/ GetMeInsure. com is a dedicated insurance portal for Indian insurance consumers.

PEP was introduces and popularized by the Margaret Thatcher government to encourage equity ownership among larger section of the country’s population. The Conservative government allowed PEPs to contain collective investments. This was way back in 1986. In 1992, a Single Company PEP was also introduced meant to encourage holding of single company shares.   Both the general PEP that would contain investments like Unit Trusts and Single Company PEP were granted tax privileges to increase public involvement. The growth was exempted from capital gain tax whether the gain happened within the fund or during the final encashment. Other than this both the types f PEPs has some other differences in their inherent structure. The annual allowance for the general PEP was £6,000 and the same for single company PEP was £3,000.   General PEP could only invest in qualifying investments. Although it was limited by investments that held half of its money in UK based assets, later on the same was extended to European Union. This restriction was also eliminated in 2001.   By mid 1999, the tax privileges enjoyed by PEP investors had started to decline. The Advanced Corporation Tax relief was halved to start with, eliminating all reliefs on dividends by 2004. The PEP structure went through a complete overhaul in the coming years. The new Labor government introduced Individual Saving Accounts in 1999. This prevented any new contribution into the PEPs. Though the existing funds were allowed to retain their promised tax privileges, PEPs had lost it luster.    By April 6, 2008 PEP accounts have virtually ceased to exist and were automatically converted to stocks and shares ISAs.

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