“Irda asks insurers to ignore Sebi ban on Ulips” (March 11) highlights how the regulators, the Securities and Exchange Board of India (Sebi) and the Insurance Regulatory and Development Authority (Irda), have ignored the purpose for which they exist. Why should the conflict of views reach such a stage that it cannot be resolved until there is an ego clash?
Is it not the duty of the finance ministry to intervene? It needs to be pointed out here that life insurance policies cannot become basic products of investments. They are essentially meant for protection of family and for providing security after retirement. If life insurance policies are framed in such a way that they become instruments of tax planning and benefit only those with high disposable income, it is time that the finance minister reconsidered the tax benefits of such policies.
Narendra M Apte, Pune