IRDA tells Bajaj Allianz, Aviva to stop ULIP sales

IRDA has directed Aviva Life Insurance and Bajaj Allianz Life to withdraw their unit-linked insurance products (ULIP), where charges were deducted every month.

While Aviva Life would have to withdraw all of its 14 ULIPs, Bajaj Allianz will have to withdraw one of its products.

IRDA says these products, in existence for several years now, are difficult to understand for common policyholders, against other ULIPs where the charges are deducted upfront from the premium paid.