This refers to Subir Roy’s “What’s worse than Mutual Fund” (September 15). It is an excellent article explaining the way the Life Insurance Corporation (LIC) has been operating for almost four decades, certainly not in the interest of policy-holders. LIC’s Unit Linked Insurance Policy (Ulip) product had been mis-selling for many years till the the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority (Irda) engaged in a spat over this issue. It was a different matter that the finance ministry chose to give Irda an upper hand.
In fact, Ulips have a large portion invested in the market and only a small portion covers the life of subscribers. Irda should ensure that such products are sold only after such schemes are properly explained to subscribers
Satish R Murdeshwar, Pune
