Section 12 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
12. Segregated Discontinued Policy Fund.
(a)Each insurer shall have discontinued policy funds, one for all pension products, one for all life insurance products and one for all health insurance products. Each of these funds shall comprise of all the discontinued policy funds of all the policies offered under the respective Unit Linked insurance products. Only fund management charges shall be applicable on such funds.(b)The discontinued policy fund shall be a segregated unit fund.(c)The fund management charge on discontinued policy fund shall be declared by the Authority from time to time. Currently, the fund management charge shall not exceed 50 basis points per annum.
