Section 40 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
40. Series or Tranche of Funds under Unit Linked insurance products.
(a)Products with "highest NAV guaranteed" shall not be allowed.(b)Any guarantee offered in the benefits under a Unit Linked insurance product shall be at the product level and shall not be related to any of the underlying funds.(c)The opening of series of closed ended funds shall not be allowed within a product.
