Section 4(b) in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
(b)These are the products where the benefits are partially or wholly dependent on the performance of the underlying assets under each of the segregated fund offered and shall be operated as follows:(i)The premiums shall be allocated to such segregated funds, otherwise called as unit funds, as per its net asset value and the benefits shall be determined based on the performance of the underlying assets of such segregated funds.(ii)The insurers shall levy charges subject to the stipulations in these Regulations.(iii)The products shall comply with the maximum reduction in yield requirements as referred to in Regulation 29 of these Regulations.
