SEBI Order on ULIP

1. It has been noticed that the following entities have launched several Unit Linked
Insurance Products (ULIPs) :-
a. Aegon Religare Life Insurance Company Limited
b. Aviva Life Insurance Company India Limited
c. Bajaj Allianz Life Insurance Company Limited
d. Bharti AXA Life Insurance Company Limited
e. Birla Sun Life Insurance Company Limited
f. HDFC Standard Life Insurance Company Limited
g. ICICI Prudential Life Insurance Company Limited
h. ING Vyasa Life Insurance Company Limited
i. Kotak Mahindra Old Mutual Life Insurance Limited
j. Max New York Life Insurance Co. Limited
k. Metlife India Insurance Company Limited
l. Reliance Life Insurance Company Limited
m. SBI Life Insurance Company Limited
n. TATA AIG Life Insurance Company Limited

In view of the above, I conclude that ULIPs offered by the said entities are a
combination of investment and insurance and, therefore, the investment components
are in the nature of mutual funds which can only be offered/launched after obtaining
registration from SEBI under section 12(1B) of the SEBI Act.
PRASHANT SARAN
PLACE: MUMBAI WHOLE TIME MEMBER
SECURITIES AND EXCHANGE BOARD OF INDIA