In a meeting called by the Life Insurance Council, a statutory body representing all life insurers, it was decided that customers would not get insurance cover with any investment or savings product. Says S B Mathur, the council's secretary general: "It was mutually decided by all the life insurers that insurance will no longer be bundled with any investment or savings product since, in the long term it flouts guidelines prescribed by Irda."
At present, 3 mutual fun houses - Kotak Mutual Fund, Reliance Mutual Fund & Birla Sun Life Mutual Fund - have products giving insurance cover from their sister companies. "The current investors will continue with these products, but it will not be available to fresh investors," said Mathur.
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