Agents continue selling Ulips as insurers defy Sebi

MUMBAI: It was business as usual for distributors, as the recent Sebi ban on Ulips did not deter them from selling the popular product. According to sources, banned insurers were asking distributors to continue selling Ulips in tier-3 and tier-4 cities.

Big distributors were asked to accept pre-dated applications in metros. “The ban is not to be taken seriously, as it comes from Sebi, which is not the regulator of insurance companies. We’ll stop selling Ulips only as per directions from Irda or insurance companies,” said a Mumbai-based distributor who did not wish to be named. In the coming days, distributors expect insurance companies to increase commission for selling Ulips.