Insurance companies have also been selling Children's long term policies on lines of ULIP where premium is collected for a period of say 5 to 7 years and the beneficiary - usually a child - gets a substantial return at the end of 15 to 20 years from the date pf policy. Normally the annual premium in these policies is > 2.5L. Would these also get covered by teh new regulation and what happens to such policies where premiums are not yet fully paid up?
