THIRD PARTY COVER FOR 15 YEARS

Faced with criticism that unit linked insurance policies (ULIP) allow policyholders to make a short term tax free gains in the stock market, the IRDA would come out with guidelines in the next fortnight to plug loopholes in the system. "IRDA is working on a fresh set of guidelines, so that there is a certain amount of transparencies in ULIPSs and some of the loopholes are plugged," IRDA chief C.S. Rao said here on Friday.