ULIP Surrender Charge Capped 

Holder of unit-linked insurance policies will now get more of their money back if, for any reason, they are forced to surrender the policy within a couple of years. The new norms, issued by the Insurance Regulatory & Development Authority late Tuesday, cap the surrender charge on policies that are returned after a year at 15%.This is a huge benefit for the customer as there are currently several plans where the customer gets nothing if he lapses his long-term policy after paying the first-year premium.

Economic Times, New Delhi, 19-05-2010.