Question

in case of ulip plans who has greater control/say over asset allocation decision/investment choice.

Answer 1

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In case of ulip plans who has greater control investment choice say over asset allocation decision.

Ulips invested in equities and, therefore, had to be regulated by a markets watchdog, Irda defended its turf by saying Ulips were insurance products and came under its purview. Sebi to widen its regulatory sway was to stop commission-induced misselling of Ulips. It wanted to level the playing field for Ulips and the less expensive equity-linked savings scheme (ELSS), managed by asset management firms. Sebi was forced to take up cudgels against Ulips as mutual funds (which come under its direct control) were losing the protracted battle with Ulips for investment market share. Almost identical in structure, ELS.
Ulips operate like a mutual fund with a life cover thrown in. An ELSS is a diversified equity mutual fund scheme, the returns of which are tax-free at maturity. While Ulip has a five-year investment lock-in, for ELSS it is three years. The major difference is that Ulip gives you a life cover while ELSS does not

Answer 2

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