Insurance Regulatory and Development Authority ( IRDA) has said that all Unit linked insurance policies (ULIPs) must provide for a minimum insurance benefit in case of the death of a policy holder. IRDA said this in a communication to insurance companies yesterday. ULIPs are insurance products with features of mutual funds.<br/><br/>The regulator, however, clarified that provision of death benefit will not be mandatory in case of unit linked products providing a health insurance cover. It also clarified that ULIPs cannot be used to obtain loans from any source.<br/><br/>IRDA further said that minimum policy term would be five years in the case of individual products, while group products would continue to be renewed annually.