The insurance regulator, Insurance Regulatory Development Authority of India (IRDAI) is likely to modify ULIP schemes and pension plans for the first time in seven years to make the product more attractive. Insurers could be allowed to exercise the option of charging extra premium for buying riders with ULIPs. A rider is an add-on benefit to the ULIP plan. At present, units are deducted from ULIPs if one buys riders with it. In line with other pension products including the PPF, IRDAI could also allow partial withdrawal from insurance pension plans for reasons such as illnesses, child marriage, and education.