Every time there has been a change in the norms for Ulips — whether it is the ban on short-term plans or the reduction in charges — new customers are better placed than the old ones. It is not clear what the regulatory regime will hold in future for life companies. But if the ban on entry loads into mutual funds is any indication, Sebi appears to be keen on having lower commissions and lower first-year charges on Ulips. It is quite possible that none of the existing charge structures will change and it is also possible that the entire dispute is about regulatory turf and not about giving the customer a better deal. Even under such circumstances, a prospective buyer loses nothing by waiting.