Insurance companies will look at standardising the nomenclature for various charges on unit-linked insurance policies (Ulips) and method for calculating premiums to simplify and bring transparency into life insurance business, office bearers of Life Insurance Council said. The council has also asked the central government to rationalise the service tax on Ulip charges and to fast track the hike in cap on FDI in insurance segment to 49 percent. Inflows from service tax collections for insurance sector was close to Rs 4,000 crore in last financial year.