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About Unit Linked Plans (ULIP)

    Unit linked Insurance Plan popularly known as ULIP plans are market linked insurance plans in which investment risk is borne by the policy holders. ULIP plans are combination of insurance and investment. 

    ULIP plans are more flexible & liquid compared to traditional insurance plans. ULIP returns are also available so that one can track performance of funds & also compare with benchmark index or other mutual fund schemes.

   The main features include life protection, investment and savings, flexibility, adjustable life cover, fund options, transparency in charges, option to take additional cover against death due to accident or disability or critical illness, liquidity through partial withdrawals and so on.

   The insurance coverage provided would include death benefit, disability and critical illness. All policies should now have a minimum cover of at least 10 times the premium for people below 45 years. For 45 years and above, it should be at least seven times of the premium.

   If you survive the policy term, or redeem midway, you get the net asset value multiplied by the number of units you hold. The net asset value, of course, depends on the performance of the corpus that the insurance company manages, just like that of a mutual fund.

    There are two kinds of ULIPS. In some, in case of death, the beneficiary receives either the sum assured, or the value of the fund, whichever is higher. In others, both sum assured and the fund value is aid to the beneficiary on the death of the policyholder.

   How they work? A unit-linked insurance plan (ULIP) is a bundled product that combines a life cover with an investment plan. However, the investment is not in the form of a guaranteed moneyback or endowment lump sum and, instead, works like a mutual fund. The premiums go towards mortality charges and the rest, after costs, get invested in different plans according to the amount of risk you are willing to take. Choices range between zero per cent equity, or a full debt market-related products to one or more 100 per cent equity options. The premiums that you pay provide you not only with life insurance cover but a part of it will also be invested in specific investment funds of your choice. As a policyholder, you can choose how you want to allocate your insurance premiums towards protection and investment.

   Unit Linked Health Plans: There are insurance products that bundle health insurance and savings. While a part of the premium goes towards providing you with health insurance, the balance helps you accumulate wealth over the long term.

   Flexibility: You are given the flexibility to choose your own level of protection and investment. You may vary the amount of your premium payments, or coverage according to your changing financial circumstances. You can choose from a wide variety of funds to invest in, depending on the level of risk that you are comfortable with.

Before you buy any ULIP make sure you understand the following:
1. All the charges deductible under the policy.
2. Payment on premature surrender.
3. Features and benefits.
4. Limitations and exclusions.
5. Lapsation and its consequences.
6. Other disclosures.

Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.


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For more infomation contact LIC Bangalore on 9945689986.