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ULIPs permit the policyholder to invest in stocks, bonds or mutual funds.
The policyholder can choose the investment type based on his risk appetite as all option guarantee returns. Initially ULIPs did not assure returns and were primarily positioned as a long term wealth generation product.
Nowadays, however, almost all ULIPs offer investors assured returns of double or more their initial investment. When policyholders invest money in ULIPs, the insurance company invests half in the equity markets shares, bonds etc. The investments are managed by fund managers from the insurance company, taking away the need to track the investments.
ULIPs allow the policyholder to invest in multiple options, ranging from low-risk to high-risk as the case may be. ULIPs also allow the policyholder to switch between their investments, allowing them to maximise their gains when market conditions are conducive.
Here are a few highlighting features of unit linked insurance plans that make these instruments stand out among a host of investment options.
Flexibility ULIP schemes offer flexibility that is not just applicable to one aspect of the policy but is comprehensive in nature. Following are the kinds of flexibility that you get to avail with your ULIP schemes. Life cover can be chosen Life cover that comes with the insurance part of ULIPs can be chosen by customers depending upon their financial capabilities.
Premium amount can be changed After a certain period of time, almost all ULIPs provide their customers option to change the premium amount. This amount can either be increased or decreased by customers depending upon their current financial status.
Top-up facility is also offered by most ULIP schemes so that customers who want to maximize their gain can invest higher additional amounts whenever they want. Riders can be opted for Riders are additional benefits that can be availed by paying a marginally higher premium.
Examples of such riders are a critical illness rider, major illness rider etc. ULIPs allow customers to avail additional optional riders for added benefits and enhanced protection. Fund option can be chosen ULIPs are insurance policies where a part of your money is put into an investment avenue like mutual funds, stocks, bonds etc.
Most insurance providers offer customers the flexibility to choose the fund type in which they want their money to be invested. These funds range from aggressive to conservative variants so as to cater to the need of almost all kinds of customers.
Clear benefits and features, illustrative brochures and free-look period make sure that customers are doubly sure before they start investing in their ULIP schemes. Liquidity ULIP schemes offer liquidity to customers depending upon the insurance provider from which they have been availed.
Most insurance companies offer a lock-in period of 3 or 5 years after which customers are free to make either full or partial withdrawals. Multiple Benefits out of a Single Scheme The best feature of ULIPs is that these policies offer not juts insurance benefit but also an avenue for people to grow their money through investment in shares and funds.
This investment tool is ideal for customers who have a lower risk appetite but want to grow their money, nonetheless.
Tax Benefits ULIPs offer not only protection and returns but also tax exemption under section 80C of the Income Tax Act for life insurance and health insurance plans and under section 80D for life insurance and critical illness riders.Birla Sun Life Insurance Group Plans: Group Value Plus Plan: it is a gratuity solution plan that provides a number of plan options based on individual needs.
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