ULIP Plans

A Unit Linked Insurance Plan, or ULIP in short, is a type of life insurance cover that has two sides - Investment and Insurance. Unlike a term insurance plan, a ULIP offers you an opportunity

You may be looking for ways to invest your money to grow your wealth. There is a wide array of financial instruments available on the market to serve this purpose - from mutual funds to insurance plans to fixed deposits. One of the most popular instruments for investment is Unit-Linked Insurance Plan.

If you’re the primary breadwinner of your family, you need to earn and save money to take care of your family’s current and future financial needs.

Now that you're clear on what a Unit Linked Insurance Policy is and why you should buy one, let's look at the variants of ULIPs available in the market.

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Market conditions can be very volatile and influence fund performance. The fund you choose may not be performing as well as you had anticipated or the market may not be conducive to invest in the fund you have originally chosen to invest in.

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In the previous article, we discussed how you can customise your Unit Linked Insurance Plan exactly as per your and your family’s requirements. There are plenty of customisation options available with ULIPs, such as premium payment frequency, premium payment models, and so on.

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Sometimes you may not be able to pay the premiums under the Unit Linked Insurance Policy you purchased. Or you may realise that the plan is not serving your financial needs.

An insurance policy is primarily intended to serve you in times of crisis. However, the entire claim process can be quite wearisome - right from filing the claim to getting the claim amount in hand. You don't want any unnecessary stress, especially when filing a death claim.

ULIP promises to be a smart, tax efficient investment avenue for achieving long term goals, but like any other financial product, before you sign up you must understand the long term commitments, terms and conditions of the product and match them with your own scheme of things.

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