ByWhat is ULIP It is also called unit or unit linked. This insurance plan is for insurance investment. It gives you protection and offers you the option of investing in different funds with manifold growth.
What is ULIP and how does it work
Simply put, ULIP plan makes you excited to invest ULIP plan is very useful for you as it helps you to protect and balance your funds with your equity and debt component as the market changes. It also offers you the option to switch ULIP plans to protect your investments and your future life goals through circular protection in the form of life insurance coverage
Know how it works
ULIPs are borne by the investment risk in the portfolio. If you buy a ULIP policy, your main objective is to provide financial protection or security to your near and dear ones against any unforeseen events.
1. When you switch to a ULIP plan and you invest in a ULIP, a part of you is allocated for life insurance cover in the form of insurance.
2. Any remaining balance is invested in your equity and data fund options
3. Your amount is invested in the fund linked to the chosen market
4. Whatever amount is invested, it is divided into units by a better specified face value and each investor who invests in it is allocated in units proportionate to the amount
5. The value of the unit invested is known only as the net asset value at any point in time.
Also known as NAV
6. This NAV reflects any decrease or increase in the value of the underlying asset
7. If you make some or partial withdrawal or withdrawal from the Consolidated Fund, the number of the unit concerned is sold
8. Similarly vested policy charges are deducted as units under ULIP plan
9. You have the option to receive the monthly installment ULIP plan has an opportunity to receive the paid installments as per the terms and conditions of the value of the fund
10. If you die during the policy term then the amount payable to your family member will be higher
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