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A Unit Linked Insurance Plan which is also popular by the name of Wealth Insurance Plans is a complete package of investment and insurance cover. It allows you to do wealth enhancement. Basically, in ULIPs, a part of the premium is reserved for a life insurance and rest is invested in different forms of investments that includes stocks, bonds and much more. The investment completely depends upon the underlying fund, which is chosen by the policyholder. ULIPs with its dual benefits is one of the best ways to secure your future. Usually, you will find that ULIPs are very transparent and flexible in nature that allows a person to customize his/her plan as per the requirement. It is not like other policies which are fixed and unchangeable in nature. It offers you the insurance coverage and allows you to invest a part of your premium in qualified investment options that include stocks, bonds, mutual funds and much more. It is an integrated plan in which the investment and protection part will be managed as per particular needs and choices.
The premium which you pay for your Unit-Linked insurance Plan is used for building wealth and provides insurance coverage as well. In the starting years of the plan, a large amount of the premium is used for the plan expenses. Later on, the premium is divided into two different segments- investment and insurance.
Units are issued for the amount invested in a fund of your choice; it can be debt, equity or a combination of both. The allocation of the units relies on the performance of the original fund. In the initial 2 to 3 plan years, because of the deduction of high expenses, the value of the fund would stay low.
In India, there are several different forms of ULIPs available that include retirement, wealth, children's education and health plans. You can make an investment in ULIPs as per your priority. In ULIPs, the charges applicable are well bifurcated. When it comes to ULIPs charges there are several things included in the same such as premium allocation charges, fund management charges and much more. The charges of policy administration are deducted from the account on a monthly basis. Moreover, the mortality charges will also get deducted on a monthly basis. It is the sum assured for offering a life cover to a person and will change as the fund value that you have selected. For the maintenance of these funds, an amount that referred to as fund management charges will be deducted. Best ULIPs refers to those which mention all the deductions properly before the investment and flexibility choices after investment.
It is very important to choose the right form of ULIPs. You can take help of an expert for the same as well. It is advisable for you to take advantage of an online insurance web aggregator that offers free quotes and comparison services. With it, you will be able to choose the best plan and that too according to your needs. You can easily select the right plan if you know your needs properly.
Best ULIPs plans are those which come with favorable ULIPs premiums, long-term investment and an effective life insurance cover with a decent mortality charge. Understanding the features of the ULIPS rates and their growth rates and making the investment in the life insurance, wealth plan, especially in a ULIPS will give the effective results.
In India, there are several companies that offer different forms of ULIPs. You can easily select one for yourself from the wide variety of plans that are available in the market as per your needs. You just need to visit an online insurance web aggregator that offers a wide range of free insurance quotes through which you will be able to choose the best one for yourself. By comparing online, you will be able to save your time and money also.
ULIP for Retirement : Under this plan, you have to make the payment for a specific period of time with your employer that is automatically collected as a corpus amount. As an insured, you will get it in the form of annuities after your retirement.
ULIPs for Wealth Collection : It accumulates your wealth for a specific period of time. This is best suited for those people who are in their late twenties and early thirties. By investing in this plan, they will get the flexibility to fund their financial goal.
ULIP for Child Education : There is no doubt in saying that as a parent you want to secure your child and his/her future from an unforeseen event that can ruin their career. In such cases, choose a ULIP for your child that can help them in different stages of their life.
ULIPs for Health Benefits : : Apart from common benefits, it also provides financial assistance in cases of medical emergency.
PolicyX.com is one of the leading insurance web aggregators that provide free quotes and comparison services. ULIP- Unit Linked Insurance Plan is basically a market-linked product which combines the insurance and investment. It is a type of investment plan which directly connects to the capital market and provides ease of investing in debt or equity funds as per the requirement. The dual benefit of the plan makes it more attractive as a perfect investment option. ULIP is a very good long-term investment plan.
In 2010, IRDA limited analyzed charges of ULIP plans at 2.25% for the initial 10 years of plan tenure. However, currently, many insurers have reduced the additional charges such as commissions etc. Consequently, in recent years, ULIP plans are becoming cheaper as compared to mutual funds. It is advisable to opt for it if you are looking for dual benefits
Here at PolicyX.com, we help you compare the best ULIP plans provided by different insurers in India and assist you in getting the best plan as per your requirement. ULIP is suitable for young people who are ready to invest and take the financial risks. By comparing ULIPs at PolicyX.com, you can select from a host of available plans.
It offers you the needful insurance coverage that can assist you financially when you need it the most. It is a type of plan that protects and offers you great returns as well
By the rule of Income Tax act, this plan is eligible to get the tax benefits under SEC 80 C. It is completely a win-win situation that saves tax, offers coverage and good returns as well.
Apart from the insurance coverage, it is also good at systematic investment planning. It allows you to choose your investment and get good benefits in return.
It allows you to earn market-linked returns as part of the premium is invested in market-linked funds that are invested in different forms of investment tools.
It does not force you into investing as it provides complete freedom to choose your investment option as per your risk profile.
1. Premium allocation charges : This is the amount which would be deducted from the premium for marketing and distribution expenses. This would be higher in the starting years and later on would be reduced by the third or fourth year.
2. Management charges : This would be deducted monthly as the administration costs.
3. Mortality Charges : This would be used for providing life insurance coverage. It depends on upon the mortality of the policyholder.
4. Fund Management Charges : This is used as the managing cost related to funding organizing and is usually in the range of 0.5% to 2%.
5. Switching Charges : One can switch between the funds available for investment of premium paid. Fixed numbers of switches are free of cost in a policy year beyond which charges are levied.
6. Surrender charges : It may be deducted for early partial or full encashment of units wherever applicable, as per the policy conditions.
Everyone is feeling the pinch of the economic downturn in India, according to a report. The stumbling home economic system and plunging inventory markets have found investors on shaky ground. Market uncertainty is disturbing all investors, including those having Unit-Linked Insurance Plans (ULIPs).
Although ULIP sales have dipped substantially in the past few years, they still continue to be a good option for investment and insurance at the same time.
The general public mistakenly assumes that ULIPs are related completely to the equity marketplace. On the contrary, ULIPs offer exquisite flexibility through permitting investments in either equity or debt or both. It is ideal for making your funds grow rapidly. An investor in the equity marketplace is exposed to extra fluctuations and insecurity. On the other hand, debt finances promise more security, but the returns are modest. Herein lies the tussle between equity and debt. Whether you choose one or the other will depend upon various factors, along with your economic necessities and risk taking capacity.
The fund-switch facility, especially, lets traders who have a running understanding of marketplace moves, to switch around their investment portfolio as they want to. This facility permits the ULIP holder to shift from equity to debt when markets grow or withdraw when it's too risky. The consumer receives a distinct number of switches within the year and there are no related tax liabilities. Nevertheless, it is advisable to keep away from using the switching facility too regularly.
Insurance corporations additionally offer debt-centered ULIPs. In debt-orientated ULIPs, the customer's money is invested in an appropriate debt fund. The increase is simple-double-digit returns are not likely-however market volatility is decreasing.
By purchasing through PolicyX.com, you don't need to provide many documents. It is a simple documentation process that takes only a few minutes. This portal allows you to get insured from the comfort of your home. It saves a lot of your time and money as well. These are the basic documents that you need to provide at the time of purchase.
1. Age proof: Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.(Anyone)
2. Identity proof: Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one's citizenship
3. Address proof: Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address
4. Income Proof: Income Proof specifying the income of the person buying the insurance
5. Passport Size Photo: To have a record of the insured person's identity for future references.
It is an IRDA approved online insurance web aggregator that allows you to choose the best plan for yourself. It allows you to understand the plan thoroughly with the help of useful information, flow charts and videos as well. We at PolicyX.com try to make the whole process easier for you so you can choose the best plan for yourself easily, and without any second thought.
1. Offers free ULIP quotes and comparison service as well
2. Provide tax benefits and several discounts to save your money
3. Allows you to purchase easily within a few minutes without much documentation and wastage of money.
PolicyX.com allows you to purchase the best ULIP plan out of all the available options from the top insurance companies. With the available free quotes, you can save your time and money as well. For taking advantage of the same all you need to do is provide some basic details, get free quotes, compare them as per your demands, make payment online along with documents and you are insured under the best plan.
Enter basic details: Fill up your basic details. It just takes few minutes
Get quotes: Find quotes directly from multiple insurers
Compare Plan: Compare plans from the top insurance companies in less than 30 seconds
Choose Plan: Choose the plan which suits you
Buy Online: Buy your policy online easily and be insured within minutes.