Do you know about any investment product that gives you life cover with wealth creation?
Yes! You heard it right.
Ulip provides risk cover, wealth protection, value appreciation, strategic flexibility, and tax saving, altogether in one single plan.
What is a ULIP?
A Ulip or Unit-Linked Market Plan is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual fund
Types of ULIPs: Unit-linked insurance plan can also be categorized on different criteria or norms. On the basis of death benefits, there are two kinds of Ulips
A. Simple Maturity Plan:
In case of death of the policyholder, the nominee receives death benefit which is equal to higher of the sum assured or fund value by the insurance company.
Let’s take an example: An insured took a ULIP plan with a sum assured of Rs. 30 lakhs. Till now he has paid premium for 8 years and the fund value has now grown to Rs. 21 lakhs. In the event of the death of the policyholder, the beneficiary will receive Rs. 30 lakhs the higher of sum assured (Rs. 30 lakh) or fund value (Rs. 21 lakh).
B. Whole Life Plan:
In case of Whole Life plan, when a policyholder dies, the death benefit is received by the nominee which is equal to the sum assured plus fund value. In case of whole life plan the premium will be higher than the simple maturity plans. It also considers mortality rates with every policy year because the risk of death increases with age.
Denne historien er fra June 2019-utgaven av Investors India.
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Denne historien er fra June 2019-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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