Unit-linked insurance plans (ULIPS) are financial instruments that provide both insurance coverage and investing options. These plans allow policyholders to invest in a wide range of funds based on their risk tolerance and financial objectives.
A portion of the Ulip payment you pay goes toward savings, while the remaining half covers the costs of the policy and life insurance. In essence, you receive a single plan that meets all of your insurance and savings requirements.
Unlike in the past, when premiums may be terminated after a set period, say 3 or 5 years, the new version of Ulips requires premiums to be paid until maturity, unless you select a limited premium payment period. As a result, saving through Ulips becomes a forced savings strategy that requires annual payments to ensure the policy's continuation. Also, unlike in the past, the majority of charges are now standardized and spaced out throughout the first five years of the policy.
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Denne historien er fra June 2024-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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