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by on February 3, 2023
Simply put, ULIPs combine life insurance coverage with market-linked assets. Life insurance policies having a distinctive structure are known as unit linked insurance plans, or ULIPs. In order to provide you with attractive returns that are in line with market performance, the premiums you pay are invested in market-linked assets. The amount paid in the event of death is the greater of the sum assured or the fund value. However, as the policy ages, you receive the fund value as a maturity benefit.
Partial withdrawals, top-up premium payments, switching, premium redirection, and other flexible policy features are available with ULIPs. As a result, you can manage your ULIP investment in accordance with your needs while still receiving the extra security of life insurance coverage.
Here are some unique features of unit linked insurance plans which give them a distinctive edge –
· Partial withdrawals
· Switching
· Top-up premium
· Premium redirection
· Settlement option
· Readymade investment strategies
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