About ULIP Insurance policy

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About ULIP Insurance policy
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• The expensive cover policy.
• A few decades back, only money back and endowment
  policies used to be sold by LIC agents. The
  entrance of new private insurers marked the
  regime of new unique policies that suited
  individual needs. Now-a-days, except for LIC all
  other companies are busy selling ULIP's. Unit
  Linked Insurance plans as provide you with a
  cover along with the benefit of enhanced returns
  on the principal. Lets have a look at the
  features of this policy
• 1. One can invest a fixed amount monthly,
  quarterly, semi-annually or annually.
• 2. Amount saved in a ULIP plan (net of charges)
  is invested at the applicable Net Asset Value
  (N.A.V) and denoted in units.

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• 3. Every month a certain amount goes towards
  charges like the fund management charge or
  premium allocation charge and so on.
• 4. The cover provided is generally 5 to 10 times
  of annual premium.
• 5. The investor has to choose from a range of
  sub-options or plans provided by the company. For
  example a risk averse person can opt for a
  Protector type fund where 90 to 100 of the
  investment is made in Gilts and Money market
  instruments which are risk free. Similarly an
  investor with a greater risk appetite can invest
  in Aggressive fund where 60 to 100 will be
  invested in equity and equity related
  instruments.
• 6. The term of the policy can be between 3 to 60
  years with minimum and maximum age at entry and
  exit differing from policy to policy.
• 7. Different types of bonuses are declared during
  the term and on maturity of the policy that
  either increases the fund value or additional
  units are added to the policy.

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• 8. You can opt for a single premium or regular
  premium ULIP plans.
• 9. In case of death of the investor during the
  term the company pays out the fund value
  bonuses (if applicable) or the Sum Assured
  (cover) or both. This too differs from policy to
  policy.
• 10. Tax benefit u/s 80C for premiums paid upto
  Rs. 1 lakh p.a. Also surrender value or maturity
  benefit is exempt from taxes.
• 11. One can surrender the policy after three
  years of policy existence and can redeem the fund
  value as on that date.
•  
• Article Source http//EzineArticles.com/2492028

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