ULIP A dual security plan

• ULIP stands for unit linked insurance plans, as the name suggests, it is insurance linked with investments. ULIP is an investment plan which has gained popularity in the recent times due to its ability to fetch good and sizeable amount of benefits. Earlier it was undermined by the investment and insurance benefits making it more convenient and feasible for the people. The plan runs on investment in the capital market which goes on simultaneously with insurance. You receive an assured sum of coverage after a stipulated period of time along with returns from the investments made in the market depending on the risk appetite of the individual.

• The main reason why investors believe in ULIP is because of the long term benefits which make it worthwhile in every aspect. Policy holders go on investing through the term of the policy which can be 5, 10 or 15 years and accumulate money. Investors have an option of investing in equity and debt funds. Any aggressive investor who wants to earn good returns will invest in equity funds. While an investor who wants to earn good profits but doesn’t want to take risk will invest in debt funds, it clearly depends on the person’s risk appetite.

• The recent changes in the IRDA ensure that the customer gets satisfaction and protection. Earlier it was assumed that ULIP was a short term scheme but now IRDA has extended the tenure lockin period from 3 to 5 years. Thus, a lot of investors who have large income source and want to earn long term gains over the period of time are attracted towards this plan. Earlier it happened that when people chose investment over insurance they had to drop one of the options. A rational investor invests for family’s security so that in case if he meets with some uncertainty his family not only gets assured sum but also gets add-on benefit from the market investments. Unit-linked insurance plan fulfills both your needs. If you contact any financial expert or advisor he will always suggest you a combination of insurance and mutual funds. When you buy ULIP you not only secure the future with insurance and long term maturity benefits but also capital gains with the simultaneous market investments.

• The investors are provided flexibility in choosing their investment options pertaining to their preference and capability. You can choose low to high risk under the same policy owing to your preferences. This flexibility has made the plans more popular amongst common people. You can also switch from one fund option to another easily without paying any additional charges to it. Also you can increase the investments with a hope of higher future returns.

• With ULIP you can play safe and steady without bearing huge losses, it gives protection to your money with good returns in the near future. The new unit linked insurance plans provide flexibile benefits on any unseen circumstance which includes providing loans up to 40 % and even partial withdrawal. Be it ULIP or any other plan which requires long term commitment, it is necessary to compare products. Buy a product which meets your demands and is suitable for you.

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