1. Best Ulip Insurance Policy For You

2.  What is ULIP?  A ULIP or unit linked insurance plan is a market linked product that combines the best of insurance and investment. It is a plan which is linked to the capital market and offers flexibility to invest in equity or debt funds as per risk appetite. This dual benefit along with flexibilities provided by ULIPs make them an attractive investment avenue.

3.  In 2010, IRDA capped annualized charges of ULIPs at 2.25% for the first 10 years of policy term. At present, many insurance companies have reduced commissions and other charges, and as a result, some of the ULIPs launched in recent years are cheaper than mutual funds.  7 Reasons Why ULIPs are Good Choice  Being insurance cum investment plan, Best Ulip Insurance Policy is one of the most lucrative options to invest in. Your premium money is invested in stock markets; that generates substantial returns as well as provides you a risk cover during the policy term.Best Ulip Insurance Policy  ULIPs are known amongst various investment options due to following benefits:  Complete transparency in structure, charges and features  Flexibility to switch between funds  In cover option  Different premium paying frequencies  Various fund options to suit both risk takers and averters

4.  Additional covers can be taken by opting for riders  Dual tax benefits available under sections 80C, 80Dand 10 (10 D)  Types of ULIP Plans  ULIPs are best classified on the basis of purpose they serve.  ULIP for Retirement - In this plan, you pay premium during your employment tenure. It gets accumulated in a corpus amount, which is paid in the form of annuities to a policyholder after retirement.  ULIP for Wealth Creation - This plan's objective is to multiply wealth over a period of time. Such plans are recommended for people who are in late twenties and early thirties and by investing in this plan; they get flexibility to fund their any future financial goal.  ULIP for Children Education – As a parent you want to ensure that your child’s overall education doesn’t get hampered due to unforeseen circumstances. There are various ULIP plans that offer money at key milestones of your kid’s education and thus, ensure that any unforeseen circumstance doesn’t hinder their development.  ULIP for Health Benefits - Apart from regular benefits, ULIP provides financial assistance to meet medical contingencies.

5.  ULIP Charges  The charges related to unit linked insurance plan ULIPs are segregated into various sub classes. The key ones, you should know about are as follows:  Premium Allocation Charges - These charges are levied upfront on the premium paid by the investor. These are the initial expenses incurred by a company in issuing the policy, like medical expenses and underwriting cost.

6.  Policy Administrative Charges - These charges are deducted on a regular basis to recover expenses incurred by insurer on servicing and maintaining a life insurance policy.  Surrender Charges - Surrender charges may be deducted for premature partial or full encashment of units wherever applicable, as mentioned in the policy conditions. These charges are levied as a percentage of the fund value or as a percentage of the premium.  Mortality Charges - These are charges incurred by a life insurance company towards providing a life cover to an individual and they vary with the age and sum assured of the policy. These charges are deducted on a monthly basis.  Fund Management Charges - ULIP funds are invested in debt and equity instruments. These charges are incurred towards managing the fund and vary from plan to plan and fund to fund. This fee is deducted before computing the net asset value or NAV.

7.  Fund Switching Charge - ULIPs not only allow you to invest your money in fund options with various debts - equity exposure but also give you an option to switch between different funds for which your insurance company will charge switching fee. Most of the policies provide few free switches every year.  Discontinuance charge - When an investor discontinues a plan prematurely within lock-in period (5 years currently), insurance provider charges a small fee for the same. This is preset by IRDA and hence common for all policies.

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