5 Unique Features Of Unit Linked Insurance Plans
With the rising inflation rates and daily expenses, it is becoming significant for every family to safeguard their financial interests for a secure future. With Unit Linked Insurance Plans, people are only an inch away from reaching this goal.
Unit Linked Insurance Plans (Ulips) is a combination plan that provides both life insurance and market-linked returns. So, if you wish to create long-term wealth, Ulips can come to your rescue. Let us know more about this plan and its unique features to safeguard your financial future right away.
Flexible Investment Options
It is normal for you to want to switch between fund options and want ample flexibility in payment methods. With unit-linked insurance plans, this becomes a cakewalk. This combination plan provides enough flexibility in investment options that help you switch between funds at your comfort.
It may help you modify the ratio of invested amount and transcend your funds from equity to debt. You can also opt for a blend of both in many cases as per your convenience. So, you can determine your risk appetite and life stage to act accordingly. Since you may not find such a facility in other investment options like mutual funds, it is best to seek it from this safe plan right away.
Availability Of Top-up Facility
Do you wish that you could increase the amount of investment as per your convenience later? With unit-linked insurance plans, this is possible right away. This combination plan allows you to engage in top-up facilities and promote your investment amount for better results later.
Thus, you can add an extra amount over and above the existing policy at your comfort. For this, you may need to speak to the insurance company where you interact with this investment option. They will help you understand the process of doing this. You can act accordingly for best practices.
The decline in ULIP Plan Charges
Unit-linked insurance plans provided a disturbing variation in the charges. Generally, the costs can be divided into five different options. These may be known as Premium allocation charges, fund management charges, Surrender charges, Policy administration charges, and mortality charges. Although these charges were a hassle earlier, ULIPs have now decided to shorten them. So, the new policy does not include premium allocation, policy administration, and surrender charges after a certain period.
Imagine how troublesome it would be to opt for life insurance and market-linked returns from two separate companies. But thanks to unit-linked insurance plans, this is no longer a complex process to cater to anymore. Under a single premium, you can enjoy a combination plan that provides a host of benefits for a long time. This naturally helps you secure your financial future without any complications.
Unit linked insurance plan provides the convenience of savings benefits. This means that people can build savings and secure their financial future from an early age. It helps accumulate enough wealth for the long run and beat any financial crunch later.
The Bottom Line
ULIPs is a great investment option if you are looking to acquire life-long benefits at a reasonable price. We promise; you will not be disappointed with the results.