- Suitable to people prepared to undertake some investment risk.
- Contain fewer guarantees
- They are much more flexible
- ULIPs give the insured the option to participate in the growth of the capital markets.
- On the death of the insured the sum insured or the market value of the investment(fund value), which ever is higher is paid.
- Fund value = Unit Price * No of Units in the individual's account
- On maturity of the plan the fund value is payable
- Lock in period : 5 years
Break up of ULIP Premium:
- Expenses
- Mortality
- Investment
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