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What You Need to Know About ULIP Plans

ULIP is a combo plan u2013 It combines the benefits of an insurance policy with investments, so that there is wealth creation to help fulfill your medium- to long-term financial goals.<br><br>https://www.sbilife.co.in/en/individual-life-insurance/wealth-creation-plans

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What You Need to Know About ULIP Plans

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  1. What You Need to Know About ULIP Plans SBI Life India’s leading life insurance company

  2. What is ULIP? ULIP - Unit Linked Insurance Plan = Insurance + Investment ULIP is a combo plan – It combines the benefits of an insurance policy with investments, so that there is wealth creation to help fulfill your medium- to long-term financial goals. In a regular insurance policy, your entire premium goes into your cover. However, in a ULIP, your premium is divided into two parts: • The first part is a life insurance policy • The second part invests into equity funds, debt funds or bonds

  3. What Are the Features of a ULIP? • Twin benefits of returns from market-linked investments and security of life cover • Lower fees for fund management • Plan options based on whether you want more assured returns or high growth • Simple plan that is easy to understand • Nominal premium payments • Allows partial withdrawals after lock-in period • Tax exemptions • Option of single payment or SIP (systematic investment plans)

  4. Why Choose a ULIP? • Security for your family’s financial future in case of the holder’s demise • Flexibility to invest based on your financial goals and risk appetite • Potential for wealth creation • Opportunity to fulfil your medium- to long-term financial goals • Funds automatically rebalanced to counter market fluctuations • Easy to understand and hassle-free process • Highly affordable, with low premiums and low fees • Freedom to make partial withdrawals to fund unexpected expenses • Tax benefits

  5. How is Life Insurance Different from ULIP?

  6. Tips to Choose the Best ULIP • Choose a ULIP from an established, legacy financial institution • Opt for one that offers a range of options across asset classes • Select a ULIP that can be bought online and allows premium payments online • Choose between balanced and growth ULIPs depending on your ability to take risk and your financial goals • Opt for a ULIP that has automatic rebalancing to be protected from market swings • Check the lock-in period and the total term of the policy • Enquire about all the charges • Always ensure to read the fine print before selecting a policy

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