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A unit linked insurance policy offers a wide range of investment opportunities with three flexible variants among them to choose from.
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A unit linked insurance policy offers a wide range of investment opportunities with three flexible variants to choose from. • When you pay your premium for ULIPs a part of it goes to your life insurance cover while the other half goes to your investment in equity or in debt.
The investment ratio has to be decided by you according to what suits your need the best. • Here is how you can get the maximum benefit out of your ULIP plan by investing according to your needs.
This depends on your age, your marital status, your career and whether or not you have kids. • If you are single and just starting out with your career, you need low protection but high wealth creation and accumulation as you are just starting out in life. • You can choose a ULIP plan with a low death benefit and allocate more of your money to equity oriented investment funds.
If you are newly married and have no kids, your protection need is medium and the need for wealth creation is high since you might be planning on starting a family. • You can choose an insurance plan with high death benefit and an investment plan that focuses on balance and growth of your investment funds. • If you are newly married and have no kids, your protection need is medium and the need for wealth creation is high since you might be planning on starting a family.
You can choose a life insurance plan with high death benefit and an investment plan that focuses on balance and growth of your investment funds. • If you are married with young children, you need high protection as well as high wealth and asset creation because you need to save for your kids. • You should choose a ULIP plan with increased death benefit and balanced investment fund for the creation of assets.
If you have a well settled job, are married and have school going children, you need high protection and high wealth creation along with liquidity to meet your child’s needs. • Opt for partial withdrawal of your policy to meet your liquidity needs. • If your children want to pursue higher education or start their own business or want to plan their wedding, you need medium protection again and also liquidity to meet their needs.
You can again liquidate accordingly. • If you have independent children and are nearing retirement your protection needs are low but you need to accumulate wealth for your retirement. • At this stage of life you should lower your death benefit and opt for debt oriented investments.
