What Is ULIP Plan In Hindi? | Unit Linked Insurance Plan Explained
Welcome to Shreeji Insure, your one-stop destination for all your insurance-related queries. In today's video, we will be discussing one of the most popular types of insurance in India - ULIP Insurance.
ULIP, also known as Unit Linked Insurance Plan, is a type of insurance policy that combines investment and insurance. It is a market-linked insurance product that provides both protection and investment benefits.
ULIPs offer a variety of investment options such as equity, debt, or a combination of both. The policyholder has the freedom to choose the investment option that best suits their financial goals and risk appetite. ULIPs provide a certain degree of flexibility to the policyholder, allowing them to switch between investment options if required.
The insurance component of ULIPs provides a death benefit to the policyholder's nominee in case of an untimely demise. The death benefit is either the sum assured or the fund value, whichever is higher. This feature makes ULIPs an ideal choice for those who want to secure their family's future in case of an unfortunate event.
Now let's understand how ULIPs work. When you invest in a ULIP, a portion of your premium is allocated towards insurance while the rest is invested in the chosen fund(s). The insurance company deducts the mortality charges from the allocated premium. Mortality charges are the charges deducted by the insurance company to provide life coverage to the policyholder.
ULIPs come with a lock-in period of 5 years, which means the policyholder cannot withdraw the funds before 5 years. However, during this period, the policyholder can make partial withdrawals or switch between funds.
We hope this video helped you understand ULIPs better. If you have any queries or suggestions, please feel free to leave them in the comments section below. Don't forget to like and share this video and subscribe to our channel for more informative videos on insurance. Thank you for watching Shreeji Insure.
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