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ULIP Plans – An Overview

Unit linked insurance plan (ULIP) combines investment benefits and life cover in a single plan.<br><br>https://www.sbilife.co.in/en/online-insurance-plans/ewealth-insurance

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ULIP Plans – An Overview

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  1. ULIP Plans – An Overview

  2. What is a ULIP Plan? Unit linked insurance plan (ULIP) combines investment benefits and life cover in a single plan. This helps your funds grow, while protecting the future of your family in your absence. The maturity value is offered if the policyholder survives the policy term.

  3. What are the Various ULIP Plans? • eWealth Insurance: Easy online buying process with 2-plan options and market-linked returns. Minimum entry age is 5 years. • Smart InsureWealth Plus: Monthly insurance with choice of 3 investment strategies. Ensures disciplined savings and wealth creation with systematic monthly withdrawal. Minimum entry age is 0 years. • SaralInsureWealth Plus: Easy monthly insurance with choice of 8 different funds. Offers flexibility along with systematic monthly withdrawals. Minimum entry age is 0 years. • Smart Wealth Builder: Guaranteed additions with enhanced investment options. You can invest in one or more funds. Minimum entry age is 7 years. • Smart Wealth Assure: Single premium, market-linked returns and insurance coverage. Minimum entry age is 8 years. • Smart Power Insurance: 2-plan ULIP policy with unique trigger fund option. Returns are in tune with the current investment scenario. Minimum entry age is 18 years. • Smart Elite: Wide range of funds with 2-plan options. Maximize savings with market-linked returns. Minimum entry age is 18 years.

  4. Why Should You Buy a ULIP Plan? • You can pick investment options that cater to your risk appetite. • Partial withdrawal is allowed during emergencies, after the end of the 5-year lock-in period. • Allows you to purchase extra units by investing a surplus over and above the base premium. This helps generate better profits. • Investors can switch from one fund type to another. This can be done due to unfavourable market movement. • The impact of market volatility on ULIP plans is evened out over time.

  5. Benefits of Taking ULIP Plan • Flexible Investment: You can choose between debts and equity. A part of the amount can be cashed out whenever required. Tops-ups are available to boost your portfolio. It lets you pick either premium or sum assured to suit your needs. • Transparency: Expected rate of return, investment value and charge structure are shared before you make a purchase. Ask for a ‘benefit illustration’ to make an informed choice. • Discipline: Ensures steady and regular goal-based savings. It helps fulfil both long term and short term financial requirements. • Tax Benefits: You can expect tax redemption under Section 80C of the Income Tax Act of 1961 at every stage of the policy.

  6. How to Use a ULIP Calculator ? A ULIP calculator is an easy-to-use online tool. It helps you calculate your monthly premium and the fund that should be invested to achieve your desired financial goal. Enter all the information, like payment frequency, plan option and policy term. You might also have to fill in your personal details and medical information. You can now check the final amount before making a final decision.

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