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ULIPs serve a dual purpose of life insurance coverage and investment growth, combining insurance and investment components.
Policyholders have the flexibility to invest in a variety of funds, including equity, debt, or a combination of both, based on their risk appetite and financial goals.
ULIP returns are linked to the performance of the chosen funds, providing the potential for higher returns based on market performance.
ULIPs allow policyholders to switch between different funds based on changing market conditions or investment objectives.
ULIPs typically have a lock-in period, ensuring a long-term investment horizon, aligning with the policyholder's financial goals.
Some ULIPs allow policyholders to make partial withdrawals after the lock-in period, providing liquidity for specific financial needs.
In the event of the policyholder's demise, the beneficiary receives the higher of the sum assured or the fund value, providing financial protection.
ULIPs offer maturity benefits, where the policyholder receives the fund value at the end of the policy term if they survive the tenure.
ULIPs often offer additional riders such as critical illness cover, accidental death benefit, or disability cover, enhancing the overall coverage.
ULIPs provide life insurance coverage, ensuring financial protection for the family in case of the policyholder's demise.
ULIPs offer the potential for wealth creation through market-linked returns, allowing policyholders to participate in the growth of the financial markets.
Policyholders can choose their premium amounts based on their financial capacity and adjust it during the policy tenure.
Premiums paid towards ULIPs are eligible for tax deductions under Section 80C, and the maturity proceeds are tax-exempt under Section 10(10D) of the Income Tax Act.
ULIPs are suitable for goal-based investing, allowing individuals to align their investments with specific financial objectives such as education or retirement planning.
Fund switching in ULIPs enables dynamic asset allocation, allowing policyholders to adapt their investment strategy based on market conditions.
ULIPs encourage long-term wealth planning by combining life insurance with investment, providing a comprehensive financial solution.
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