What exactly is a Unit Linked Insurance Plan?A Unit Linked Insurance Plan is a combined plan that offers life risk cover to you and brings some investment options along with it. Unlike in a regular insurance policy, where your entire premium goes into your plan, in a ULIP, the insurer divides your premium into two parts.
The first part goes into your insurance policy, while the second part invests into equity funds, debt funds or bonds. It's you, the policyholder and the investor, in this case, who gets to decide where you want to invest your money and you can choose from a variety of different plans.
Features of ULIPA policyholder can pay the premium of ULIP in different methods such as-
· Yearly, Semi-yearly, or Monthly Premium Payment You can pay the premium for the policy in different payment mode such as yearly, semi-yearly, or monthly.
· Single Payment You can also pay the premium amount in a lump sum at the time of buying the policy.
· Number of Premium Payment Years Typically, the policy duration and the years of premium payment are the same. However, some policies offer the benefit to the policyholder of deciding the number of premium payment years.
How does a Unit Linked Insurance Plan work?To understand how a Unit Linked Insurance Plan works, we first need to understand what the 'unit' in the name means. In a ULIP, the insurer pools the investment money from all the investors. The insurer uses this pool of money to invest in various portfolios according to the investor's wishes. The total amount is then divided into 'units', where each unit has a specific value. Every investor is then allocated units according to the amount of money that they invested. And thus, the plan is called a 'Unit' Linked Insurance Plan.
The value of each unit is known as the 'Net Asset Value', or NAV.
Advantages of Unit Linked Insurance Plans
- All-in-one scheme The best quality of a unit linked insurance plan is that from a single premium, you get to enjoy the double benefit of having a risk coverage via the insurance policy, as well as the opportunity to invest your money to gain profits and eventually accumulate a sizeable saving.
- Flexible You, as the customer, have complete control of where you want to invest your money. You can choose where you want to allocate your funds, and you can also switch between different funds as you see fit. You also have the option of partially withdrawing your funds which is subject to specific guidelines, depending on the insurance company.
- Life Insurance and Investment Unit linked insurance plans provide policyholders with financial protection and investment returns. A policyholder can earn profits over the long term and secure their family with insurance.
- Savings Benefit: It helps to build the habit of disciplined savings, which is vital in terms of wealth creation for the future.
Who should opt for a ULIP?Since a Unit Linked Insurance Plan is very convenient and very flexible, it can benefit people from varied investor classes.
· Long term investors ULIPs are excellent for investors who are willing to go for the long haul and invest money for longer periods.
- Safe investors as well as risk-takers Since a ULIP allows the investor to control their portfolio, it is ideal for people who want to invest more in equity as well as those who want to be safer and invest less in equity and more in other, risk-free options.
- Investors who want to keep an eye on their funds A ULIP is one of the best options for those investors that want to keep a careful eye and a controlling hand on their portfolios since it is so transparent and flexible.
A ULIP is quite simply, a healthy and convenient option if you're looking to invest money. What it does beautifully is streamlining your funds so that you can check all your boxes when it comes to the financial stability of you and your loved ones.
Factors to consider before buying a ULIP plan
· Claim Settlement RatioClaim settlement ratio explains the claims settled by the insurer against the claims made by the policyholders. Look for an insurer with a high settlement ratio.
· Solvency RatioThe ratio explains an insurer's financial potential to settle claims in the future. It is necessary as per the IRDA for insurers to maintain a solvency ratio of 1.5. Again, look for an insurer with a high ratio.
· ULIP funds' PerformanceULIP plans provide insurance as well as investment opportunities. A policyholder must review the performance of a ULIP plan over the years.
· Policy ChargesA policyholder must pay different charges for the management of their plan. However, there are ULIP policies that aren't much expensive for the policyholders.
· Investment StrategiesA policyholder gets different strategies for investing in ULIPs such as lifecycle-based investing, etc. A policyholder must look for a plan that can provide them with good results.
Charges of ULIP plansThere are different charges that a policyholder must pay for administrative purposes. The insurer deducts the costs from the policy.
Here are the charges that a policyholder pays for the management of their policy-
1. Fund Management ChargeThe insurer deducts the fund management charge to pay for the expenses of managing the policy. A percentage of the fund's value is deducted to pay for this charge.
2. Administration ChargeA policyholder must pay administration charge every month. Units are cancelled proportionately from the different funds of a policyholder to pay for the cost.
3. Switch ChargeIf a policyholder wants to switch to a different policy, then the insurer can do that. Some insurers allow you to make limited switches for free in a policy year. However, the policyholder will have to pay if they exceed the number of free switches. The charge is deducted by proportionately cancelling units from the policyholder's funds.
4. Mortality ChargeYou will have to pay a mortality charge for death cover that the insurer provides. The policyholder's age and the cover decide the charge expense.
5. Surrender ChargeIf a policyholder wants to get a benefit prematurely, then they will have to surrender their policy. A percentage of the fund's value is deducted, and the charge relies on the year of the plan.
6. Partial Withdrawal ChargePartial withdrawal charge is the cost that a policyholder must pay for the lump sum withdrawals they make.
7. Premium Allocation ChargeFor this charge, the insurer deducts a percentage of the premium. Normally, it costs more in the beginning years of the policy.
8. Guarantee charges:The insurance company levies this type of charge when it offers a guaranteed return.
9. Premium charges:When you as a policyholder, decide to redirect your premium for less risky options, the insurer levies premium charges in such case.
10. Rider charges and others:In case you're opting for any add-on cover or riders, then the insurer levies rider charges. Other miscellaneous charges include when you want to change premium payment mode from yearly to quarterly.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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About Aditya Birla Capital
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ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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The restoration facility in health insurance, as the name suggests, replenishes the sum assured after you have used the entire amount within a calendar year. Read on to know more about it.
Different Types of Mutual Fund Charges
While mutual fund investment is gaining popularity among several investors, there’s one facet that needs your attention – it is the charges associated with mutual fund management. In this article, we will explore the various fees that you need to pay Mutual funds.
CIBIL Score For Personal Loan
One of the most important factors that are taken into consideration by lenders when you apply for a loan is your CIBIL score. Let us look at some more details pertaining to the CIBIL score with respect to a personal loan.