UNITED LINKED INSURANCE POLICIES
A combination of investment and insurance.
DETAILS AND FAQ
- A part of the premium goes towards providing for life cover and the remaining is invested in various funds to maximize returns.
- The insured can decide which fund (equity, debt, etc.) the premiums should be invested in, depending on his requirement.
- The insured/beneficiary receives the sum assured upon maturity/death.
- Lock-in period is 5 years.
ULIPs are regulated by the Insurance Regulatory and Development Authority of India (IRDA) and because of their complex nature, IRDA has framed certain rules to be followed by insurers. Click here to read more about their initiatives.