What is ULIP? | Unit Linked Insurance Plans क्या है? | Complete Guide to ULIPs | How ULIPs work?
Have you heard people discussing Unit Linked Insurance Plans or ULIPs and how they have become the “bad boy” of investments? Have you realized that ULIPs have been around since 1971, when Unit Trust of India (UTI) launched the first ULIP in India?
But over the years, it has gained a bad reputation as many life insurance agents resorted to mis-selling these life insurance plans.
ULIPs are a combination of life insurance and investment.
ULIP stands for Unit Linked Insurance Plan. It is a hybrid financial instrument that offers life insurance and investment benefits and creates a corpus for the policyholder.
In a single premium ULIP, the insured benefits from the policy by paying the entire premium in a single instalment. In a regular premium ULIP, the insurer avails the policy's benefits by paying the premium amount after a fixed period. The periodicity in regular premium ULIP can be monthly, quarterly, half-yearly, or annually, depending upon the policyholder’s requirements.
Want to know more? Let us help you understand how ULIPs work.
0:00 - Introduction
0:50 - About ULIP
2:14 - Cost related to ULIP
3:02 - Types of charges in ULIP
5:23 - Types of ULIP
7:48 - Pros & Cons of ULIP
10:04 - ELSS vs ULIP vs PPF
11:28 - Conclusion
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