The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. The premium paid towards a ULIP is divided into two parts.

A part of it is contributed to your life cover, and the remaining is invested in the fund of your choice. You can choose to invest in equity, debt, or a combination of both funds as per your risk appetite and goals. This makes ULIPs an ideal investment option for you and your family’s long-term goals.

BENEFITS

 Freedom to choose your Life Cover

In Unit Linked Insurance Policies, you can choose the amount of Life Cover that you want. In most ULIPs, the minimum Life Cover offered is 10 times your annual premium amount. However, depending on the policy and the insurance company, you can select your Life Cover amount as much as 40 times of your annual premium or even higher.