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FAQ's Most frequent questions and answers

Unit Linked Insurance Plans (ULIPs) are a category of goal-based financial solutions that offer dual benefits of protection and Investment. Unit linked Insurance Plan is linked to the capital market and offers you flexibility to invest your units in equity or debt funds depending upon your risk appetite. ULIPs are typically bought for long term capital gains and offer a protection cover too.

It is a stipulated time during which if the policyholder surrenders or discontinues the policy, the policyholder won't receive the liquidity or payout. Only after completion of the lock-in period, which is 5 years in ULIP, the policyholder will receive the liquidity or payout.

ULIPs have the potential to garner better returns than any other insurance product because of its equity advantage. ULIPs invest the premium paid by you in various asset classes through different funds.

There are 4 charges in ULIP
  • Allocation charges :- It is a percentage of the first year premium charged by the insurer before allocating the policy. These are the initial expenses incurred by the insurance company at the time of policy issuance.
  • Admin charges :- This charge is deducted towards the administrative expenses incurred by the company towards the maintenance of the policy
  • Mortalituy charges :- It’s a basic charges of insurance policy, these charges are deducted from the premium paid at the beginning of each month. In Ulips, equivalent units are cancelled from the savings fund
  • Fund management charges :- Fund management charge (FMC) is the fee charged by the insurance company for managing various funds in an Ulip.

Yes, minimum 3 times in a year and maximum depends upon companies.

Yes you can withdraw partial or full amount depends upon your companies.

Company will reimburse medical expenses within a certain period that will depend upon company occurred before hospitalization either In- patient or day care treatment. Like consultation charges, pathology charges, medicines cost etc related to disease.

Company will reimburse medical expenses within a certain period that will depend upon company occurred after hospitalization either In- patient or day care treatment. Like Follow up consultation charges, pathology charges, medicines cost etc related to disease.