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PolicyX.com is one of the leading insurance web aggregators that provide free quotes and comparison services. Ulip- unit linked insurance plan is basically a market linked product which combines the finest on insurance and investment. It is a type of investment plan which directly connects to the capital market and provides ease of investing in debt or equity funds as per the requirement. The dual benefit of the plan makes it more attractive as a perfect investment option. Ulip is a very good long-term investment plan.
In 2010, IRDA limited analyzed charges of ULIP plans at 2.25% for the initial 10 years of plan tenure. However, currently many insurers have reduced the additional charges such as commissions etc. Consequently, in recent years, ULIP plans are becoming cheaper as compared to mutual funds. It is advisable to opt for it if you are looking for dual benefits
Here at PolicyX.com, we help you compare the best ULIP plans provided by different insurers in India and assist you in getting the best plan as per your requirement. Ulip is suitable for young people who are ready to invest and take the financial risks. By comparing Ulips at PolicyX.com, you can select from a host of available plans.
- Premium allocation charges : This is the amount which would be deducted from the premium for marketing and distribution expenses. This would be higher in the starting years and later on would be reduced by the third or fourth year.
2. Management charges : This would be deducted monthly as the administration costs.
3. Mortality Charges : This would be used for providing life insurance coverage. It depends on upon the mortality of the policyholder.
4. Fund Management Charges : This is used as the managing cost related to funding organizing and is usually in the range of 0.5% to 2%.
5. Switching Charges : One can switch between the funds available for investment of premium paid. Fixed numbers of switches are free of cost in a policy year beyond which charges are levied.
6. Surrender charges : It may be deducted for early partial or full encashment of units wherever applicable, as per the policy conditions.
