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Debunking 5 Myths About Unit Linked Insurance Plan (ULIP)

Financial planning not only involves investing in the right assets but also protecting oneself against the financial repercussions of possible personal setbacks. Purchasing the right insurance covers helps individuals to receive financial compensations to help themselves and their loved ones during such unpredictable and sudden life situations such as a medical emergency or demise.<br>

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Debunking 5 Myths About Unit Linked Insurance Plan (ULIP)

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  1. Debunking 5 Myths About Unit Linked Insurance Plan (ULIP)

  2. Introduction • Financial planning not only involves investing in the right assets but also protecting oneself against the financial repercussions of possible personal setbacks. • Purchasing the right insurance covers helps individuals to receive financial compensations to help themselves and their loved ones during such unpredictable and sudden life situations such as a medical emergency or demise. • Thus, striking the right balance between investment plans and insurance covers helps individuals and families to secure their future in the best possible manner.

  3. This is where the Unit Linked Insurance Plan (ULIP) steps in and provides both of these avenues under one roof, customizing the strategy to suit individual objectives and requirements. • While ULIP is now becoming increasingly popular amongst investors across income groups, some myths surrounding the scheme often inhibit investors from opting for the same. Here are some myths about ULIPs busted for you:

  4. Myth #1: ULIPs are Risky. • A ULIP is very well-suited to individual financial needs and goals, which makes it an extremely flexible venture. Thus, if you are an investor with a low risk tolerance, you may opt for portfolio diversification by means of blended mutual funds investments, portfolio management services and other such low-risk strategies. This would help you to alleviate investment-related risks while also reaping the benefits of steady and secure returns.

  5. Myth #2: ULIP is Expensive. • While a ULIP may initially seem quite expensive, it offers more lucrative returns in the long run compared to investing separately in other avenues, such as investment in stocks. Moreover, planning your insurance alongside your investment helps you to organize your finances better and helps you set up a definite process to achieving your goals efficiently. It provides sufficient returns on investment as time passes.

  6. Myth #3: The Insurance Amount Received is Subject to Market Fluctuations. • No, regardless of the market conditions, a ULIP pays the insurance-holders the promised amount while providing monetary compensation. Thus, it is a reliable and low-risk investment strategy for you and your beneficiaries.

  7. Myth #4: ULIP is not Suitable for Beginners. • Many investors are apprehensive to begin their investment journeys with ULIP as they perceive it to be rather too complicated and risky. However, contrary to popular belief, ULIPs are extremely secure investment schemes for beginners to start their ventures. Starting with ULIP can help you gain a steady foothold in the world of investment as well as insurance.

  8. Conclusion • Unit Linked Insurance Plans are extremely convenient ways to make the best of both the worlds in terms of investment and insurance. It helps families to engage approach financial planning in a more organized and hassle-free manner by acting as a one-stop-shop for all their requirements. We would love to help you establish the most fruitful investment and insurance plans to secure your future. Click here to know more!

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