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Understanding Unit Linked Insurance Plan (ULIP)

ULIP or Unit Linked Insurance Policies put a part of the premium into life cover. https://www.sbilife.co.in/en/individual-life-insurance/wealth-creation-plans

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Understanding Unit Linked Insurance Plan (ULIP)

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  1. Understanding Unit Linked Insurance Plan (ULIP)

  2. Difference Between Life Insurance and ULIP Life Insurance is a contract between an insurance company and policy holder. Here, the beneficiaries receive a specific sum from the insurer upon the death of the policy holder. This is given in exchange for the premiums paid. ULIP or Unit Linked Insurance Policies put a part of the premium into life cover. The rest of the amount is directed towards investment in funds like equity or debt or a combination of the two for wealth creation.

  3. Features of ULIPs Lets you invest in multiple funds, depending on your risk appetite. Both insurance and investment options in a single plan. Efficiently managed by a fund manager, assigned by the insurance company. Offers high and stable annual returns. Steady performance, along with lower risk than many other types of investment.

  4. Benefits of ULIPs Offer complete flexibility to let you choose from high, medium and low risk options. Transparency is maintained in terms of expected return rate, charge structure and investment value. Helps you create a regular savings habit. You receive the benefit of market linked growth, along with life-cover options. Under Section 80C of the Income Tax Act, 1961, the premiums paid are tax exempted.

  5. ULIP Calculator With a ULIP premium calculator, buyers can check the returns and calculate the amount to expect on maturity. How to use it: Step 1: Log into your insurer’s online ULIP calculator. Step 2: Enter the amount you wish to invest. Step 3: Choose the frequency: annual, quarterly, monthly or lump sum. Step 4: Pick the tenure of the policy. Step 5: Select a lock-in period (minimum 5 years). Step 6: Select the funds you wish to invest in. Step 7: Enter personal details, such as DOB and gender, to understand the exact value.

  6. Charges for ULIPs SBI Life e-Wealth Insurance: ₹24,000 onwards (annual premium range) SBI Life Smart InsureWealth Plus: ₹4,000 onwards (monthly premium range) SBI Life SaralInsureWealth Plus: ₹8,000 onwards (monthly premium range) SBI Life Smart Wealth Builder: ₹30,000 to ₹3,00,000 (annual premium range) SBI Life Smart Wealth Assure: ₹50,000 onwards (single premium range) SBI Life Smart Power Insurance: ₹15,000 onwards (annual premium range) SBI Life Smart Elite: ₹1,50,000 onwards (annual premium range)

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