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Different Types of ULIP Policies

ULIP (Unit-Linked Insurance Plan) is one of the most popular investment options available in the insurance market. ULIP plans offer the freedom to explore the vast domain of investment market at the same time offering risk coverage component.

There was a time when mutual funds and share market were collectively dominating investors’ investment portfolios. During the time, the ULIP policies were introduced in the market to attract the customers with a promise of higher returns on their investments. Over the course of time, ULIP policies have become the most popular investment entities among the investors as they come with the dual benefit of wealth maximization and insurance cover.
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Top Advantages of Investing in ULIPs

Unit Linked Insurance Plans are more commonly known as ULIPs, are the insurance products that offer the advantages of both investment and life insurance. To fulfill this purpose, the premiums paid against ULIP investment are divided into two major parts. One of the parts goes directly to life insurance for providing life cover and the other part goes to the money market for investing in various other investment instruments. As an investment product ULIP provides many inherited benefits, but here we are discussing some of the top advantages that it offers:
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ULIP Vs ELSS

While we talk about ULIP vs ELSS, there is nothing common between these two except they both are tax saving investment options. On one hand, where Unit Linked Insurance Plans are a mix of investment and life insurance offered by the life insurance companies, on the other hand, ELSS is known as an equity fund. The cost of ELSS is predictable and they have understandable returns and are transparent in nature, but with ULIPs it is not true. Therefore, both of these are different products and are there to serve different purposes.

However, before discussing much ULIP vs ELSS, let us take a quick look at the ULIP and ELSS separately.
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All You Need To Know About ULIP Charges

With the dual benefit of investment cum insurance, ULIP plans have gained huge popularity and are considered as one of the most common investment product in the market. However, as compared to other investment options ULIP plans offered by different insurance companies have a different structure of charges.

In a unit linked insurance plan, the whole premium amount paid by the policyholder is not used to buy units. The insurance companies deduct fixed charges and fees before allotting the units and the remaining amount of premium is invested in different asset classes like equity, debt, etc. let’s take a look at the different charges that are applied in the ULIP plan.
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ULIP as a Long Term Investment Plan

The income tax for sure reduces the amount of take-home salary, but if you are investing your money in a well-thought investment option, then you can definitely boost your income and hence help you to fulfill your investment goals.

The return of a good tax saving scheme depends on a lot of factors such as the lock-in period, maturity period, etc. This is the reason, ULIP returns in 10 years and ELSS return in 10 years are maximum than other investment instruments.

On one hand, where ELSS (Equity Linked Savings Scheme) invests money in mutual funds, the other hand, ULIPs (Unit Linked Insurance Plans) invest in the stock market in a mixed bag of growth, equity, and balanced schemes.
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