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Broadly speaking, there are only two types of life insurance policies – ones that offer only a death benefit (Term insurance) and others that offer death + maturity or investment benefit (e.g. Endowment Plans or Unit Liked Insurance Plans).
Mutual funds are one of the most common investment options today. Recently, however, there's been an upsurge in interest in another financial product—Unit-Linked Insurance Plans, better known as ULIPs. Here's how they are different.
It is perfectly legal to buy and hold more than one life insurance policy. Your beneficiary can rightfully claim from all the life insurance policies you hold in the unfortunate event of your death. Multiple policies offer an extra level of protection that a single plan might not necessarily provide you.
Loan against insurance policies is a good option in case funds are required in an emergency situation and can be a better alternative to a personal loan or a credit card loan or asking friends/relatives for financial help. But are they always a good idea?
From buying mobile phones to placing orders for grocery items Indians are getting hooked on online shopping in a big way. Till a few years ago life insurance was mainly bought offline but now customers are also showing increasing interest in buying life covers online.
A ULIP is a long term investment that can yield high returns for investors, down the line. However, it is essential to monitor the performance of ULIPs throughout the term of the policy.
Awareness is the first step towards making effective decisions. Appreciating all the nuances of a powerful financial product like a ULIP will help you to decide the perfect plan for you.
Keep these things in mind before you buy an endowment policy. When to buy an endowment policy? Benefits of an endowment policy, how to choose the right policy