Recently,
on the game show “The Financial Wizard” (name changed), the participant was
asked a question pertaining to Unit Linked Insurance Plans (ULIPs) – Do ULIPs
allow debt investments? The participant had to choose between “Yes” or “No”.
Being quite confident, without making use of any lifelines, he chose “No”. Do
you think he was right or wrong? Well, he was wrong. Yes, you may be startled
to know that ULIPs do allow debt investments…
Now,
take a minute to think, why were you startled when you heard the correct
answer? Well, the reason is that there are many myths surrounding ULIP plans, which
have led to many viewing ULIPs with scepticism. This, despite the inherent
benefits offered by these plans – a life cover + market linked returns. The
market linked returns allow you to quicken the wealth creation process and the
life cover ensures that in case of an untimely demise, dependents are
financially secure.
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