Here are some more myths and realities for you to know
about ULIP Plans. Before this blog, I have explained some very interesting and essential
points of myths and realities in front of you about this plan.
Lets have a look on some more points
Myth : After buying a ULIP, you also
need to buy additional insurance policies to provide coverage for health,
accident, etc.
Reality: Most ULIP Plans provide
additional insurance benefits in the form of riders, which allow you to
increase the existing cover benefits at additional marginal costs. Optional in
nature, these benefits may provide coverage for accidents, disabilities,
diseases and hospitalisation expenses, thereby, removing the need to buy
separate insurance policies to cover such events.
Myth : ULIPs are illiquid. Access to funds is only available on death or
maturity
Reality: ULIPs allow you to
undertake partial withdrawals from your investment fund, after completion of
specified policy years. Depending on the policy terms, there is a minimum and
maximum withdrawal limit that must be met.
Conclusion
As ULIPs
allow you to provide the safety net that will secure your family’s financial
wellbeing even in your aftermath, understand the policy features. A wrong
decision may prove to be harmful to your financial health!
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