Explore the further types of ULIPs
In today’s world, every day, humans face a lot of troubles and health problems.
So that humans want to invest In the best plan that gives life insurance coverage. This is only done by one of the best policies, ULIPs. You can achieve life insurance coverage by splitting the ULIP premium into two parts.
The first part moved towards the insurance covers, while the other was moving towards the investment in the market. Further, we are going to tell you some common types of unit-linked insurance plans that are used for various purposes under long-term financial goals.
Let us tell you the same.
What are the different types of ULIPs?
As depends on the life financial goals, the types of the common ULP can vary. Some common types of unit-linked insurance plans are as follows.
- Ulip plan to secure the future of your child
- ULIP plan for retirement
- ULIP plan for wealth creation
Let us tell you about the above types of ULP In detail.
ULIP to secure your child’s future
In today’s world, The biggest concern for the parents is to secure the life of their children in terms of the financial needs when their child requires.
With the rise in the education cost, it is necessary to have enough savings to give the best quality education to their children, whether to give them admission to abroad schools or schools in India.
To offer such faculties, there are many ULIP plans available in the market that helps to secure the life of the children.
- In the situation, when the death cause of the policyholder is under the ULIP policy, then the child or nominee of the policyholder gets the fixed amount in the form of the insured sum.
- Under the ULIP child plan, an insured sum amount is directly paid to the maturity age of the child. On the other hand, if the child is a minor ( less than 18 years), the amount is paid to the appointee who is supposed to manage the funds.
ULIP for retirement
Retirement is the time when you are finally free from your lifetime work pressure and enjoy the start of the golden years of your life. Consider the following key features of the ULIP retirement plan.
- The premium under the ULIP is associated with the investment until retirement time.
- A portion of the corpus is paid to you, no matter whether the remaining amount is invested in the annuity scheme or not.
ULIP for the Wealth creation
Some ULIP plans are also created for the wealth insurance plan while offering life insurance. The long-term wealth achievement goals can be accessed through regular payment plans, no guarantee plans, and non-life stage plans.
In this article, you get all the detail about the types of the ULIP plans, such as ULIP for the child, ULIP for retirement, and ULIP for wealth achievement goals. Hope you understand all the facts consists in this article.