Ulips allow you to spread your money across multiple funds, based on your risk appetite allowing you to instantly balance your portfolio through the switching option
Unit-linked insurance plans (Ulips) have been rightly bashed by financial planners for their cost structure. No wonder their share in the total new premium declined to 12% in 2017 from 54% in 2010. However, in 2018 there has been renewed interest in new online Ulips that promise to be low cost. Zero commission and low charges: Ulips are known to be loathed for huge charges and commissions in the product structure. However, the online Ulips have either reduced it to minimal or completely removed charges, except fund management cost (also charged in mutual funds) and charges for the insurance cover (mortality charges). IRDAI mandates a fund management charge of 1.35% or less on Ulips.
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