ULIP
ALL YOU NEED TO KNOW ABOUT UNIT LINKED INSURANCE PLAN
Published By Livemint
| 06 Feb, 2023
ULIP (Unit Linked Insurance Plan) offers the best of insurance and investing
In ULIP, the premium paid by the individual is divided and two portions are assigned
One portion is assigned towards life cover
Other portion is invested in financial securities or a fund selected by the policyholder
They are regulated by Insurance Regulatory and Development Authority of India (IRDAI) in India
ULIPs have a minimum lock-in period of five years but it is advisable to hold them for long periods
They are a good option for investors who want to invest in securities while saving for retirement simultaneously
Premium paid on ULIP investments is also eligible for tax exemption up to ₹1.5 lakh