There are many benefits of investing in the ULIP (Unit-Linked Insurance Plan). The life insurance component of the plan can function as a life cover. If you die while the policy is in effect, the insurance company will pay a death benefit to the nominee, just like the usual term life insurance plan would do as long as all due premiums are paid.
Depending on the conditions of the policy, the death benefit amount may be the sum assured or the plan’s investment value, whichever is greater. A ULIP may help ensure that your family has financial security even after your demise.
If you are considering purchasing a ULIP, understanding the benefits of the plan may help you make an informed decision. Read on to learn why you should invest in ULIPs and how they might benefit you.
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