And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.Everyone, irrespective of age, gender, income, wealth etc. Make sure you read the policy document diligently. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. You can never withdraw the entire amount. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. That’s your maturity payout.īut there are other things to look for as well. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. So 10 lacs, i.e., your death cover is the minimum payout. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. You die after 15 years and your family naturally gets 10 lakhs. Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose.

Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. If you are diagnosed with a condition which confirms death in a few months, 50% of the death cover amount is paid right away. However, if you (primary life) pass away before your spouse, your spouse gets your sum assured and upon their subsequent death, the respective cover is paid to nominees. If the spouse dies, respective death cover is paid to you, cover continues, and on your demise the nominees receive the death benefit. If you select this option, your spouse also gets covered under the policy and their sum assured is 50% of your base sum assured.

Meaning you don’t have to pay the premiums but your policy will still be active. If you get permanently disabled due to any mishappenings, all your future premiums will be waived off.

Waiver of premium on Total and Permanent Disability:.

In case you are diagnosed with any of the listed 14 critical illnesses, all your future premiums will be waived off.

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