Life Insurance launches low ticket ULIP

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ULIP
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Life Insurance launches low ticket ULIP
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Life Insurance has launched a Life Assure
Insurance Plan. The product offers the benefit of
protection along with financial planning. Life
Assure is a unit-linked endowment plan available
at a minimum monthly premium of Rs 1,000. A
unit-linked endowment plan, it provides a
policyholder with one or more choices of funds to
invest in. Such plans charge a premium towards
protection and allocate the balance premium
towards investment by buying units of the fund
chosen. These units will be bought at the ULIP
NAV of the chosen fund and the fund value will be
derived by multiplying the number of units
accumulated by the current NAV. Rituraj
Bhattacharjee, head - market management at Bajaj
Allianz Life Insurance says, We believe small
savings on a regular basis is the best way to
achieve a long term financial goal, and this is
the thought behind Life Assure.
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The plan is ideal for those looking to invest in
market-linked financial instruments but may not
have large surplus funds or the investment
know-how. With a low monthly premium of only Rs
1000, we believe it will become more accessible
to those who may have been apprehensive about
doing so earlier.The ULIP plan offers two
variants Life Assure Sure and Life Assure
More to cater to varying risk appetites of
different customers. The plan also offers three
riders Accelerated Critical Illness, Super
Premium Waiver and Extra Cover Benefit. Three
riders give the policyholder an immediate payment
of sum assured in case of being diagnosed with a
critical illness. Super Premium Waiver benefit,
when taken with Accelerated Critical Illness
Benefit Rider would ensure continued creation of
the corpus in case of death or critical illness.
Thus, if both these riders are taken together,
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the plan offers a comprehensive protection for
the policyholder and his/her spouse, in case of
critical illness or untimely death. The third
rider, Extra Benefit Rider give an extra sum
assured on unfortunate death during the policy
term, he added. Accelerated Critical illness
rider provides the vase sum assured of the policy
in case of being diagnosed with a critical
illness and the rider will be terminated. This
rider can be taken on the spouses life only if
the primary life assured has opted for this
rider. Super premium Waiver provides the benefit
of waiver of all future premiums payable under
the base policy on death or diagnosis of critical
illness, whichever is earlier. Life Assure
offers two variants Life Assure Sure which
gives a guaranteed maturity value for risk
adverse investors, and Life Assure More with
option of seven funds to choose from and fund
switch facility, for the more market savvy
customers. Other key features of product are
that it offers both single and joint life
coverage, that is, lives of two individuals can
be covered at the same time, like in case of a
married couple.
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In-built accidental death benefit for life
assured and spouse is also available, which gives
an additional sum assured in case of death due to
accident. Risk averse policyholders get
guaranteed maturity value.Financial experts do
no favour investment-cum-insurance products
simply because these are costlier than any other
investment instrument and hence does not form a
part of financial planning for achieving
long-term financial goal. Insurance products
should be bought only for cover against risk to
life, health and so on and not for investment.
There are better priced and better yielding
products in the market for planning for future
goals. Importantly, critical illness plans are
not a necessity if you have a comprehensive
health insurance in place, says a financial
planner. Source http//www.business-standard.co
m/article/pf/bajaj-allianz-life-insurance-launches
-low-ticket-ulip-112112000123_1.html
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To know more on ULIP https//www.bajajallianz.co
m/Corp/ulip-plans/ulip.jsp
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