How to Select Right ULIP

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How to Select Right ULIP
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• ULIPs are the most miss sold products in the
  Personal Finance domain. ULIP plans are
  revolutions for those who are looking for
  insurance and assured return on their insurance
  investments. These insurance products along with
  assured tax returns are also linked with tax
  benefits. The assured return on insurance
  investments has impressed many investors.
• In the conventional Insurance products, the
  insurance component takes edge over the saving
  component, but in ULIPs insurance cover is
  secondary focus, while focusing mainly on return
  pert of your investment. ULIP offers opportunity
  for investor to select a product which matches
  their risk profile. Depending upon the risk
  factor of the investor he can select any ULIP
  product.

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• ULIPs are more like Mutual Funds, in term of
  their functioning, payment of premium and
  declaration of units in terms of NAV.
• Whenever you are going for ULIPs, you should be
  well informed about ULIPs. ULIPs are most evolved
  investment avenues, and thus making well informed
  decisions is the key if you want to invest in
  ULIPs.
• Read following tips which can be informative for
  your ULIP investments.
• 1. Understand ing ULIPsIn market there is a wide
  range of ULIPs available and which makes ot
  difficult for the investor to choose correct
  ULIP. Before investing in any ULIP try to get as
  much as information on ULIPs. Be aware of what
  product you are choosing for your investment.
• Understand all the terms and conditions clearly
  before investing in ULIPs. You should try to
  gather information on ULIPs from various source
  of information including web, and print media
  information from Insurance companies.

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• 2. Focus on your need and risk profileChoose a
  plan which focuses on your need and risk. Risk
  profile should be deciding factor in choosing a
  ULIP. Depending upon your risk profile you should
  go for ULIPs option which suits you better.
• 3. Comparing ULIPs from various companiesAll the
  insurance companies offer many ULIPs, and ULIPs
  varies on parameters like expenses,premium
  payouts and performance etc. ULIPs work on
  premium payments as opposed to sum assured in the
  case of conventional insurance products.Before
  investing in any ULIP you should compare it on
  the basis if performance of ULIP. You should
  evaluate ULIPs on the basis of what's performance
  of debt, equity and balanced schemes and
  performance of various portfolios. Expenses play
  a major role in ULIP so an assessment on this
  parameter is also necessary.Make some enquire
  about the top-up facility offered by ULIPs i.e.
  additional lump sum investments which can be made
  to enhance the policy's savings portion. This way
  policyholders will be able to increase the
  premium amounts, thereby providing presenting an
  opportunity to gainfully invest any surplus funds
  available.
• 4. Go for an experienced insurance advisorBefore
  doing any kind of major investments you should
  always select and financial advisor, who is
  having a through knowledge of insurance
  instruments. But make sure that the advisor who
  you are seeking is unbiased and independent he
  should not be broker of some insurance company.
  You should also look for reviews of the financial
  advisor, from his previous clients and also check
  standards of his services.

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• It is very important that you should get a
  unbiased and independent advice on your ank kind
  of investments, so its always better to look for
  an advisor who asks for payments for his advice,
  because in that case, he will be working for your
  welfare not for the insurance company, whose
  products he will advice you. It is also very
  important that you should ask your advisor to
  provide you more services, rather than just
  filling and submitting the required forms.
• looking to advice on Ulip Insurance Plans log on
  to Personal. Personal provides Financial
  Planning, Investment Planning, Insurance planning
  and Mutual Fund Research and Recommendation
  services to investors, who are looking to invest
  in Mutual Funds in India. Personal also provides
  Financial Planning Calculators and Wealth Tracker
  Software to track your investments.

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