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    WEALTH CREATION

    Everything you need to know about sum assured in ULIP plans

    Last Updated On 25-12-2018

    Unit-Linked Insurance Plans or ULIPs are a good option for those who want to grow their money and get themselves insured at the same time. With more consumer friendly ULIPs in the offing, it’s certainly something you might want to consider in greater detail.

    The beauty of the ULIP Plan is that it offers everything in one product and has quite a few benefits over other forms of investments.

    In unit linked products, it is important to remember that you can choose the pattern of investment through the funds available – some of which are equity oriented, some are debt oriented while others present a balanced set of assets to invest in.  You also get a host of investment strategies where experienced fund managers decide your asset allocation, in case you are not confident of deciding your asset allocation yourself.

    ULIPs are also quite an efficient tool for tax planning, since the investment itself, any switches that you make between funds and/or strategies during the policy term, and the policy proceeds at the end are all tax exempt.

    Moreover, the transparent charge structure and potential for growth afforded by ULIPs make them ideal as a part of comprehensive financial plan.

    ULIPs and sum assured

    Simply speaking, the sum assured is the amount promised by the insurer to the nominees of the policy holder in case of any unfortunate event. The sum assured is generally dependant on the actual premiums paid and also on the sum assured multiples if any.
    Difference between ULIP and term insurance policyThere is a difference between term insurance plans and ULIPs. In a term insurance policy, the nominee/s receive a fixed amount as the sum assured in case of the policyholder’s death. In ULIP’s case, the final amount can comprise the sum assured, the fund value or both.

    To sum up

    ULIP plans are no longer the black sheep of the investment portfolio. The new age plans are much more flexible and transparent when it comes to charges. What’s even more interesting is that many such plans have zero charges and some offer loyalty bonuses as well. The thing to remember is that ULIPs are best suited for those who want to protect their goals and those who can stick it out in the long run. Most importantly, invest in a ULIP for at least 15 years for the returns to be profitable.

    Disclaimer:

    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969.. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203

    EC341 LD/2019-20/357

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer:
    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
    EC341 LD/2019-20/357

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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