ULIP Plan: Build and manage your personal wealth with ease
PNB MetLife 15-01-2017 02:13:30 PM
Management and building of wealth is a deliberate process. Only when you manage and save today can you achieve financial freedom in the future. Wealth management goes hand in hand with income generation. Once you have a regular flow of income you need to start making wealth plans to save, spend and invest.Read More
One can also go in for ULIP, which refers to a market linked product that aggregates the very best of insurance and investment. This plan is linked to the capital market and offers flexibility in equity or debt funds as per your risk appetite.
ULIPs are classified on the basis of the purpose that they serve,
- ULIP for retirement – As according to this plan you need to make the payment in the tenure of your employment, which is collected in a corpus amount, which is paid in the form of annuities after retirement.
- ULIP for wealth collection – This is suggested for people in their late twenties or early thirties by offering the flexibility to fund their future financial goals by primarily accumulating wealth over a period of time.
- ULIP for children education – Assuring that your child gets sound education throughout is your duty as a parent. There are several ULIP plans that provide money in small chunks to provide for the important milestones in your child’s life insuring that nothing hinders their life in any manner.
A unit linked insurance plan is a financial instrument that combines the benefits of insurance and investment in one single plan.