When you buy a unit linked insurance plan or Ulip online from one of the life insurance companies in India, you need to keep in the mind the following three things.
Unlike buying an unit linked life insurance plan (Ulip) from a financial advisor where he helps you, you are on your own when you buy it online. Here are three things you need to remember when buying an Ulip online. Calculate the regular investment amount Major long term needs, for which Ulips should be bought, require small but regular investments for the large amounts required. Find out the regular investment amount you need. For instance, you can save Rs 35.91 lakh in 20 years by investing Rs 5,000 per month if your investments grow at 10% annually.
Choosing the right mix of debt and equity You require a mix of debt and equity funds in your portfolio that you are comfortable in terms of risk. Among equity funds, opt for diversified or large-cap funds if you are not comfortable with higher risk of mid- or small-cap funds.
Attach riders to your policy Riders such as those covering you for accident or critical illness secure you and your family further at a nominal cost. A rider can be attached to a policy only at the time of purchase. Consider attaching a rider to your Ulip when buying it online.
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