INTERVIEW QUESTIONS INSURANCE UNIT LINKED INSURANCE PLANS (ULIP) DETAILS

Question: Are ULIP child plans any different from normal ULIP plans?

Answer: Unit linked children insurance plans are just like any other ULIP plan with market dependant returns. ULIP plans have many extra charges associated with them like premium allocation charges, policy administration charges, mortality charges to name a few. Even the charges for a partial withdrawal or policy surrender are chargeable with tax obligations. The good thing about ULIP child plans however is the fact that the beneficiary for such plans is the child. In the unfortunate event of death of the parent, child is given the sum assured in a lump sum making it a favorable policy.

Unit linked children insurance plans are just like any other ULIP plan with market dependant returns. ULIP plans have many extra charges associated with them like premium allocation charges, policy administration charges, mortality charges to name a few. Even the charges for a partial withdrawal or policy surrender are chargeable with tax obligations. The good thing about ULIP child plans however is the fact that the beneficiary for such plans is the child. In the unfortunate event of death of the parent, child is given the sum assured in a lump sum making it a favorable policy. Source: CoolInterview.com

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