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What is the Unit-Linked Insurance Plan (ULIP)?

April 26, 2017Insurance Plan ulip unit-linked

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What is the Unit-Linked Insurance Plan (ULIP)?

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The Unit Trust of India (UTI) operates a Unit-Linked Insurance Plan (ULIP) in collaboration with LIC and the General Insurance Corporation (GIC) of India. ULIP is a contractual savings-cum-insurance plan that offers the following features: High returns Maturity bonus Life insurance cover Free accident cover Safety of capital Tax rebate It is open to any resident of India who is above 18 years of age. Individuals less than 55 years and 6 months of age can join the plan for 10 years and those less than 50 years and 6 months for 15 years contributing 1/10th and 1/15th of the target amount every year, respectively.