UTI Unit Linked Insurance Plan (UTI ULIP) is an Investment cum savings product in a true sense with other benefits such as :
1. Insurance Cover : – Life Insurance Cover equivalent to chosen target amount up to Rs.15 Lakhs at a very very low cost
– No medical Examination for Cover
2. Accident Cover : Personal Accident cover of Rs. 50,000/- irrespective of the chosen target amount at no additional cost
3. Tax Benefits : Tax Rebate under Sec 80C of IT Act,1961
5. Easy Liquidity : – Full Premature withdrawal in case of any exigency with only a 2% exit load
– Facility of Partial withdrawal also available after completion of 7 Years or 10 Years in case of 10 Year or 15 Year Plan respectively subject to maintaining a minimum balance of Rs. 5000/- calculated at NAV prevailing on such date with insurance cover remaining intact.
6. Bonus at Maturity: 5% in 10 Year Plan; 7.5% in 15 year Plan.
7. No Lapsation under UTI ULIP :-
UTI ULIP offers you advantage of continuity of Insurance coverage even if you falter on paying your premium by redeeming existing units, subject to authorization by unit holders.
8. No Forfeiture under UTI ULIP :-
There is no question of any forfeiture of the amount deposited by the investor under UTI ULIP.
(i) UTI-ULIP offers the advantage of continuity of insurance coverage even if the investor falters on paying premium by redeeming existing units to the extent of premium payable to life insurance company subject to authorization by unit holders.
(ii) In the event of absence of authorization of the investor, the units continue to be in the investor’s a/c which can be redeemed by the investor as and when he/she likes. However, in such case, Insurance Coverage would discontinue.