Do you know about the ULP calculator? Do you want to know the charges applied under the ULP policy? If yes, then read all information present in this article. The given details in this post give information about the ULIP charges applied under the policy, including their types. You can use the given information to calculate the estimated amount of the plan, including its charges, to achieve financial goals.
If you want to take more information on the ULIP charges, then read the whole article till it ends.
Table of Contents
ULIP plan charges
Here we would like to tell you the types of ULIP charges that are applied under the ULIP policy. Let us tell you about the further types of ULP charges.
- Premium allocation charges: This type of ULIP charge covers the costs for policy issuance, underwriting expenses, and medical tests.
- Administration charges: These charges are deducted by the insured person for managing the ULIP plan
- Surrender charges: This kind of ULIP charge is the paid fee for terminating the ULIP policy before maturity. It is considered as the percentage of the ULIP premium or fund.
- Mortality charges: This ULIP charge is borne by the policyholder to provide coverage under life insurance. Under this, the mortality charges are deducted monthly and changed with the assured sum and the ULIP plan age.
- Fund switching charge: The paid fee for switching the beginning proportion of the equity and debt in the portfolio of the ULIP plan. Many companies offer these free fund switching charges.
- Partial withdrawal charges: Partial withdrawal are the fees you must pay for the withdrawal money under the ULIP plan before the expiry time of the lock-up period.
What is the wealth insurance plan?
Here we are going to introduce you to the mera Wealth plan, which considers the unit wealth and saving plan that help you to enable and create the financial plan at every stage of your life to achieve your financial goals. Under the unit-linked insurance plans, the wealth insurance plan helps you to achieve future goals along with the coverage of life insurance for the financial security of your loved ones.
Conclusion
In this article, we give you information about the types of ULIP charges along with the importance of the wealth insurance plan under the ULIP policy. You can easily create your wealth plan under the ULIP after done your investment.
It concludes that it gives you self-managed and systematic transfer options. The best thing that we concluded is that it comes with the loyalty additions from the 6 years. It is suggested to take all the information about the wealth plan if you want to achieve your life goals within the entire policy term.
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