Written by : Knowledge Center
2022-11-25
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What is the difference between ULIP and Traditional Plans?
The simplest policy is a traditional term plan which offers life cover for a fixed number of years and nothing else. Other traditional plans offer an investment component where you get a survival benefit as well, the insurance company takes care of this and offers some sort of minimum returns. With a ULIP, there are no guaranteed minimum returns. Your investment return may be more than a traditional plan; it may also be less. However, you have more control and flexibility because you can choose and change how your money is invested during the life of the policy.
ULIP Insurance - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling ULIP insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Don't Just Survive, Thrive
Guaranteed Assured INcome
- 3 Plan Options
- Life cover + Guaranteed benefits
- Total Premiums at maturity
- Early income from 2nd policy year
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
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FAQs related to ULIP Discontinuance
If you discontinue your ULIP, the insurance company will reimburse the proceeds of the discontinued policy at the end of the lock-in period.
If you decide to close your ULIP before maturity, the insurance company deducts a discontinuance fee from your total amount and moves the rest to a Discontinuance fund.
ULIPs have a mandatory lock-in period of 5 years.
Discontinuance charges in ULIPs are fees that are deducted as a percentage of the total ULIP in case you decide to stop your premium payments before the lock-in period.
If you don’t pay the ULIP premium after one year, the value you invest into the ULIP will be transferred to a discontinued policy fund.
If the ULIP policy lapses, the ULIP funds will be transferred to a discontinued policy fund. The investor will be provided a revival period of 3 years to revive the ULIP.