How ILPs Can Help In Reaching Your Financial Goals

When buying an investment linked plan, it is extremely critical that you ask yourself questions like “What is it that I aim to achieve out of my investment in an insurance plan?” or “Do I like choices and flexibility in a plan?”. There are people who would want to give priority to growing their savings for rainy days, while others may simply want to protect their family with an insurance coverage against what is unknown. Hence, if you are considering investing in an investment linked policy, you should also bear in mind certain factors like wealth goals and the viability of a policy to make sure it does not disrupt other financial commitments. 


What is an investment linked plan (ILP)?

An investment linked plan has both life insurance and investment components.  The ILPs come in two forms:

1.     The one where you pay single premium by paying a lump-sum once

2.     The one where you pay regular premiums on a monthly basis

Irrespective of your financial goals, the premiums in these policies are used to buy units in one or more investment-linked funds that you select.


Original Source : How ILPs Can Help In Reaching Your Financial Goals




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