What is Wealth Plan? Frequently Asked Questions

Wealth Plan: Frequently Asked Questions

What is a wealth plan?
A wealth plan is specially designed to help you build wealth with tax advantages. It is an investment plan that provides you with life insurance coverage, along with investment options, and helps you build wealth through the power of market-linked returns. It ensures a lump sum payment at the end of the policy term.

Who is eligible to buy a wealth plan?
Any person who is 18 years of age or above can buy a wealth plan. Alternatively, you may choose to buy a wealth plan for a nominee, such as your child.

What is ULIP?
The term ‘ULIP’ stands for Unit Linked Insurance Plan. It is an investment plan with which a policyholder receives insurance benefits, as well as market-linked returns by investing in a single plan. In a ULIP, the premiums paid towards the plan are invested in funds of the policyholder’s choice, which can be equity, debt, or balanced instruments. The fund value reflects your growing corpus via NAV changes. Upon maturity, the fund value is paid to the policyholder.

What is NAV?
The NAV or Net Asset Value denotes the market value of each share of a particular fund. NAV is the price at which an investor may buy and sell a unit or share of a given fund. By monitoring the percentage of increase or decrease of the NAV of a fund, an investor can determine the performance of that particular fund.

Can I change my investment fund option during the policy term?
We understand that as you go through life and reach major milestones, your premium allocation reference may change over time. To facilitate that need, you are allowed to change the investment fund option. However, you may be charged a nominal fee (if any) as mentioned in the policy contract.

If you have extra questions that aren’t mentioned in this article, please call us at 9818510748, and one of the expert will be more than happy to answer those.

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