Why DITTO doesn't recommend ULIP | Unit Linked Insurance Plan Vs Mutual Fund + Term Insurance
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- Опубліковано 9 вер 2024
- You might have considered purchasing ULIP as an insurance product. Hear Ajay and Shashank discuss why it's not the best idea to opt for ULIPs. In this video, they break down both options to help you make an informed decision.
If you are analysing different insurance policies and products, then before purchasing them, we recommend you book a free of cost priority call with the best advisors in town at Ditto. - ditto.sh/fgklh4
In this video, we cover
1. What are ULIPs? - Understand the structure and drawbacks.
2. Mutual Funds + Term Insurance - Explore why combining these might be a smarter choice.
3. Performance Comparison - Real-life examples and case studies.
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Have any questions or need further clarification? Drop a comment below, and our team will be happy to assist you!
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Agree that ulip is not a good product from insurance point of view. But once you have adequate insurance cover, you could consider ulip. Also for non salaried individuals, term plan is mostly denied. In such cases ulip makes sense. What do you say?
We think the issue with ULIP is that it offers modest protection when it comes to life cover. You’d have to pay annual premiums of 1 lakh to simply avail a death cover of 10 lakhs. This isn’t substantial. However if you have absolutely no access to life cover, then yes, endowment plans and ULIPs make sense
Paid 2000/month with cover of 5000000 what are you're thoughts on this? I was denied term insurance since Im self employed @@dittoinsurance
I am amazed to see that Ditto is more focused towards educating people....
First time I am witnessing a mediator company is so much customer centric, looking forward to purchase a policy soon from them
Thank you so much for the comment :)
What about the tax benefits (for premium less than 2.5 lakhs a year), there is no LTCG..
First of all i have term policy of 2crs. Now max life wealth advantage plan is offering Ulip based on Nifty 500 momentum 50 index ,its 10 year CAGR is around 25 per and what we get return is tax free .Can you throw some light on it ,Am I missing any thing ??
I've been paying premiums(5k pm) for a ULIP plan for the last two years, the coverage of which is just 7.5L plus a guaranteed return (5k pm for 20 years after 12 years of premium payments). I was financially dumb and my financial advisor advised me on this, I'm unhappy and plan on taking a term insurance.
So my question is, should I just surrender the ULIP(will receive about 35k), take a proper term insurance and invest the remaining amount or should I take a lesser covered term insurance without surrendering the ULIP? Both of them together would be a financial burden.
If you only recently started to invest in a ULIP it makes sense to either pause/surrender the plan. However we’d suggest speaking to a proper financial advisor before you take a call. Nonetheless a term plan is absolutely crucial. 7.5 lakhs isn’t enough based on most people’s income
Super.. 🎉
Thank you so much :)
Is term insurance worth it in case of a working couple?
In most cases yes. If your current lifestyle dictates that both your income helps the household, then it’s absolutely necessary to consider buying a term plan
Hdfc life smart protect plan offers 100x coverage. I am 39 year old and has taken this product with a premium of 5.4k per month for 12 years. My SA is 1.5cr including riders and coverage till my age @75. How about this product? Hope you will comment...
Are you absolutely certain the cover is 100x your annual premium. From the brochure it seems the sum assured is 10x your annual premium which won’t add up to a cover of 1.5 crores
Thank you for your prompt response and I am cent percent sure that it's 100x coverage. Pls go through the product brochure.
Understood. Let us explain why we are sceptical.
If you’re 39 right now and you buy a pure term plan from HDFC Life with a cover of 1.5 Crores until the age of 75. You’ll end up paying annual premiums of roughly 80,000. And if you add up those premiums until you turn 75 then the total payout comes up to 32 lakhs. This is for a pure term plan.
However your plan it seems offers the same cover for an annual premium of 64,000 paid over just 12 years which comes up to just 7.77 lakhs.
Plus the plan offers maturity benefits. The math here just doesn’t add up!
Maybe if you send your policy copy to us we’d be able to comment on the offering
I have send the policy copy to your what's app number and awaiting your comments. It's 100x coverage and SA is 1.5cr including riders. Pls go through it.
Hey, i was thinking to start the same hdfc life smart protect plan from next week. What do you suggest now, is it a good investment to proceed?