It is a type of life insurance product that includes life cover as well as an investment option. Mortality charge. A Ulip insurance plan comes with a lock-in period of five years. Fund management charges:Depending on the funds chosen by you, a portion of your ULIP premium is invested in various equity funds, debt funds or a mix of both. Lock-in period of a ULIP? However, Ulip being a combination of a life insurance policy and a mutual fund, both of which are long term investments, should be held for 15 years or more. Also, the insurer may levy some extra charges to compensate for the additional risk the investment assumes under the Type 2 policy. 5. Whether it is for retirement, children’s education or for other financial goals, a ULIP investment continued till maturity works as an advantage. Both these benefits have some charges attached to them and it is important to understand the following charges before purchasing the ULIP: Premium Allocation charge. Unit Linked Insurance Plans. HDFC Life Click2Invest - ULIP is a online Unit linked plan in India that offers you market linked returns,charges you minimally ,provides your family with valuable financial protection and best meets your investment needs. Under Type 2 Unit Linked Insurance Plans, your nominee or the beneficiary will receive the sum of both Fund Value and Sum Assured in case of your death. The charges will be reduced from your premium amount and remaining amount is used for buying units. However, in addition to factoring in the premium, you also need to take the fund management charges into account if you’re interested in finding a unit-linked plan that’s affordable. Click here to find the tax, long-term & other types of benefits to make the best out of your ULIP and may more only at Moneycontrol.com. Policy Administration charge. Know the charges in your ULIP. Choose a Fund as per your Risk Appetite There are a variety of funds to invest in as per the risk portfolio in a unit linked plan. Costs associated with ULIPS There are mainly five charges associated with a Ulip plan. Premium allocation and policy administration charges … The morality charges depend upon sum assured and the unit fund value. "The online or 4G ULIPs have very low or no charges at all. 1) Premium allocation charge. The Fund Management charge is for managing these investments in order to offer you potentially higher returns. ULIP investments are best suited for individuals with a long term financial plan of wealth creation and insurance. Fund Management Charges (FMC): Investors often consider the premium charged as a key factor to identify the best ULIP plans for their budget. ULIPs help you meet two of your most important financial needs - Protection and Savings. The allocation charges for online policy is 1.5% and for offline it is 3.3%. Ulip’s are not an ideal plan for you if you are planning to buy it post touching 50 as high mortality charges will exhaust all the investment value. 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