What are ULIPs? How do they work? Are they good for long-term investment?

When you think of investing your money, the first thought that you have is investing in conventional instruments like fixed deposits or gold. However, you might want to check out more modern financial tools like ULIPs, which offer better returns and also offer insurance coverage. Premium allocation One part utilised for insurance Another part used for investing in funds The investment portion of your premium will be put in certain units, which you can select according to your preference, requirement, and financial management plans. Details in a ULIP document Policy administration charges Policy allocation charges Policy redemption charges Policy switching charges Policy returns On the other hand, when you have a ULIP in your name, you are able to enjoy full clarity. In your ULIP policy document, you find all the details about your policy, such as policy administration charges, policy allocation charges, policy redemption charges, policy switching charges, policy returns, and more.