Ulip Calculators Simplify The Process Of Choosing A Policy.

Electronic transactions have become the mode of choice for insurance companies

. The advantage of not having to pay commissions has resulted in discounts and lower premiums. The most recent entrant to the online insurance marketplace is unit-linked insurance plans (ULIPs). ULIPs are popular as they combine the protection of a traditional insurance policy and the high returns of a mutual fund. Simply explained these plans act as an investment and insurance policy at the same time. They are market-linked insurance plans.

Most insurance companies are aggressively advertising their online ULIP plans and trying to win over customers by promising them lower premiums. A study has shown that 80 % of term plans sold online in India were to people in the 25-35 age groups. Every insurer has a website that lets you pick out the kind of policy you need. Most of them have special calculators that help you calculate the amount of cover you should seek. The calculator help you calibrate the amount of premium you want to pay and seek some basic information from you. Most sites will even mail you or instantly generate a premium quote based on the information you key into the calculator.

Most websites offer Ulip calculator that help you calculate your expected returns on a particular ULIP policy. The benefit of using this tool is that it gives the customer the freedom to calibrate their approach. They allow the customers to see various options and they are an effective marketing tool as by letting the customers input some basic data, they throw up results that could convince a customer to buy the plan. They also take into account factors like age, income and marital status. The projections that Ulip calculators make are a good indicator for the customer to make up their mind.

Online ULIPs are cheaper than their offline versions. The fact that there is no commission for the intermediary and, hence, no premium allocation charge means that more of your premium is being invested which results in a higher fund maturity value for the online policies.

Ulip plans have two parts one portion of your premium is allocated to cover the insurance and the other portion is invested either in financial instruments. A portion of the total premium is held back by the insurance company as allocation charges, mortality charges and fund management fees.

The value of the ULIP is calculated using NAV (Net Asset Value) which depends on the performance of the assets acquired. On maturity the policy holder gets a lump sum, which consists of returns and the amount invested, as per the NAV at maturity.

by: Chris L

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