Star Health Insurance with Maternity Benefits

Star Health Insurance with Maternity Benefits 

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A few years back, maternity cover was available only with group health insurance or corporate health policies. However that has changed in the recent years with maternity cover being offered by many insurers. Star Health is among the well known health insurance brand which also provides maternity coverage with its plan- Wedding Gift.

Star Health Wedding Gift is a health insurance plan which covers hospitalization expenses including maternity cover. There is waiting period of 36 months before maternity expenses are covered. The waiting period can be reduced to 24 months if policy is opted for period of 4 years.

Maternity coverage Includes:

Delivery including pre and post natal cover

This includes expenses for one child delivery only be it caesarean or normal delivery. The pre and post natal expenses are also covered along with post delivery complication for mother.

New Born Baby Cover: This covers hospitalization expenses for new born baby including congenital disorders or defects.

Miscellaneous:

Also provides cover for expenses incurred for detecting any disorders in the foetus up to Rs 1000/- after waiting period of 27 months.

There are two options with Star Health Wedding Gift:

Option 1: The Sum Assured is Rs 3 lacs. The maximum limit for child delivery expenses are Rs 15,000 for normal delivery and Rs 20,000 for caesarean delivery. The hospitalization cover of new born baby is Rs 30,000. In New Born baby cover, in case of Down’s syndrome  and cerebral palsy, lump sum payment of Rs 60,000 will be payable.

Option 2: The Sum Assured is Rs 5 lacs. The maximum limit for child delivery expenses are Rs 20,000 for normal delivery and Rs 25,000 for caesarean delivery. The hospitalization cover of new born baby is Rs 50,000. In New Born baby cover, in case of Down’s syndrome  and cerebral palsy, lump sum payment of Rs 100,000 will be payable.

Everything you need to know about Motor Insurance India

Everything you need to know about Motor Insurance India

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Motor or vehicle insurance is an insurance policy that protects the owner of the vehicle against any financial loss arising out of damage or theft of vehicle. Motor vehicle coverage also includes damage caused to third party or property. Motor Insurance is mandatory in India.Motor Insurance is available for both cars and two wheelers. Owing to low value of two wheeler vehicles, their premium is very nominal.

Comprehensive Cover and Third Party Cover

A third party cover is base insurance policy which covers only damage caused to third party by the vehicle. Comprehensive car insurance is a complete car protection insurance policy. The generic cover includes damage to vehicle, loss and theft of vehicle as well as third party cover.

Add-ons with Car Insurance

One can extend the coverage for car insurance by opting for add-ons. These add-ons will increase the financial coverage but additional premium amount will be added to the base premium amount. Some of popular add-ons available with car insurance are:

Zero Depreciation: There is certain value to part of the vehicle. When a claim is made, depreciation is calculated on these parts and the amount is paid accordingly. By opting for zero depreciation cover, the entire amount of the part is paid as a part of claim.

Engine and Gear Box Protection:  In case damaged is caused to engine parts or gear box of the vehicle due to water ingression, leakage of lubricating oil etc, the costs for repair and replacement will be covered.

Car Insurance Quotes

Car insurance quotes can be found online directly from insurer’s website. Car insurance quotes can also be checked from online comparison portals which offer comparison of car insurance quotes from different insurance companies.

Car Insurance Calculator

Car insurance premium calculators are available on insurer’s website. One can get the premium amount for the vehicle. Car insurance calculators take into account parameters like no claim bonus etc and then provide the premium amount.

Coverage

The cover with car insurance includes:

v Damage to vehicle caused due to accident, riots, strikers, malicious acts, earthquake, flood, storm etc

v Loss or theft of vehicle

v Liability to third parties

v Personal Accident Cover available for owner driver

What is not covered?

v General ageing, wear and tear

v Mechanical or Electrical Breakdown

v Damage caused by person under influence of alcohol, drugs and any other intoxicating substance

v Damage caused by person driving without valid driving license

v Consequential loss

v Loss damage outside India

Factors which affect premium

IDV: This is the cover amount of the vehicle. Cover is decided on basis of value of vehicle with depreciation adjusted.

Age: As a person matures, he becomes more responsible and with less tendency to drive rashly. Accordingly, premium discount is provided.

Occupation: Discount on premium is offered to people belonging to certain professions. The professions include medical doctors, chartered accountants etc.

Claim History: If you make no claim during your policy years, you can get discount which is called no claim bonus and it ranges from 10% to 50%. Conversely, making too many claims can result in increase in premium amount (loading).

How to reduce insurance premium for:

New Car: If you have brand new vehicle, it makes sense to get comprehensive coverage with add-on covers. However you can still save premium amount by comparing car insurance premiums from multiple insurance companies.

Old Car: If you have old vehicle, you can opt for basic comprehensive car insurance plan. If vehicle is too old, you can go for just third party car insurance. It will certainly save a lot of premium amount.

Claims

There are many ways to apply for a claim. The first and foremost thing about making a claim is to notify the insurance company as soon as possible. Then register the claim by providing requisitive documents like claim form, vehicle registration copy etc. Some insurers allow registration online.

Cashless Claim: If you take the vehicle to network garage for repairs, the complete claim process can be cashless.

Claim Reimbursement: If you take vehicle to any other garage, you need to pay for claim amount. After repairs, you can apply for claim reimbursement with the insurance company.

How to buy Car Insurance?

Option 1: You can contact agent or broker and buy car insurance.

Option 2: You can insure directly with current insurer by visiting their branch or doing it online.

Option 3: You can make a comparison on portals like Policy Bazaar and buy car insurance online.

Buying Insurance for brand new Car

Typically, insurance is offered by showroom representatives. But it is not mandatory to buy insurance from them. One can check insurance quotes online and buy insurance. It is preferable to buy insurance online as you can save on premium costs and also opt for better comprehensive cover.

Buying Insurance for Second Hand Car or Pre-Owned Car

If you are buying pre-owned vehicle, you can contact insurance companies and check quotes based on model and value. Vehicle inspection is required in most cases.

Glossary

Cover note: When you buy car insurance, you are issued a cover note for the vehicle which has limited validity of around 1-2 months. Do get complete policy document as cover note expires soon and has no value after its validity expires.

Health Insurance – Riders and Benefits

Health Insurance – Riders and Benefits

If you or your loved ones fall prey to an illness, health insurance proves to be of much help, at least from a financial perspective. While making a health insurance claim, nothing can be more annoying than getting your claim denied. The annoyance upsurges if you get to know that the obvious exclusion could have been covered if a particular rider had been bought with the plan.

Riders are valuable add-ons to a health plan to widen its basic coverage. This way, the plan becomes comprehensive and you get the best of it without getting entangled in the tricky clauses. Here are the common riders and benefits in a health insurance plan.

1). Hospital Cash Benefit

In the case of a hospitalization, even if you get treatment in a network hospital on a cashless basis, you still have petty expenses to take care of, such as transportation cost, nursing expenses and so forth. Hospital Cash Benefit comes handy by providing fixed cash to the insured on a daily basis to equip him/her to meet such miscellaneous expenses involved during the hospital stay.

2). Maternity Care Benefit

A standard health insurance does not cover pregnancy related expenses. At present times, giving birth to baby has become quite a costly affair. By adding maternity care benefit you make sure that your bump-to-baby journey goes smoothly and stress free. The maternity benefit include delivery charges, pre and post natal coverage, hospitalization expenses, new born care, etcetera.

3). Dental and Vision Care Benefit

Expenses incurred on dental and vision care are not reimbursed under a standard health insurance. But they are in no way any less expensive than regular health care. By adding this benefit, the insured gets covered for dental and vision care also.

4). Personal Accident Rider

The grave mistake customers make while buying a health insurance is assuming that they are getting covered for the accidents under their health insurance plan. This presumption is far from truth, here’s why. In case of an accident, your health insurance plan is going to reimburse only the hospital expenses involved. Obviously, this amount will not suffice the immense financial loss caused by an accident.

A Personal Accident Rider makes sure that the insured gets a substantial financial coverage in case he/she meets an accident.

5). Critical Illness Rider

There are certain major illnesses, such as cancer, heart attack, paralysis, for which hospitalization expenses are way too high to be covered under a regular health insurance plan. Under critical illness rider, if the insured is diagnosed with such an illness, he/she will be paid out a rider sum assured. This amount stands substantial enough to cover the massive expenses involved in critical illnesses.

6). Health Insurance Portability

A health insurance plan comes with its own set of limitations. One of such limitations is, having to go through a waiting period before your illness starts getting covered under your plan. Every time you buy a new plan, you have to bear the waiting period all over again.

To address this issue, IRDA created a feature called as health insurance portability and made it mandatory for all the insurers.  This feature enables the insured to switch from one insurer to another insurer, without having to go over the waiting period afresh.

7). Top-up Insurance Plan

At some point of the policy term, the insured might feel a need to enhance the coverage on his/her health plan. In such a case, the insured should go for a top-up rather than buying a new plan. A top-up is a kind of add on to the health insurance plan that lets the policyholder to extend his coverage at a nominal additional cost.

This additional cost on the premium is quite less than what the insured would expend to buy a second health plan. One more benefit of getting a top-up plan is that the insured doesn’t need to go through a medical screening.

8). Domiciliary Hospitalization

At times, the doctor recommends his patient to be treated at home instead of the hospital, such as when the hospital room is not available or the patient is too critical to be transferred to the hospital. These cases are termed as domiciliary hospitalization and are covered in a health insurance plan, if this benefit is bought with the plan.

9). Ambulance Charges

A standard health plan does not cover ambulance charges. However, when the plan is bought with this rider, ambulance charges are reimbursed to the insured.

Life Insurance – Riders and Benefits

Life Insurance – Riders and Benefits

There are many nooks and corners on the road to understanding life insurance. It is an intricate financial product and the bitter fact is that a basic plan is just not enough to cover these intricacies. That’s where riders and benefits take the stage.

Riders are the optional add-ons to the basic plan that not only widen the insured’s existing coverage but also give them the flexibility to customize their insurance plan as per their needs. Riders offer substantial benefits and can be bought as a part of the plan at a nominal additional cost. Here are the common riders and benefits in a life insurance plan.

1). Waiver of Premium Rider

In case the insured dies or disables due to an illness or accident, the rest of the premiums on his plan are waived off and are paid by the insurance company. This rider is particularly useful in Child Plan where if the father (life insured) dies, the rest of the premiums are taken care of by the insurance company till the end of the policy term. Once the child attains the maturity age, he/she gets entitled to receive the maturity amount.

	Plan without WOP Rider	Plan with WOP Rider
Insured Dies	Death benefit paid to beneficiary Policy ends	Death benefit paid to beneficiary Policy continues (Insurance company pays the rest of the premium)
Insured Gets Disabled Insured no more able to pay the premium	Policy ends	· Policy continues (Insurance         company pays the rest of             the premium)

2). Accidental Death and Disability Benefit

If the insured dies of an accident, his/her nominee becomes entitled to get a pre-decided sum assured (rider sum assured) over and above the basic sum assured. This rider is quite beneficial for those who travel frequently and stand more vulnerable to accidents.

If the insured suffers a disability/dismemberment due to an accident, the insured will get the survival benefit that will be calculated as a percentage of the rider sum assured according to the type and severity of disability.

3). Family Income Rider

If the insured dies, the beneficiary will get the death benefit and a monthly income on a regular basis. If the insured gets disabled, he/she will get a monthly income on a regular basis. The monthly income is calculated as a percentage of the rider sum assured based on what income would the insured be getting if the misfortune hadn’t struck him/her. The income is paid to the insured to the end of the term or a pre-specified period such as 10 years. This way the insured and his/her family get free of the stress of being in no-more-income zone.

4). Return of Premium Rider

Return of Premium rider is a valuable add-on to a term life insurance. A conventional term plan pays out nothing in case the insured outlives the policy term. However, with ROP rider, the insured gets entitled to receive a survival benefit. The sum of all the premiums paid over the term is paid back to the insured.

5). Preferred Term Rider

In case the insured dies during the preferred term, the beneficiary would get an additional death benefit apart from the usual basic sum assured. The preferred term benefit amount is either equal to or less than the basic sum assured. Put simply, it is a way to increase the cover at a nominal cost.

A case scenario – Nitin is looking to get a life cover of Rs 20 lakh on his plan. But as per his affordability, the maximum cover he can get is Rs 15 lakh. What he can do is buy a Preferred Term Benefit and get an additional Rs 5 lakh cover at a nominal additional cost.

6). Extended Life Cover

This feature lets the insured to extend the life cover up to 5 years after the end of the policy term, without having to pay the premium. The sum assured (life cover) payable in such case reduces by a certain percentage of the original sum assured.

7). Increasing Term Rider

In a standard term insurance, the life cover remains constant throughout the policy term. But with an Increasing Term Rider, the cover increases at specific periods of the policy term according to the fixed rate mentioned in the policy. To understand it a little better, here’s an example.

Mansi opted for a life cover of 15 lakh on her plan. She also buys the Increasing Term Rider along with her policy. As per her plan, the life cover would keep on increasing at a 5% rate every year, upto a maximum of 25 lakh. After 10 years her life cover would increase to 25 lakh. If she hadn’t opt this rider, her life cover would have remained constant at 15 lakh only.

8). Critical Illness Rider

The hospital expenses associated with critical illnesses such as stroke, heart attack and cancer are staggering. Life insurance covers only death and lends no financial help in a critical illness. But if the insured buys a Critical Illness Rider, he/she will be paid out a lump sum (rider sum assured) if diagnosed with such a dreadful illness.

This lump sum is sufficient enough to cover the huge medical expenses needed in the costly treatment involved.

9). Guaranteed Insurability Rider

This rider enables the insured to extend his/her life cover in the future, at specified periods of the policy term, without having to go through medical examination or provide evidence of insurability.

Why Buy Motor Insurance

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Motor insurance gives protection to the vehicle owner against (i). damages to his/her vehicle and (ii). pays for any Third Party Liability determined as per law against the owner of the vehicle.  Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Motor Vehicles Act, 1988.

What Motor Insurance to Buy

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Types of Motor Insurance:

Broadly there are two types of insurances policies that offer motor insurance cover:

1. Liability Only Policy (Statutory requirement)
2. Package Policy (Liability Only Policy + Damage to owner’s Vehicle usually called O.D Cover

Remember that if you take only a Liability Only Policy, damage to your vehicle will not be covered. Hence, it would be prudent to take a Package Policy which would give a wider cover, including cover for your vehicle.
What Motor Insurance covers:
The damages to the vehicle due to the following perils  are usually covered under OD section of the Motor Insurance policy:

1. Fire, Explosion, Self- Ignition, Lightning
2. Burglary/Housebreaking / Theft
3. Riot & Strike
4. Earthquake
5. Flood, Storm, Cyclone, Hurricane, tempest, inundation, hailstorm, frost
6. Accidental external means
7. Malicious Act
8. Terrorism acts
9. While in Transit by Rail/ Road, Inland waterways, Lift, Elevator or Air
10. Land slide / Rock slide

What Motor Insurance excludes:
The following contingencies are usually excluded under the Motor Insurance Policy:

• Not having  a valid Driving License
• Under Influence of intoxicating liquor/ drugs
• Accident taking place beyond Geographical limits
• While Vehicle is used for unlawful purposes
• Electrical/Mechanical Breakdowns.

Basis of Sum Insured:

For Own Damage:
The Sum Insured under a Motor Insurance policy reflects the value of the motor vehicle determined based on the concept known as Insured's Declared Value.  Insured's Declared Value is the value arrived at based on the Manufacturer's present value and depreciation based on the Age of the Vehicle. 
For Third Party:
Coverage is as per requirements of the Motor Vehicles Act, 1988 . Compulsory Personal accident cover for owner-driver is also included. Policy can also be extended to cover various other risks like Personal Accident to occupants of vehicle, Workmen's Compensation to Driver, etc over and above the cover available to him under statute.

Why Buy Health Insurance

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The term ‘Health Insurance’ relates to a type of insurance that essentially covers your medical expenses. A health insurance policy like other policies is a contract between an insurer and an individual / group in which the insurer agrees to provide specified health insurance cover at a particular “premium” subject to terms and conditions specified in the policy.

What Health Insurance to Buy

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A Health Insurance Policy would normally cover expenses reasonably and necessarily incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured (for all claims during one policy period).

1. Room, Boarding expenses
2. Nursing expenses
3. Fees of surgeon, anesthetist, physician, consultants, specialists
4. Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of pace maker, Artificial limbs, cost or organs and similar expenses.

Sum Insured
The Sum Insured offered may be on an individual basis or on floater basis for the family as a whole.

Cumulative Bonus (CB)
Health Insurance policies may offer Cumulative Bonus wherein for every claim free year, the Sum Insured is increased by a certain percentage at the time of renewal subject to a maximum percentage (generally 50%). In case of a claim, CB will be reduced by 10% at the next renewal.

Cost of Health Check-up
Health policies may also contain a provision for reimbursement of cost of health check up. Read your policy carefully to understand what is allowed.

Minimum period of stay in Hospital
In order to become eligible to make a claim under the policy, minimum stay in the Hospital is necessary for a certain number of hours. Usually this is 24 hours. This time limit may not apply for treatment of accidental injuries and for certain specified treatments. Read the policy provision to understand the details.

Pre and post hospitalization expenses
Expenses incurred during a certain number of days prior to hospitalization and post hospitalization expenses for a specified period from the date of discharge may be considered as part of the claim provided the expenses relate to the disease / sickness. Go through the specific provision in this regard.

Cashless Facility
Insurance companies have tie-up arrangements with a network of hospitals in the country. If policyholder takes treatment in any of the net work hospitals, there is no need for the insured person to pay hospital bills. The Insurance Company, through its Third Party Administrator (TPA) will arrange direct payment to the Hospital. Expenses beyond sub limits prescribed by the policy or items not covered under the policy have to be settled by the insured direct to the Hospital. The insured can take treatment in a non-listed hospital in which case he has to pay the bills first and then seek reimbursement from Insurance Co. There will be no cashless facility applicable here.

Additional Benefits and other stand alone policies
Insurance companies offer various other benefits as “Add-ons” or riders. There are also stand alone policies that are designed to give benefits like “Hospital Cash”, “Critical Illness Benefits”, “Surgical Expense Benefits” etc. These policies can either be taken separately or in addition to the hospitalization policy.

A few companies have come out with products in the nature of Top Up policies to meet the actual expenses over and above the limit available in the basic health policy.

Exclusions
The following are generally excluded under health policies: 

1. All pre-existing diseases (the pre-existing disease exclusion is uniformly defined by all non-life and health insurance companies).
2. Under first year policy, any claim during the first 30 days from date of cover, for sickness / disease. This is not applicable for accidental injury claims.
3. During first year of cover – cataract, Benign prostatic hypertrophy, Hysterectomy for Menorrhagia or Fibromyoma, Hernia, Hydrocele, Congenital Internal diseases, Fistula in anus, piles, sinusitis and related disorders.
4. Circumcision unless for treatment of a disease
5. Cost of specs, contact lenses, hearing aids
6. Dental treatment / surgery unless requiring hospitalization
7. Convalescence, general debility, congenital external defects, V.D., intentional self-injury, use of intoxicating drugs / alcohol, AIDS, Expenses for Diagnosis, X-ray or lab tests not consistent with the disease requiring hospitalization.
8. Treatment relating to pregnancy or child birth including cesarean section
9. Naturopathy treatment.

The actual exclusions may vary from product to product and company to company. In group policies, it may be possible to waive / delete the exclusions on payment of extra premium.
No short period policies
Health insurance policies are not issued for less than one year period.

Why Buy Life Insurance

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Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured ( or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’.  Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.
Why you should buy Life Insurance:
All of us face the following risks:
Dying too soon
Living too long

Life Insurance is needed :

• To ensure that your immediate family has some financial support in the event of your demise
• To finance your children’s education and other needs
• To have a savings plan for the future so that you have a constant source of income after retirement
• To ensure that you have extra income when your earnings are reduced due to serious illness or accident
• To provide for other financial contingencies and life style requirements

Who needs Life Insurance:
Primarily, anyone who has a family to support and is an income earner needs Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk.

How much Life Insurance is needed:
The amount of Life Insurance coverage you need will depend on many factors such as:

• How many dependants you have
• What kind of lifestyle you want to provide for your family
• How much you need for your children’s education
• What  your investment needs are
• What your affordability is

You should seek the help of an insurance agent or broker to understand your insurance needs and suggest the right type of c

What Life Insurance to Buy

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Kinds of Life Insurance Policies:

Term Insurance
You can choose to have protection for a set period of time with Term Insurance. In the event of death or Total and Permanent Disability  (if the benefit is offered), your dependants will be paid a benefit. In Term Insurance, no benefit is normally payable if the life assured survives the term.

Whole Life Insurance:
With whole life insurance, you are guaranteed lifelong protection. Whole life insurance pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death. It is also an ideal way of creating an estate for your heirs as an inheritance.

Endowment Policy
An Endowment Policy is a savings linked insurance policy with a specific maturity date. Should an unfortunate event by way of death or disability occur to you during the period, the Sum Assured  will be paid to your beneficiaries. On your surviving the term, the maturity proceeds on the policy become payable.

Money back plans or cash back plans: 
Under this plan, certain percent of the sum assured is returned to the insured person periodically as survival benefit.  On the expiry of the term, the balance amount is paid as maturity value.  The life risk may be covered for the full sum assured during the term of the policy irrespective of the survival benefits paid.

Children Policies:
These types of policies are taken on the life of the parent/children for the benefit of the child.  By such policy the parent can plan to get funds when the child attains various stages in life. Some insurers offer waiver of premiums in case of unfortunate death of the parent/proposer during the term of the policy.

Annuity (Pension) Plans:
When an employee retires he no longer gets his salary while his need for a regular income continues. Retirement benefits like Provident Fund and gratuity are paid in lump sum which are often spent too quickly or not invested prudently with the result that the employee finds himself without regular income in his post - retirement days. Pension is therefore an ideal method of retirement provision because the benefit is in the form of regular income. It is wise to provide for old age, when we have regular income during our earning period to take care of rainy days. Financial independence during old age is a must for everybody.

There are two types of annuities (pension plans):

• Immediate Annuity
  In case of immediate Annuity, the Annuity payment from the Insurance Company starts immediately. Purchase price (premium) for immediate Annuity is to be paid in Iumpsum in one installment only.
• Deferred Annuity
  Under deferred Annuity policy, the person pays regular contributions to the Insurance Company, till the vesting age/vesting date. He has the option to pay as single premium also. The fund will accumulate with interest and fund will be available on the vesting date. The insurance company will take care of the investment of funds and the policyholder has the option to encash 1/3rd of this corpus fund on the vesting age / vesting date tax free. The balance amount of 2/3rd of the fund will be utilized for purchase of Annuity (pension) to the Annuitant.

Unit Linked Insurance Policy

Unit Linked Insurance Policies (ULIPs) offer a combination of investment and protection and allow you the flexibility and choice on how your premiums are invested. . IN UNIT LINKED PLANS, THE INVESTMENT RISK PORTFOLIO IS BORNE BY YOU AS YOU ARE THE INVESTOR Typically, the policy will provide you with a choice of funds in which you may invest. You also have the flexibility to switch between different funds during the life of the policy. The value of a ULIP is linked to the prevailing value of units you have invested in the fund, which in turn depends on the fund's performance. In the event of death or permanent disability, the policy will provide the Sum Assured (to the extent you are covered) so that you can take comfort in knowing that your family is protected from sudden financial loss. A ULIP has varying degrees of risk and rewards. There are various charges applicable for Unit Linked Policies and the balance amount out of the premium is only invested in the fund/funds chosen by you.  It is important to ask your insurer or agent or broker questions to understand the sum total of charges that you have to incur. It is important to assess your risk appetite and investment horizon before deciding to buy a ULIP policy. You must also read the terms and conditions of the policy carefully to understand the features of the policy including the lock-in period, surrender value, surrender charges etc.
All the types of plans mentioned above can be offered under ULIP plans.