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(Meeting a child plan specialist is purely voluntary and insurer does not offer any cashback for the same)
The charges in ULIP have varying structures depending upon the guideline of IRDAI. Below stated are some charges that you will have to pay after buying a ULIP policy:
For Annual Premium | ||
Where the policy is discontinued during the policy year | Maximum Discontinuance charges for the policies having annualized premium upto Rs 25,000 | Maximum Discontinuance charges for the policies having an annualizedpremium above Rs 25,000 |
1 | Lower of 20% * (AP or FV/policy account value) subject to a maximum of Rs. 3000 | Lower of 6% * (AP or FV/policy account value) subject to a maximum of Rs. 6000 |
2 | Lower of 15% * (AP or FV/policy account value) subject to a maximum of Rs. 2000 | Lower of 4% * (AP or FV/policy account value) subject to a maximum of Rs.5000 |
3 | Lower of 10% * (AP or FV/policy account value) subject to a maximum of Rs. 1500 | Lower of 3% * (AP or FV/policy account value) subject to a maximum of Rs, 4000 |
4 | Lower of 5% * (AP or FV/policy account value) subject to a maximum of Rs. 1000 | Lower of 2% * (AP or FV/policy account value) subject to a maximum of Rs. 2000 |
5 and onwards | Nil | Nil |
For Single Premium | ||
Where the policy is discontinued during the policy year | Maximum Discontinuance charges for the policies having annualized premium upto Rs 25,000 | Maximum Discontinuance charges for the policies having an annualizedpremium above Rs 25,000 |
1 | Lower of 2% *(SP or FV/policy account value) subject to a maximum of Rs.3000/- | Lower of 1% *(SP or FV/policy account value) subject to a maximum of Rs.6000/- |
2 | Lower of 1.5% *(SP or FV/policy account value) subject to a maximum of Rs.2000/- | Lower of 0.5% NSF' or FV/policy account value) subject to a maximum of Rs.5000/- |
3 | Lower of 1% *(5P or FV/policy account value) subject to a maximum of Rs.1500/- | Lower of 0.25% *(SP or FV/policy account value) subject to a maximum of Rs.4000/ |
4 | Lower of 0.5% *(SP or FV/policy account value) subject to a maximum of Rs.1000/- | Lower of 0.1% *(SP or FV/policy account value) subject to a maximum of Rs.2000/- |
5 and onwards | Nil | Nil |
AP- Annualized Premium SP-Single Premium FV- Fund Value |