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UTI Unit Linked Insurance Plan

Monday, October 17, 2016 by Indian Real Estate News





UTI Unit Linked Insurance Plan (UTI ULIP 71) is celebrating 45th Anniversary
(Date of Launch 2nd October 1971)

UTI ULIP is a special product in Mutual Fund Space. This scheme has been designed by UTI way back in 1971 itself.

UTI ULIP is a Mutual Fund Scheme with asset allocation of 40% : 60 % in Equity : Debt.


UTI ULIP offers :
  • Plans to choose 10 years or 15 years
  • Target amount to choose between Rs.15,000/- to Rs.15 lakhs and even above (however Insurance is limited to maximum of Rs. 15 lakhs)
  • Life Insurance Cover Up to Rs. 15 lakhs. No medical examination required, only a self declaration and certification by the IFA in the form.
  • Accident Insurance Cover Rs.50,000/- free of cost
  • Income Tax exemption under Sec. 80 C of I.T.Act 1961 , up to Rs. 1,50,000/- p.a.
  • Liquidity with no lock in (as required by MF Regulations). However those who claim tax benefits may continue for 5 years.
  • No lapsation of Insurance cover, even if the installments are not paid on due dates, as the insurance premium is paid by redeeming outstanding units.
  • Any individual (resident / Non resident) above 12 yers 6 months and up to 55 years 6 months can join the plan.
  • Flexibility to pay premiums Annually, Half yearly, quarterly or  Monthly SIP or even one time payment of all premiums or multiple premiums.
  • Maturity Bonus units are allotted based on the Target Amount ie., policy amount on date of maturity.
  • 0.50% additional post maturity bonus units are being allotted every yer for continuing even after maturity date.
  • UTI AMC has tied up with insurance company (presently with LIC from 1971) for insurance cover.
  • Mortality charges are very very nominal compared to any other products.
  • Mortality charge have been still brought down considerably effective from 1st Oct 2016.



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