Universal life policies have a provision under which you may modify the amount of insurance and change the monthly premium as your needs change. They offer more flexibility. The changes, however, must be within the Money Back Policy terms and conditions.
The main objective for any Ulip Insurance Policy policy should be to ensure that after the unfortunate circumstances of the insurer their families get a large sum assured and the payout of the Ulip Insurance Policy is much larger than the amount invested.
Ulip Insurance India are basically an investment type of plan, wherein the Life assured decides the quantum of contribution which he can set aside on a regular basis towards premium. He also has the flexibility to decide the risk cover, i.e the Sum Assured for his policy.
Ulip Insurance Plans are ideal for investors who prefer secured investments but are ready to take a small degree of risk for better returns. Just like in any pure life insurance contract¸ the money is paid to the beneficiary in the event of death of the policyholder.