ULIP UTI
Objective : To encourage the habit of regular savings, primarily by tax paying individual investors to obtain tax rebate under Section 88 of the Income Tax Act, 1961 on the investment made in the plan each year and at the same time to get life insurance cover to the extent of unpaid but not due targeted amount.
Structure : Open Ended Balanced Fund
Inception Date : October 01, 1971
Minimum Investment :
Target amount enhanced to Rs. 5,00,000/- Minimum Target Amt. Rs. 15,000/-
Entry Load : Nil.
Exit Load : 2% for Premature withdrawal.
UTI-ULIP is an open-end tax saving cum insurance scheme. The investment objective of the scheme is primarily to provide returns through growth in NAV or through income distribution and reinvestment thereof. It is a unique product, which provides multiple benefits to its investors viz. Life Insurance Cover without any medical examination, Accident Cover up to Rs 50,000/-, Tax benefits under sec 80C of Income Tax Act, 1961, Easy Liquidity and Ability to time investments for payment of renewal contribution.
Recently UTI Mutual Fund has further enhanced the features of the scheme namely:
- Target amount increased from Rs 5 lakhs to Rs 15 lakhs.
- Flexibility to invest higher than the maximum target amount.
- Higher Insurance cover upto Rs 15 lakhs
- Fixed Term Cover introduced under the scheme. Choice given to investors for Fixed or Declining Term Cover
- Membership to continue even in the event of non-receipt of installment. Premium will be paid to Life Insurance Corporation of India by redeeming existing units.
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