5 Parameters to Compare When Selecting the Best ULIP Plan

ULIP insurance products are unique in that they provide risk cover, while offering investment options to grow your wealth by putting a portion of your premium to work in the capital market. This is a combination of life coverage and investment under a single integrated plan. You have the freedom to manage both the investment portion, and the insurance portion of a ULIP plan based on your specific needs and choices. There are different types of ULIPs on the market that can help you to achieve your specific investment goals. While it requires careful consideration in choosing a plan, there are key parameters to compare when making a decision regarding which ULIP plan is best for you.

1. Premium Allocation Charges

Premium allocation charges related to ULIPs are deducted upfront as a certain percentage of the premium for certain initial expenses, including distributor fee, distributor fee, underwriting expenses as well as medical expenses, underwriting expenses and medical expenses. This is done at the time of the policy issuance. After the deduction of these charges, the remaining premium is invested in the funds of your choosing. It is important to compare premium allocation charges when choosing a ULIP plan, since the lower the premium allocation charge, the higher the premium investment amount. A plan that is not cost heavy will leave you with greater fund value.

2. Fund Options

The three basic ULIP funds offered by insurance companies are equity-based, debt-based and balanced funds, however, there are a variety of other options that align with your life insurance  needs and appetite for risk, including income, fixed-interest and bond funds, as well as cash funds. Depending on the market conditions, you have the flexibility to change your chosen investment funds. When comparing fund options, it is in your best interest to consider plans that have higher fund options.

3. Premium Payments and Alteration Flexibility

A policyholder may want a certain level of flexibility regarding how to pay their premiums. You may prefer to pay the premiums for the complete duration of your ULIP plan, or you may want to pay premiums on a term selection basis, for a predetermined period. ULIP plan can offer you the flexibility to make changes to your plan, such as a ‘sum assured alteration,’ partial withdrawals, top-ups and switching. A ‘sum assured alteration,’ for example, allows policyholders to increase or decrease their chosen sum assured. This way you can choose a plan that matches your needs, providing maximum benefits and limited restrictions.

4. Coverage

When selecting a ULIP plan that is best for you, it’s important for you to decide what a greater priority, investment or coverage. If you choose investment as the highest priority, then selecting a plan with the lowest sum assured will lower the mortality charges. ULIP plans also allow you to make both coverage and investment the focus, and a plan with coverage multiple would be a good option.

5. Fund Returns

ULIP plans by design are investment products and are attractive because of their return potential. You want your plan to grow, producing the highest returns from your chosen plan. Consider plans that have funds with consistent and steady performance, which can provide better returns in the long term and meet your investment goal.

Choosing the best ULIP plan for you requires assessing certain parameters, from premium allocation charges to fund returns. Keep in mind the structure of ULIP plans, along with the features and benefits offered when making a decision.

About Aegon Life

With a complete product suite of life insurance plans, superior technology, and customised service, Aegon Life Insurance Company Limited launched its pan-India operations in July 2008. As a joint venture between Aegon – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, Aegon Life Insurance adopts a local approach to facilitate customer interaction. Our vision to be the most recommended new age life insurance company has enabled us to leverage digital platforms that bring transparent solutions to customer needs. Our financial planning and investment solutions include term life insurance plans, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more.

Don’t Fall Behind: Snatch Better Clients In The Construction Business

In construction, you should have two primary objectives. The first is doing good construction work. The second is finding clients. Everything else is secondary. These are the two jobs that should take most of your time. But not enough construction companies know how to reliably attract more clients or manage them well. Here, we’re going to look at how to get the best clients for your business.


Get some prestige

The more experience and qualification you can flaunt, the better. Obviously, if you’re in construction with no qualification, you’re not going to do very well regardless. But those who are able to flaunt things like accreditation are going to make a much more attractive offer than those who cannot. Similarly, you have to maintain good contact with past customers. Ask them to provide a reference or even testimonial for you. People are wary about trusting construction companies they don’t know. For that reason, you need to build that trust through third parties.


Don’t miss out because you don’t have what it takes

Sometimes, you may see a certain job that you decline because you don’t have the equipment or experience in a certain aspect of it. That’s not particularly an unwise choice, but it’s not always necessary. For one, look at options for rental equipment. There are all kinds of options. From forklifts to crushing, screening, conveying, pugmills hire. Similarly, use your contacts to see if any other crew or independents can contract with you for the sake of the job. Don’t undersell yourself and immediately think you don’t have what it takes for a job.


The jobs you don’t take matter, too

Reputation is obviously important for construction firms. The worst knock your reputation can take is a job gone wrong. Or a job that you’re unable to profit from. Though you shouldn’t give up on jobs immediately, you should do a deep assessment of them. In particular, you should find whether or not you’ll actually profit from them. Be willing to turn down a client if you have run through the numbers and they don’t look good for you. Don’t take any jobs just for status. Always keep the objective in mind.


Monitor everything

As we have said, a job going wrong is a disaster. So be a lot more on the ball with how you monitor the team and the equipment. Assess your machines and run an inventory system on them. Take real steps to improve the workflow of your team. The most important part of attracting and winning clients is being able to demonstrate the highest standard of work. Monitor your productivity as well as your profitability. Train your staff often. Make your expectations of them clear. Keep your business in the best shape you can.

It’s not just about attracting more people. It’s also about making yourself able to do more. Knowing which jobs to turn down. Even running a more efficient ship. In construction, you need to choose your clients as carefully as you look for them.


Why Continuing Professional Development Is A Great Investment

Have you ever considered continuing your education and training now you’re settled in your career? Many of us get swept along in the busy day-to-day duties of our jobs and forget that our qualifications of long ago can quickly fall out of date. Best practices of working, key regulations and legal requirements, as well as the certification itself, can change. Are you keeping on top of what’s changing in your industry?

Of course, you may be working hard in an attempt to push your career ahead. Promotions often mean more money. As your home life changes, you may need those extra dollars! So how can you make sure you’re earning top dollar for the role you’re in and that you’re on track for a big promotion? Continuing Professional Development, or CPD could be exactly what you need. Adding current qualifications to your resume can help you stand out from the rest.

Investing in further and higher education is essential if you want to climb the career ladder to the top. Not only does it boost your resume, but it will also enhance your knowledge and expertise in your specialist field. You might want to be considered for a more senior role, supervising, leading, and managing staff. An advanced degree in areas like healthcare management could push your career further. It might even lead you to new directions and opportunities for employment you hadn’t considered before.

Studying for another degree, or undertaking a residential training course will cost money. There are ways to reduce your personal outlay, and it is possible to stay debt-free. But this is an investment. Consider how much more you will earn in your current role once you qualify. Then consider how much more you could make when this qualification jumps you up the corporate ladder. You may be able to make back your initial outlay in just a few months with your new salary band. Multiply that over your lifetime and pension!

CPD goes far beyond the financial investment. You are investing your time and maybe even sacrificing time you might otherwise spend with your family. Self-fulfilment and betterment are always worth a little of your time. It can boost your confidence and improve your knowledge and expertise. CPD also offers you the satisfaction of completion and achievement. It’s human nature to want to improve and be better. For some of us, we can really thrive when faced with such an interesting challenge!

Just how much should you invest? Like all investments, it’s important to weigh up the risks. Many degree courses require large payments, but they are spread over each year of study. Beyond the cost of the course, you might want to purchase text books. These can always be sold on at the end so you can reap some of that investment back. Don’t forget – your employer may be willing to invest in your professional development too. This could greatly reduce your personal risk.

If you’re serious about your career, then CPD should be quite high on your list of priorities. Stay current. Retain your professional qualifications. Enjoy a continuous career progression. What are you waiting for?