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ULIP Review: Shriram Ujjwal Life

Shriram Ujjwal Life is a Type I unit-linked insurance plan (Ulip) that offers higher of the sum of death benefit or fund value as death benefit. This is a plain vanilla scheme which has rigid features such as fixed policy tenure and only an annual mode of premium payment. Conversely, the scheme also allows alterations like reduction in sum assured and attachment of riders. Although the cost structure is slightly expensive, the product offers good yield as the insurer has managed a few of its equity funds well.
   
Our View

Overall, the policy is priced high and has rigid features. Even the performance of its funds other than the Equity Fund has not been encouraging. The policy, however, has certain good features like automatic transfer of funds and a settlement option that may work in favour of the plan.

Unique Feature

The scheme offers an optional auto transfer strategy which allows an investor to gradually transfer money from the Conservative Fund to the Equity Fund. Also, it has an option to reduce the sum assured anytime during the policy year.

For Existing Customers

Stay invested, but opt for automatic transfer option to gradually transfer premium money from Preserver to Equity Fund. This will help to get better returns and avoid market risk. One may add term insurance if not adequately insured.

For Those Looking to Invest

Shriram Ujjwal Life does not have anything exceptional. When compared to other Type I Ulips in the market, the investment options (funds) have generated lower returns. Investors can give this scheme a miss.
 

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