ULIPS (Unit Linked Insurance Plans) is a plan which is a combination of Investment and Insurance. The costs involved in ULIPS are high compared to mutual funds. The costs involved in ULIPS are not transparent they have high allocation charges, mortality charges, the commission involved is too high a much as 50% of your premium. The lock in period in 5 years in some cases even 8 years. The policy surrender charges are also too high as much as 10 to 50% until the first eight years. The IRDA has estimated as much as 70% money invested in ULIPs has been paid as commission. Please read this link for the report. http://www.firstpost.com/investing/ulip-scam-is-worth-rs-1-56-lakh-crore-615573.html
So to avoid from this ULIPS you can actually take an Term Insurance and Invest in Tax Saving Mutual Funds. And Still you can benefit from the Section 80 C Tax Advantage.
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