Unit Linked Insurance (ULIP) plans are designed to help you meet your financial goals by ensuring you the value of your investments, or your nominee sum assured, which is the life cover of your policy. To make sure that your ULIP is truly working to assure your goal, you should choose a life cover that provides your family with adequate finances and hence security even in your absence, so that important life goals of your family are always secured.
Let us take the example of a 35-year-old man with 2 young children. He could begin with a sum assured of Rs 5 lakh. As the children grow and thereby the financial liabilities increase, he might want to increase the level of protection, which can be done by increasing his sum assured.
