New-age ULIPs (Unit Linked Insurance Plans) are essentially improved versions of traditional ULIPs that address some of the common pain points. Some of the key features of new-age ULIPs include:
Lower charges: New-age ULIPs have lower charges than traditional ULIPs, such as premium allocation charges, fund management charges, and policy administration charges. This can result in higher returns for investors over the long term.
Greater flexibility: New-age ULIPs offer greater flexibility in terms of investment options, fund switching, and partial withdrawals. This allows investors to tailor their investment strategy to their individual needs and risk appetite.
Enhanced transparency: New-age ULIPs offer enhanced transparency in terms of fund performance and investment costs. This helps investors make informed decisions about their investments.
Overall, new-age ULIPs offer several advantages over traditional ULIPs. Investors looking for a flexible, transparent, and cost-effective investment option should consider them.