You can switch between different funds in ULIP.
But what is the cut off time for the switch?.
According to irda, cut off time is 4:15 PM. Well here is the example
Scenario : Switching between Debt to Equity Fund
Time : Placing the request at say 2:00 PM. By written request or through cash.
Date: March 03, 2007
NAV of Equity fund dated March 02, 2007 : Rs 30
NAV of Equity fund dated March 03, 2007 : Rs 31
NAV of Equity fund dated March 04, 2007 : Rs 33
o.k shall we do the analysis now.. ?
As you put your request by 2 PM your NAV will be taken as Rs. 31.
As per my observation, NAVs are usually declared at 10:00 PM or so..
IRDA says
10.6.1.1 In respect of premiums/funds switched received up to 4.15
p.m. by the insurer along with a local cheque or a demand draft
payable at par at the place where the premium is received, the
closing NAV of the day on which premium is received shall be
applicable.
10.6.1.2 In respect of premiums/funds switched received after 4.15
p.m. by the insurer along with a local cheque or a demand draft
payable at par at the place where the premium is received, the
closing NAV of the next business day shall be applicable.
10.6.1.3 In respect of premiums received with outstation
cheques/demand drafts at the place where the premium is received,
the closing NAV of the day on which cheques/demand draft is realized
shall be applicable.
Saturday, March 3, 2007
Kids ulip plan!!.. Is it any good? What's the difference?
Few of my observations on Kids' ULIP Plans
1. Kids plan is no magic. It can't give any better returns than any other plans
2. If you are spend thrift and someone else to manage your money then go for kids plan.. of course for your kid
3. Difference is that the other ULIP plans are flexible on withdrawl. But Kids plan is little rigid on that.
4. Amount you get is based on the age of your kid.. rather I would say milestone of your Kid's life. for example, after 10th std, 12th std and for degree.
5. Sometimes it's good to go for Kids' plan as you may tend to withdraw all your money at once!!!..
Happy investing!
ulipinvestment@gmail.com
1. Kids plan is no magic. It can't give any better returns than any other plans
2. If you are spend thrift and someone else to manage your money then go for kids plan.. of course for your kid
3. Difference is that the other ULIP plans are flexible on withdrawl. But Kids plan is little rigid on that.
4. Amount you get is based on the age of your kid.. rather I would say milestone of your Kid's life. for example, after 10th std, 12th std and for degree.
5. Sometimes it's good to go for Kids' plan as you may tend to withdraw all your money at once!!!..
Happy investing!
ulipinvestment@gmail.com
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