Types of Sum Assured in ULIPs:
The Death Benefit in a ULIP is not guaranteed, i.e. the minimum payable is Sum Assured but the maximum may vary according to the fund performance.
Sum Assured is the Minimum Guaranteed Death Benefit. Having known the Sum Assured alone, gives only part of the information. When death actually happens, the Fund Value plays an important role. Since we cannot know that in advance, thus is the saying that Death Benefit in ULIP is NOT guaranteed, however the minimum Death Benefit is surely guaranteed.
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