Life style habits such as Alcohol consumption, Smoking Habits etc make huge impact for an insurance company to decide on cost of life insurance premium. It is always advisable to always make complete & honest declarations in proposal while opting for term life insurance policy. Because, Claims very often have been seen getting rejected due to incorrect declaration in proposal while going for life insurance policy.
ULIP plans are a just another variant of Endowment plans. In this product, sum assured is paid out either in case of death OR return is assured over maturity of policy term. In ULIP plan, Portion of Premium is usually invested in Stock Market or debt market. However, Insured may allocation of fund similar to mutual fund. Only difference between mutual fund & ULIP plans are that ULIP is combination of both insurance & investment whereas mutual fund is purely an investment tool.
These are riders may be opted in any category of life insurance such as term life, whole life, ULIP, money back or any other endowment plans. There are variety of Coverage/Riders offered under life insurance by insurance companies such as