A customer has purchased a ULIP that allows a maximum of four free fund switches in a year. Suppose the customer makes six fund switches, will it lead to any additional charges being levied? If yes, what is this charge called and how will it be charged?
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Proposal to tax the long-term capital gains (LTCG) arising out of transfer of equity shares and mutual fund has brought the focus back on unit linked insurance plans (Ulip) because of the tax advantage they will now enjoy.
Ulip is considered to be a mutual fund wrapped with an insurance cover. But, unlike a mutual fund where there is one single consolidated total expense ratio (TER) to look at, Ulips have a long list of charges.
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