Need advice on ULIP plan
I'm being pitched LIC Nivesh Plus(849) ULIP. Average return generated by the funds in this scheme is 15%. I'm okay with the 5 year lock in period. Seems like a decent deal to me.
Why do people advice against ULIPs? What are some things that I'm overlooking or the agent isn't telling me?
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Never go for a ULIP, it is an absolute worthless product. It doesn't even come nearly as close as a mutual fund. Always keep insurance and investment separate. If you want insurance, get a term life insurance.
Irrespective of the insurance, their fund's long term returns are still about 15%. Isn't that good enough considering I don't know a lot about mutual funds/stocks?
I would say more like 10-12%. But yeah, you get to decide what way you would want to go through. And you don't have to know a lot about mutual funds compared to stocks.