Imagine you get into a 24 months rental agreement for a residential property. It mentions a lock-in period of 12 months, during which you have to commit to staying at the property. Once the lock-in period is over, you can move out at your wish.
A lock-in period is similar to that for a ULIP Policy. It is a specified time during which you can't partially or wholly withdraw the funds you have invested. This helps to maintain stability in the policy.
Lock-in period
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