What is a ULIP?
A Unit Linked Insurance Plan (ULIP) is a life insurance product that offers the investment option along with a life cover. In ULIPs, your premium amount is allocated for both the investment element and the life cover. With investment options in ULIPs, you get the chance to grow your savings by investing in one of the fund options provided by the insurer and value of your investment also differs with the performance of your chosen fund. You can also choose an appropriate life cover as per the specific needs and choices. It is a market linked product and the risks associated with the investment are to be borne by the policyholder. Choose from a variety of unit linked insurance plans to suit your goals.
In the present age of uncertainty, everyone likes to grow their money that can help them get through the tough financial times or lead a good life. Buying a ULIP plan ensures you higher returns depending on the performance of the fund, you have invested in.
Meet Financial Obligations
Fulfilling financial obligations at different stages of your life is quite imperative. A ULIP plan helps you to easily achieve the goal-based savings and help you fulfill major financial obligations planned at different life stages.
Get Peace of Mind
In today’s scenario of hectic life, everyone wants to ensure the family’s happiness always. A ULIP Plan provides life cover plus investment option to grow your wealth. It carries the dual benefits and thus assures peace of mind.
Ensures Financial Protection
Life is unpredictable and uncertain, and thus you need to ensure the financial protection for your family when you are not there. A ULIP plan offers life cover and pays a sum assured amount to the family/nominee in case of the demise of the life insured during the policy period.
For Higher Returns
As you are provided with several fund choices, you can choose a high performing fund to invest your money, and you get the chance to achieve higher returns. You only need to choose a fund option as per your risk appetite and see your money grow.
What kinds of ULIP can I opt from?
Wealth Creation ULIPs
If you are looking to buy a plan that helps you build the wealth along with the insurance benefit, investing with a wealth creation plan is the best bet. This kind of unit linked plan helps fulfill your long-term financial goals with the life cover. Choose a wealth creation ULIP plan and obtain huge returns on your invested amount as per your risk appetite.
This type of unit linked plan aims to cater the financial needs for your child’s future, and it helps to manage expenses such as a child’s education, higher education, and marriage. By investing in this plan, your child can easily realize his dreams, even when you are not there.
This type of unit linked plan takes care of your health related expenses. In this plan, your premium amount is invested in a fund and thus provides the fund value and insure your health as well. It provides the dual benefits of health protection plus savings.
Everyone wants to save a huge corpus for their post-retirement period. Here is the market linked investment plan for retirement that helps you build a sum of money that you can withdraw as a lump sum and the remaining amount is used to purchase the annuities that you will receive for the rest of your life. These plans have different annuity options that you may opt for, as per your financial needs.
What is NOT included in the ULIP Plan?
Your ULIP plan has the following exclusions.
If the event of death of the life insured, whether sane or insane commits suicide within 12 months from the date of commencement of the policy or the revival of the policy, the nominee of the policyholder is entitled to receive the fund value as available on the date of death. No charges are levied after the date of death and if any charges levied under such scenario, it will be paid back to the nominee/beneficiary.
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