Best ULIPS Plans

Very warm greetings of the day, how are you doing ? We hope you have landed here just because you are keen in knowing about the Unit Linked Insurance Plan (ULIP), so we are will share all the whereabouts of

φ Best ULIPS Plans φ

In today’s era, there is a wide range of investment plans available in the market in order to cater the different financial needs of the individuals. If we talk about a lucrative option of investments, then ULIP plans have emerged as a great option of investment in the past few years. As we all know that ULIP is a part of Life Insurance Policy but it’s slightly similar to the Mutual Fund. You might have noticed that in the description of the life Insurance Companies they wisely highlight the types of funds as equity, debt, money market, hybrid etc. This shows that ULIP is the product which invests in various types of funds. Now let’s understand What is ULIP Policy.

ulip vs mutual fund

What is ULIP Policy ?

An ULIP (Unit Linked Insurance Plan) is a perfect wealth solution with multiple fund options, total investment flexibility and in-built insurance cover. It offers you the opportunity of investing your premium amount into multiple funds of your choice, while a tiny part of the premium is used for providing life cover. A ULIP helps achieve life goals and enhances wealth creation through its high market-linked returns and the insurance cover provides financial security to your loved ones. There are various ULIPs according to Our requirement we select our ULIP like health, education, retirement or saving collection.

Types of ULIP Policy On the Basis Of The Purpose

ULIP For Wealth Collection: In this People invests so as to accumulate wealth over a period of time. This is a highly recommended plan for millennial in their late twenties and early thirties.

ULIP For Children Education: This ULIP supports a child’s education. These plans protect your child’s future in any unforeseen situation by pooling in some chunk of money. This ensures that the key events in your child’s life never face a financial crisis.

best ulip plans 2019

ULIP for Retirement: This Plan is specially for our old age meaning after retirement. This plan requires you to pay the premium during the tenure of your employment. This amount is automatically collected as your corpus and is used to purchase any property or things which you want after your retirement.

ULIPs for Health Benefits: This ULIP plan assists in providing you money in case of medical emergencies or any unfortunate condition.

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After Knowing about the different categories of the ULIP the next thing we have to know is that how it works or what is the process of work of ULIP policy as it’s important to know before investing in ULIP that what is the way of working of an ULIP so here we discuss that How ULIP works?

How Does ULIP Work ?

how does ulip workHere we are going to discuss that how does ULIP work, like other insurance policy here we also pay premium as an investment and 1% the premium in a ULIP goes towards meeting the insurance needs and towards building wealth. In the initial policy years, a large part of the premium goes towards policy expenses. Later on the deduction of these expenses, the premium is divided between providing a life cover and making an investment. Units are allocated for the amount invested, in a fund of your choice. The fund could be equity, debt, or a combination of the two. The value of the units allocated depends on the performance of the underlying fund. In the first 2 to 3 policy years, the fund value may remain low due to the high expenses deducted initially.

On the maturity of the ULIP Policy your insurance company pay you the funds based on the market rate in case of any unforeseen situation like death, the insurance company pays your nominee the higher of the sum assured or the available fund value.

Now as we have knew all about the ULIP Policy, categories, purpose to invest, how does ULIP work so now it’s time to find out the Best ULIP plan.

Best ULIP Plan

Here we have selected 5 Best ULIPs on the basis of their specialty, on the first position we selected HDFC Life Click2 invest, in this plan there is no minimum age of entry an infant child can also enter in the plan along with this it has a minimum premium of Rs 1000 to 24000, and on 2nd position Bajaj Allianz Future Gain it also have a low premium of Rs 2500 to 25000 and the age of entry is 1 year so on, we have selected 3 more ULIP policy which have a good return in low premium rates.

Name Of The Plan Age Minimum Premium Description Of The Plan
HDFC Life Click2 Invest 0 To 65 Years Rs. 1000 To Rs. 24000 HDFC Click To Invest is a non-participating unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the policyholder. The benefit of investing in this plan is that you get to choose from almost 8 fund options, have multiple premium payment options and the flexibility to choose your policy term.
Bajaj Allianz Future Gain 1 To 60 Years Rs. 2500 To Rs. 25000 Bajaj Allianz Future Gain is a ULIP that helps you achieve your life goals by gaining maximum benefits at a nominal cost. You can choose from 7 funds to invest in and enjoy unlimited free switches between funds to optimize your investment.
ICICI Prudential Life Time Classic 0 To 65 Years Rs. 30000 To Rs. 50000 It protects your loved ones by providing a life cover, creating wealth and saving for the future. This plan lets you select between 4 portfolio strategies based on your personal investment needs.
Max Life Fast Track Growth Fund 18 To 50 Years Rs. 25000 To Rs. 100000 Max Life Fast Track Growth Fund, aims to provide insurance options with a simple and safe approach to invest with multiple fund options in the market. The plan has 6 fund options, offers withdrawal benefits and tax benefits to the investor. It also has investment flexibility options
PNB Metlife Smart Platinum 7 To 70 Years Rs. 30000 To Rs. 60000 This is a ULIP that lets you build your investment portfolio with the help of 6 different funds. This plan offers coverage till 99 years of age with an option to choose a premium term of 5 years, 10 years or your entire lifespan.

Tax Privilege In ULIPs

Like all Life Insurance Policy ULIPs are also eligible for tax deduction under Section 80C of the Indian Income Tax Act. You can save up to Rs. 1 lakh or 50 thousand, the entire limit of Sec. 80C, by investing your hard earned money in unit linked insurance policy. The premiums contributed towards ULIP is eligible for tax deduction, hence, it can lower your total taxable income. The premiums of ULIP qualify tax benefit only if the amount to be contributed as premium for ULIP not exceeds 10 percent of the total invested sum of money in the plan.

On the top of it, ULIP also offers you a tax free withdrawal opportunity on maturity of the plan, demise of the insurance holder and also while partially withdrawing.

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