Buy Unit Linked Insurance Plans Online In India 2024

Unit Linked Insurance Plan is a type of life insurance plan that provides dual benefits of life cover and allows the life assured to grow their wealth by investing their money in the different market-linked fund options. A ULIP is a combination of investment and insurance. Within this plan, the policyholders can make the premium payment annually or monthly. One part of the premium amount is used to provide a life insurance cover and the remaining sum is invested. Unit Linked Insurance Plans (ULIPs) offer protection for a fixed period. This means that you will not have to keep paying premiums for the entire duration of your policy.

What is Unit Linked Insurance Plan?

Unit linked insurance plan-ULIP is a type of life insurance plan that combines insurance and investment benefits in a single policy. It offers life cover and acts as a wealth creation tool. It not only helps your money grow but also protects your loved ones’ future from the unexpected death of the insured.

Types of Unit Linked Insurance Plans

• Equity ULIPs: In this type of plan, the money of the investor is used for purchasing equity shares of one or more companies. Equity ULIPs are ideal for investors with a high-risk appetite.
• Debt ULIPs: In Debt ULIPs, funds are invested in debt instruments such as debentures, government bonds, corporate bonds, and fixed income bonds. While the risk ranges between medium to low, the returns from them are also moderate.
• Balanced Funds ULIPs: In this type of ULIP plan, money is invested in both equity and debt instruments. The returns are more stable.
• Cash Funds: Ideal for investors who do not have a high-risk appetite, cash funds are the ULIP type that offers low returns.
• Liquid funds ULIPs: This type of ULIP invests the money in highly liquid market instruments such as certificates of deposit (CD) and treasury bills. Liquid funds ULIPs also have a short maturity period of only a few weeks to months. This ULIP type is perfect for meeting short-term financial goals.

Benefits of Unit Linked Insurance Plans

• Life Protection: ULIPs provide Life Cover, which keeps your family secure in your absence.
• Dual Protection:  ULIPs provide dual protection of life cover along with the saving option at market-linked returns.
• Market Linked Returns:  ULIP used to earn market-linked returns. ULIPs help in earning market-linked returns by dedicating a portion of the premium invested into debt and equity instruments.
• Tax Benefits: Premium paid towards ULIP plans is eligible for tax deduction under Section 80C of income tax 1961. Also, the maturity/death benefit received under the ULIP plan is free from tax under Section 10(10D) of the Income Tax Act 1961.
• Long Term Investment Benefit: ULIP plans offer investment options. In this, the investor gets to benefit from a comprehensive life cover based on his/her preferences and budget and reap market-linked returns on his/her investment and also earn maximum returns on the investments they make in the long term. It allows for long-term investments and makes it simpler for the investors to reap the maximum returns on the investments.
• Withdrawal Benefit:  A ULIP plan allows its investors to withdraw a portion of the investments in case of emergency, after the completion of a pre-determined timeline.

Best Unit Linked Life Insurance Plans

1. Tata AIA Smart Sampoorna Raksha Plan:

Smart Sampoorna Raksha is a Unit-linked, Non-participating, Individual Life Insurance Plan for Savings and Protection that provides benefits of the growth of investment with market-linked returns, flexibility to invest in a variety of funds to suit your investment needs.

2. Bharti AXA Life Wealth Pro Plan

Bharti AXA Life Wealth Pro Plan is an individual-linked life insurance cum savings plan. This plan offers you a comprehensive financial solution that gives you a life cover up to 10 times your premium.

3. Bajaj Allianz Life Insurance Future Gain

Bajaj Allianz life insurance future gains maximum benefits at minimum cost. A unit-linked insurance plan allows by ensuring maximum allocation of your premium towards investment returns.

4. Aditya Birla Sun Life Insurance Wealth Assure Plus

Aditya Birla Sun Life Insurance Wealth Assure Plus protects you against death, critical illness, or total permanent disability.

5. Aegon Life iMaximize Plan

iMaximizer can pamper your child’s needs in your absence through the Triple benefit pay-out option, which provides financial stress. No allocation charges maximize the return from your investment as the full amount gets exposure to the fund of your choice.

6. Canara HSBC Smart Goals Plan

Smart Goals Plan provides flexible features and is specially designed to help you achieve your future needs, goals for yourself and your loved ones.

7. PNB MetLife Smart Platinum Plan:

PNB MetLife Smart Platinum is a unit-linked insurance plan that gives you the flexibility to build your investment portfolio through 6 different funds. Our ULIP plan covers you till 99 years of age with an option to choose a premium term of 5 years, 10 years, or whole life.

How do ULIP Life Insurance Plans Work?

The premium amount that you pay is divided into two parts one is for life cover and another one is for an investment option. The investors can choose the fund options basis their wealth creation goals and risk appetite. In the event of the untimely and unfortunate demise of the policyholder, the nominated beneficiaries will be given the insurance and/or the fund value, whichever is higher, based on the type of unit-linked insurance plan. The investments under ULIP plans are managed by dedicated fund managers, appointed by the insurance company. Thus, there is no need to track the investments on your own.

Case Scenario:

For an Instance, Ajay Bought a Unit-linked life insurance plan at the age of 30 years old with the sum assured amount of Rs.5, 00,000. If he dies within the policy term equal to Rs. 5, 00,000 (Sum Assured) or the Fund Value (whichever is higher) are the insurance company will pay to the nominee.

Best Unit Linked Insurance Plans Premium Table

How to Buy Best Unit Linked Life Insurance Plan Online?

You can get Instant Quotes for Life Insurance Policy at Policybachat

• Visit the Policybachat Website and select the ‘Life’ tab.
• Enter your Name, Date of Birth, and Mobile Number.
• Click on the ‘View Plans’ button.
• Just Answer 5 Simple Questions.
• Select your ‘Gender’.
• Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
• Select your ‘Annual Income’.
• Select your ‘Education Qualification’.
• Choose your ‘Occupation Type’.
• Enter your ‘Email Address’.
• Then click on ‘Start Saving Money’.
• Premium Quotes of top life insurance plans will be displayed as per data entered by you and which are suits your requirement.
• You can add riders; edit your sum insured, policy premium frequency, etc.
• Purchase best life insurance policy using online payment
• If any queries are raised call: 1800-123-4003.

How to Choose Best ULIP Plans in India

Things to keep in mind while buying the best ULIP Plan in India. Here is a list of some pointers to consider while buying ULIP Plans

• Analyse your Long Term Future Goal
• Compare different types of life insurance plans
• Decide on insurance objectives that fulfil your requirement.
• Evaluate risk profile and financial security
• Check all the terms and conditions under the policy
• Check insurance company claim settlement ratio and solvency ratio
• There are many ULIP plans which provide an opportunity to make a strategic investment like if you want to create a financial cushion but check all the benefits and features before buying the policy.