Investment (ULIP) Life Insurance
What is ULIP (Unit Linked Insurance Plan)?
ULIP or Unit Linked Insurance Plan is a type of Insurance, which combines the benefits of protection and saving in a single plan. The major advantage that a ULIP has over the traditional wealth creation tools is the benefit of a Life Cover. As a result, your money can grow and at the same time, your loved one’s future is protected from life's unexpected turns.
How do ULIPs work?
A ULIP is both an insurance policy and an investment. The policy specifies a death benefit - the amount the nominee will be paid if the policyholder passes away during the term of the ULIP. In addition, if the policy holder survives the term of the ULIP, he/she can also get the maturity value of the ULIP. This will be the amount generated by the ULIP investments in equity and/or debt. The policyholder is typically allowed to choose ULIP funds and asset classes to generate these returns. This is the investment component of a ULIP.
Note that even if the value of the ULIP investments falls below the sum assured specified in the ULIP, the policy holder’s nominee(s) will be paid the death benefit specified.
01 Regular Savings
03 Flexibility of Investment
You will have flexibility and control of your money through the following ways:
● Fund Switch – An option to move your money between equity, balanced and debt funds
● Premium Redirection – An option to invest your future premium in a different fund of your choice
● Partial Withdrawal – An option that allows you to withdraw a part of your money
● Top-up – An option to invest additional money to your existing savings