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Best ULIP Plans

Hi There! Is the financial security of your family your number one concern? Are you looking to insure yourself and your family and invest money at the same time? Well, you’ve come to the right place for knowledge.

Many working professionals are looking to secure financial independence in the future for themselves and their loved ones. ULIPs are thought of as one of the best investment options in the Indian market today!

What is a ULIP?

Unit Linked Investment Plan (ULIP) is a tool that combines the benefits and purposes of investment and Insurance. Classified as a long-term plan, this investment tool helps users invest a certain amount of their premium into capital markets - consisting of both debt and equity funds. Based on the investor’s risk preferences, and the flexibility of investment, fund houses assign ‘units’ that ensure returns to the investor.

The purpose of the best ULIP insurance policy is to help users attain their goal of investment - whether it's purely to create wealth or to help save for later life-events.

To read more about the option, and possibly buy a plan on our platform, visit our dedicated ULIP policy portal. We’ve covered all aspects - ULIP Types, ULIP Charges, ULIP tax benefits, ULIP plan returns, etc.

This page highlights India’s best ULIP plans in India. So what’re you waiting for? Read on below and choose your ULIP Plan on Coverfox!

How do ULIPs work?

This is a special investment tool that combines the benefits of both - insurance and investment.

When you buy a ULIP investment, you pay a specific amount as premium. This premium is further separated into two parts - One part of this premium is counted as the insurance premium while the other is counted as investment premium.

The second half of the premium is invested by the insurer into specific funds. These funds have a collection of financial instruments - equity, debt, hybrid and balanced funds - all of which have certain outstanding risk factors.

Before you invest, you need to figure out why you want to invest in the best ULIP policy. Depending on these goals, you’ll arrive at a suitable amount of risk you’re willing to take with your investments.

Simply put, the returns you get out of ULIPs depends on the risk you’re willing to take. So, before you invest in the best ULIP fund, according to you, make sure you are confident of the risk you’re ready to take.

Higher the risky funds in your investment portfolio - the higher the chances of gain AND loss. The insurer will only invest in funds chosen by YOU - which means you’re in complete control of the risk factor. Remember to choose wisely for a stable income.

Who should Invest in ULIPs?

If you’re reading this, then it’s worth noting that you could be someone perfect to invest in these plans. But, people from all over the country invest in ULIPs for different reasons and purposes.

They are best suited for

Individuals with long-term financial goals and are willing to remain invested for five years.

It is also an excellent option for those investors aiming for wealth creation and retirement funds.

Those investors seeking tax benefits for their investments. (ULIPs qualify for tax deduction under Section 80C of the Income Tax Act, 1961. ULIPs returns, toom, are tax-free under Section 10(10D) of the Income Tax Act.).

How to Buy ULIPs on Coverfox?

So, you’re planning to buy your investment policy on Coverfox? Hurray! We couldn’t be happier. Purchasing the best ULIP plans 2020 on or platform is no big deal, but we’ve got your covered in any case.

The process is simple. Read on below:

  1. Log onto Coverfox.com/ulip-plans/
  2. Choose your investment type from the drop-down box (Monthly, Yearly, Lump Sum)
  3. Enter the amount you wish to invest in the “Investment Amount” box.
  4. Enter your mobile number
  5. Enter the periods. Choose how long you wish to continue your investment (Invest for), and after how many years you’ll withdraw your total amount (Withdraw after). You may even skip this step if you haven’t thought about the tenure of investment in detail. Choose your ideal investment return type - Guaranteed Returns or Market Linked Returns. Remember to choose your investment type based on Risk preference and appetite.
  1. Choose your Age and Yearly Income from the drop-down boxes in the next step. This is to aid you in investing the right amount. Click on Get Quotes.
  1. Based on your choices, the system displays ULIP funds that fit your income and your risk appetite. The plans have the final maturity amount associated with each fund, with their return rates also showed.
  1. You can also compare plans - by clicking on the ‘Compare Plans’ button in the top-right hand corner. Comparison takes place between policies you choose on multiple factors.
  1. Want to change your investment types - between Guaranteed and Market Linked Returns? No problem. There’s a drop-down box to help you shift between policy types, with the tenure of investment taken ten years.
  1. Click on individual plans to see their features.
  1. Once you’ve finished assessing and have chosen your most preferred investment option - press the “Invest Now” button on the right.
  1. You will be re-directed to the respective Fund House’s website.
  1. Fill in the required details.

9.Pay the Premium using Credit Card, Debit Card, UPI, or Netbanking.

  1. Exit with your ULIP plan and future secured.

Eligibility

To be eligible to purchase ULIPs, one needs to fulfill a set of criteria. They are as follows:

  • One must be above 18 years of age to invest in the plans.
  • You cannot extend plans beyond the given maximum age-limit.
  • You must exit plans when you’re below the maximum age-limit.
  • Adhere strictly to the plan’s premium payment

Documents Required to Invest in Best Ulip Plans

To invest in the best ULIP investment plan, you need to produce some vital documents for identity verification and investment record purposes. Some of the most critical information that needs to be submitted are:

  • Income proof - Salary slips, income tax returns, bank statements, etc.
  • Address proof – Driving License, Aadhar card, Voting card, passport, etc.
  • ID proof - PAN card, Aadhar card, voting card, etc.
  • Age proof - Aadhar card, voting card, passport, driving license, etc.

FAQs on Best Ulip Plans

Why is ULIP the right investment product?

ULIP is considered the right investment product as premium payment happens monthly, quarterly, half-yearly, or annually or even as a lump sum. Also, ULIPs have the potential to fetch better returns as compared to any other insurance product because they have an equity advantage over other traditional investment options. Moreover, ULIPs invest the premium paid by the investor in numerous asset classes through various funds.

What are the Benefits of ULIP?

Flexibility

ULIPs offer flexibility in the following ways It allows the investor to switch between funds and match his risk needs. It allows the investor to make partial withdrawals; however, it may attract charges and is subject to specific terms and conditions. It allows the investor to make single lump-sum additions to their premiums and increase their investments at any point in time through top-ups.

Market Linked Returns

ULIPs offer more than 6-7 types of investment funds from which to select. Some of these funds are equity-based, offering good market-linked returns and increasing the overall returns derived from a ULIP.

Investment with Life Protection

A ULIP offers the dual advantage of life cover and investment. Not only are you secure, but you also have the option to gain higher returns and build wealth.

Funds for Crucial Milestones in Life

Being an investment cum insurance plan with a long term investment horizon, a ULIP helps meet the expenses arising out of essential milestones in life such as marriage, college education, etc. So, if you have a long term goal for yourself or your family, a ULIP is a good investment plan.

Protecting Your Child’s Future

If an unforeseen event leads to your demise, the ULIP will provide guaranteed death benefits to your wife and child. Thus, your child’s future will not get affected by your absence.

Financial Security Post Retirement

Retirement is an important stage of every individual’s life. Throughout investment, a ULIP scheme will gather enough corpus which helps you live a stress-free life post-retirement

Transparent Structure

ULIPs allow you to keep track of your investment portfolio. They also intimate you of the percentage of premium that along with the charges levied regularly. As an investor, you remain informed continuously about the value and number of fund units that you hold.

Choose your Investment Mix

When choosing a Unit Linked Insurance Plan, one can decide the various fund options, based on the risk-taking appetite. In case you wish to gain higher returns and have the capacity to take higher risks for the same, you can choose to invest in an equity fund. Hence, if you win, you earn big. However, if you wish to take lesser risk and are satisfied with medium to low returns, you can choose to invest in a debt fund. ULIPs also provide hybrid funds that suit an individual investor's needs.

Rider Options for Additional Coverage

Along with investment benefits, ULIPs also provide rider options for additional coverage to take care of your loved ones. With rider options such as accidental death rider, critical illness rider, and term rider, you can rest assured that ULIPs not only take care of your insurance needs but are also beneficial for your family.

Tax Benefit/Deductions

As ULIPs are life insurance products, they offer tax benefits in the form of deductions of the premium amount up to Rs. 1.5 Lakh from one’s taxable income and tax-free maturity or death service paid.

What is the meaning of sum assured in ULIP?

Sum assured in ULIP is the minimum amount under death benefit that a nominee receives in case of death of the assured within the policy term.

What are the various riders? (Premium waiver, Income benefit, Critical Illness)

Riders present additional benefits for ULIP holders. It is an efficient way of customizing the ULIP to match the policyholder’s present and future needs.

Here is a list of riders that for ULIPs:

  • Premium waiver rider – This rider waives off all the future premiums payable under the policy if the proposer is unable to pay the premiums due to the occurrence of any unexpected events like death, accidental permanent total disability, or diagnosis of critical illness.
  • Income benefit rider - In case of the policyholder’s demise, a monthly death benefit amount, which usually equals 1% of the rider sum assured, would be paid for a specified period, as mentioned in the policy documents.
  • Critical illness rider - Upon first diagnosing any one of the specified acute illnesses, a lump sum benefit will be paid to the life assured. The number and type of ailments covered will vary from policy to policy.
  • Accidental death benefit rider - In the event of death due to an accident, complete payment of the rider sum assured. It is over and above the standard benefit payable from ULIP. The individual’s death should be a direct result of the accident and within a specific timeframe of the accident’s date.

What is fund value in ULIP?

The total fund value in a ULIP is the prevailing price of the ULIP plan i.e. NAV multiplied by the total no. of units available in the policyholders account.

What is the premium allocation charge in a ULIP?

These charges are levied before the premium is paid by the investor. They are the initial charges imposed by the company.

Why is ULIP a good investment product?

ULIP is considered a good investment product as the premium can either be paid monthly, quarterly, half-yearly or annually or even as a lump sum. Also, ULIPs have the potential to fetch better returns as compared to any other insurance product because they have an equity advantage over others traditional investment options. Moreover, ULIPs invest the premium paid by the investor in numerous asset classes through various funds.

What is the maturity benefit of a ULIP?

This is the fund value payable to the policyholder when the policy reaches the date of maturity.

Why is ULIP a good investment product?

LIP is considered a good investment product as the premium can either be paid monthly, quarterly, half-yearly, or annually or even as a lump sum. Also, ULIPs have the potential to fetch better returns as compared to any other insurance product because they have an equity advantage over other traditional investment options. Moreover, ULIPs invest the premium paid by the investor in numerous asset classes through various funds.

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