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5 Benefits Of Investing In New-Age ULIPs


September 03, 2019

By : Bajaj Allianz Life

Majority of investors would prefer traditional life insurance plans. Although a Unit Linked Insurance Plan (ULIP) has been there for quite some time now in the market, not many consider a ULIP investment because of various reasons. However, the reintroduction of the Long Term Capital Gains (LTCG) tax has changed the game by making ULIP as one of the preferred cost-effective solution for investment.
Go through this guide about new-age ULIPs which will help you make informed decisions and plan for your life goals wisely at the time of purchase. Take a look:

What are new-age ULIPs?

Today, ULIPs are considered as one of the preferred financial planning mediums for a good number of investors. This is because it is a multi-functional product of investment. Being a product with dual benefits, i.e. it delivers the benefits of investment and also provides for a life insurance cover too.

Under a ULIP Plan, the life insurance company extends the ULIP benefits to policyholders as well as his/her family. In case of an unfortunate event or a sudden demise of a policyholder, the nominee can obtain the death benefit. Moreover, the life insurance companies offer a living benefit as well, also termed as maturity benefit to the policyholder when the ULIP policy matures.

Despite its modification, the awareness about a ULIP Policy amongst investors is not that much. While a few are willing to give it a chance, the majority of them are still clueless about its reformed benefits. Before you purchase a ULIP Policy, go through the benefits of investing in a new-age ULIP. Take a look:

What are the benefits of investing in a new-age ULIP Plan?

1. Easy access

Although there are tons of other investment products in the markets, a ULIP Plan is easily accessible for all its customers. Since a ULIP plan is available both online as well as offline, the investor gets to choose his/her mode of investment based on his/her convenience. For a hassle-free and quick process, the investor can opt for online ULIPs.

2. Low costs

Gone are the days when ULIPs were known for its exorbitant charges. Typically, a ULIP Policy attracts numerous charges like policy administration charge, fund management charge, mortality charge, and premium allocation charge. Another reason why online ULIPs are cheaper is that there are no middle men involved. One can directly by the product online. Hence the large portion of the premium is allocated to the funds selected.

3. Maximize returns

Investment in new-age ULIPs means achieving maximum returns if you are invested for a long term. However, an investor might obtain these returns if he/she invests in equity funds. While debt funds offer low returns, the balanced fund is an amalgamation of equity and debt funds. Before investing in ULIP funds, make it a point to run a background check on the past performance of each type of funds, although past performance is not indicative of future returns, and also consult your financial advisor.

4. Switching option

Since a policyholder invests in a policy based on his/her risk appetite, there are times when he/she can be unsatisfied with the returns on investment. For instance, a risk-averse investor will invest in debt funds which provide low returns. Now if he/she is dissatisfied with the low returns, he/she can easily switch to equity funds which may provide higher yields. New age Online ULIP plans provide the flexibility of switching between funds selected.

5. Tax exemption

One of the major benefits of new-age ULIPs is the tax benefits on premiums paid and maturity benefits obtained. The premium paid towards the ULIP policies is typically exempted from taxes as per Section 80C of the Income Tax Act, 1961. It is deductible up to Rs. 1, 50,000 on taxable income. It also offers tax free maturity amount as per Section 10 (10D) of the Income Tax Act 1961. The above tax benefits are subject to the provisions stated therein.

Keeping all these parameters in mind, ULIP investment act as one of the preferred investment options. Due to low costs and possibility of maximum returns, ULIPs may be considered as one of the preferred option to not only beat inflation but also the fears of market volatility. While looking out for the right ULIP Policy for you, do thorough research and make the final selection, accordingly to ensure your life goals.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.