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How ULIP Helps You Meet Your Long-Term Life Goals


September 03, 2019

By : Bajaj Allianz Life

Are you planning for a down payment of your dream house in another 5 years? Or do you want to spend your 25th marriage anniversary at a luxury villa in the South of France? The good news is that you can actually make these dreams possible. All of us have certain life goals we want to fulfil, irrespective of our age or our stage in life. ULIP plans can help you in accumulating a substantial corpus over the long term, thus making it possible to achieve your long-term life goals.
Here’s how ULIP plans can help you achieve your long-term investment life goals:

1. Inculcate disciplined savings through ULIPs: ULIP plans come with a lock-in period of 5 years which help you inculcate a habit of regular disciplined savings. Depending on the frequency of paying premiums, which can be monthly, quarterly or annually, you are required to invest a given sum of money every month or in a given period. This gives an investor the discipline to invest a given amount of money on a regular basis, which otherwise he/she might have been inclined to spend.  Disciplined investments over a long period are the key for an investor to fulfil long term investment life goals.

2. Invest in market-linked funds to generate long term wealth: ULIPs offer you the flexibility to invest in equity and debt funds depending on your risk appetite. Investing in equity ULIP funds may help you generate a larger corpus that beat inflation over the long term, by taking advantage of market movement. Another benefit of long-term investment in equities through ULIP plans is that it sees through different economic cycles and averages out any losses due to short-term market movements. This is a concept of rupee–costs averaging where you purchase more units when the prices are lower and fewer units when the prices are high. The funds in ULIPs are managed by professional fund managers. If you consider the long-term performance of ULIPs, say 10 years or more, ULIPs have given consistent returns. However, it may be noted that past performance is not an indicator of future returns. ULIP investment are also exempt from long term capital gain tax, thus increasing the end returns for investors.

3. Leverage the power of compounding: The power of compounding is nothing but the fact that an asset generates earnings and those earnings generate further earnings. This is also known as the time value of money. One can take advantage of the power of compounding by staying invested for a long term and making one’s money grow due to the power of compounding. ULIP plans help you leverage the benefits of the power of compounding because as we have seen earlier, it has a lock-in period of 5 years. This gives your funds time to grow. One should stay invested in ULIPs even after the lock-in period to meet long term investment goals.

4. Switch between funds based on your life goals: ULIPs come with a feature of fund switching. This provides an investor the flexibility to transfer his/her units from one ULIP fund to another within the same plan. These funds can be equity funds, debt funds or a mix of both. Fund switches give an investor the option to align one’s investments to one’s life goals. It also enables them to protect their investments from market fluctuations to some extent by diversifying their investments between equity and debt funds. For example, if a certain life goal is more than 10 years away, you can have the major proportion of your funds in equity funds. When you are a few years away from your life goal, you may slowly switch your investments to debt funds to lower your risks. Most of the ULIPs today offer unlimited free switches.

As we have seen, ULIPs come with features that will help you achieve your long-term life goals. They inculcate a long-term savings discipline and lets you invest in market–linked funds to generate long term wealth. It also lets you leverage the power of compounding and switch between funds to align your investments to your long-term life goals. If you have a long-term goal, you can choose to fulfil it by investing in ULIP plans in a smart and systematic manner.

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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.