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Compare ULIP Plans In India

Compare ULIP Plans In India

Compare ULIP Plans In India


January 20, 2021

By : Bajaj Allianz Life


What is a ULIP policy and why should you invest in one?


A ULIP, also known as a Unit-Linked Insurance Plan, is essentially a financial instrument that combines the elements of insurance and investment. In addition to providing you with a life cover, a ULIP also gives you the opportunity to create wealth by investing your premiums in the financial markets through funds of your choice.

There are several advantages that you stand to enjoy by investing in a ULIP. Here are a few of them –

1. A ULIP plan could be one of the preferred option for long-term market linked wealth creation to achieve your life goals.

2. It offers you an insurance cover.

3. A ULIP comes with several tax benefits under sections 80C and section 10(10D) of the Income Tax Act, 1961 subject to conditions specified therein.

4. It helps inculcate some much-needed financial discipline in terms of a savings habit.


Four factors that will help you compare ULIP plans in India


When you are out to compare ULIP plans in India, it is advisable to choose a ULIP that offers maximum flexibility with respect to the premium payment frequencies. This way, you can easily select the option that suits you the best.

1. ULIP NAV and fund performance

The ULIP NAV is another factor that most people take into consideration when comparing multiple plans. Although you might be tempted to invest in a ULIP with a low NAV, you should know that it might not always be the right option. While a ULIP with a lower NAV allows you to purchase more units of the fund, what matters the most is the fund performance.

Therefore, when you compare ULIP plans in India, it is important to first check the fund’s performance before looking at a ULIP NAV. The ideal way to go about this is to take up the past 5 years’ performance metrics of the funds to get a basic overview of how it has fared during the various ups and downs of the market. While the past performance of a fund may give you a fair idea of the amount of returns that you can expect from it, it is not always a guaranteed indicator of its performance in the future. Once you are satisfied with the fund performance, only then should you move on to comparing the ULIP NAVs to determine the one that is right for you.

2. Investment options

The beauty of ULIP plans is that they come with a wide range of investment options with varying degrees of risk and returns. The investment options that most ULIPs offer can be broadly categorized into two main kinds - equity funds and debt funds or a combination of both.

Equity funds offer the maximum amount of return, but also carry a higher amount of risk. Debt funds are much safer, but their returns are quite lower. Therefore, when comparing multiple ULIPs, the investment options that they offer should be an important factor. That said; always ensure that the investment option of the ULIP that you choose matches your own risk-return profile.

3. Costs associated with the ULIP

With a ULIP, there are several different costs associated with a plan, such as fund management charges, allocation charges, and mortality charges, among others. It is essential to choose a plan with that suits your needs and as per your risk appetite.

Therefore, as a prospective investor, you will have to account for all of these costs when you are out to compare ULIP plans in India. Remember, even a mere 1% difference in the costs can turn into a large enough amount over the long term.

4. Option to switch funds

Almost all ULIP plans come with the option to switch the type of investment fund midway through your investment tenure. However, many plans impose a restriction on the number of times that you are allowed to make the switch.

While some may restrict you to just 3-4 free switches during the entire tenure, others offer unlimited switches without any restrictions whatsoever. It is always advisable to go for a ULIP policy with no restrictions on the number of switches even if you think that you may not utilize the option.




While these are some of the four most important factors that you should consider when you are out to compare ULIP plans in India, this list is by no means exhaustive. That said, when investing in a ULIP consider holding it for the long term, since that is when you may tend to enjoy maximum benefits and can look forward to get your life goals done.

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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.