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5 Features Of ULIP You Didn’t Know

5 features of ULIP

5 Features Of ULIP You Didn’t Know


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December 4, 2020

By : Bajaj Allianz Life

Unit Linked Insurance Plans (ULIPs) are fast emerging as one of the most preferred choice of investment for people who have different kinds of life goals. Straight from youngsters who have just started their professional careers to older professionals who are nearing retirement, ULIPs continue to be a one of the preferred choice of investment instrument for all of them. The features of ULIPs are such that the benefits are numerous which ensures its evergreen popularity.

 

What is ULIP?

 

A ULIP provides life insurance protection along with wealth creation opportunity to achieve your life goals. You can switch between different kinds of ULIP funds based on your risk appetite.

Owing to this multifaceted nature, a ULIP is considered an investment opportunity that can help you get your life goals done. There are several other features of ULIPs, which make it an investment instrument for people of all ages. Read on below to learn more.

 

Top 5 Features of ULIP You Didn’t Know

 

1. Your ULIP investment can match your risk profile

Not everybody has the same risk profile, and not every investment instrument poses the same amount of risk. Equity instruments are usually considered to be riskiest investments owing to their complete reliance on market forces whereas debt securities are considered less risky. Instruments such as fixed deposits are considered even less risky owing to their stable rate of interest. However, the riskiness of the investment instrument is proportional to the returns you earn as well. For instance, your rate of return on an equity instrument is likely to be significantly higher than the interest you earn on a fixed deposit over long term.

Regardless of your individual risk profile, you can opt for a ULIP because it can be customised to align with your own risk profile. While making a ULIP investment, you will be asked about your risk profile at which point you can choose the funds you want to invest in.

2. ULIPs offer tax benefits

One of the features of ULIP lies in its enormous tax saving potential. Making a ULIP investment helps you save taxes in the following ways –

• ULIPs are eligible for tax deductions under section 80C while the maturity benefit or death benefit is tax-free under section 10(10D) of the Income Tax Act, 1961. Further, ULIPs have been kept exempt from LTCG tax. The tax benefits are subject to provisions of Income Tax Act, 1961, as amended from time to time.

• Apart from these, critical illness riders, top-ups and other additional coverage’s are a few of the other options available that make ULIP one of the preferred investment tool for someone who dreams big and invests in a disciplined manner to reach his financial goals in life.

3. ULIP helps you meet life goals successfully

A ULIP investment is suitable for all age groups owing to its capacity for meeting different life goals. If there is a life goal that you are saving for, investing in a ULIP can be a preferred way to do it since it ensures regular savings on your part. Your life goal could be your child’s education or marriage, saving up for your retirement or even planning an exotic family vacation. Once you have decided on a life goal, it is imperative to save up for it and a ULIP insurance can help significantly.

4. You can switch between funds easily

In ULIP, you can easily switch between the funds you have invested in and thereby ensure desirable returns on investment provided you stay invested for long.

5. ULIP helps you protect your loved ones

Even though ULIP benefits include wealth creation, it also provides you a life cover opportunity in the same plan.

 

Conclusion

 

These features of ULIP make it a good choice for everyone and all of it is available at a reasonable cost. However, before making the ULIP investment though, make sure that you have read all the information that is out there regarding the same and make an informed decision.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.