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5 tips to achieve your long-term goals with ULIPs

July 18, 2018

For meeting your long term life goals, equity as an asset class is quite suitable. What is required is a disciplined approach over a period of time, and before you know it, your dreams that could be purchasing a house, owning a swanky sports car or an early retirement, will be a reality.

The new-age Unit Linked Insurance Plans (ULIPs) allow us achieve this. Over the last few years ULIPs have emerged as a convenient, reliable and value-packed investment option. The combination of insurance and investment in the equity market makes it a popular choice.

Many inherent features in ULIPs allow you to make smart and timely moves so that you are able to get the maximum returns on your investments.

1.Leverage The ULIP Features

Investment in ULIP should be in sync with your life goals. Various features in ULIPs allow you to align your investment with your life goals. This helps you to achieve your objectives in the most streamlined manner.

2.Choose the Premium Payment option as per your convenience

ULIPs provide you the option to choose the premium payment frequency as per your convenience and budget. This feature enhances the flexibility of the investment tool. Flexibility to pay monthly throughout the term of your policy or for a limited term helps policyholders plan their investments prudently. One can even decide to pay premium only once as a Single Premium.

3.Diversify investments as per your Life Goals and Life Stage

ULIPs offer you choice of various funds. The percentage of investment in different types of funds, like debt and equity, is known as asset allocation. Asset allocation can be done depending on your life goals and the time frame in which you want to achieve them. Generally, the risk appetite of a younger policyholder is considered to be high as they have lesser liabilities and responsibilities, as a result he/she is more likely to invest a higher percentage in equity. So, the sooner you start investing the better it is!

4.Maximize Returns through Fund Switching

Switching in ULIPs can be used extensively to maximize your gains from the market. You can switch from debt fund to equity fund when the market is down to gain more units or vice versa. Switching does not attract any tax liability. This feature makes ULIPs one of the most flexible equity-linked investment option in the market today.

5.ULIP's Power of Compounding help in the faster realization of our Life Goals

ULIPs invest in equity and debt market and take advantage of disciplined investments over an extended period of time. This approach helps in maximizing our gains. Long-term investment means that investors give more time to their money in the market and are in a position to make the most of power of compounding of ULIPs.

To fulfill your long-term investment goals, ULIPs are undoubtedly a good option. Whatever be your life goal, there is a ULIP to suit your requirement! Get ready to live your dream life with ULIPs!!

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