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How ULIP Helps You Plan For Retirement

Plan for retirement with ULIP

How ULIP Helps You Plan For Retirement


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September 03, 2019

By : Bajaj Allianz Life

When we think of retirement, an image crops up in our mind of a retired couple, full of smiles as they relax on a beautiful beachside. While each one’s idea of retirement may be different, all of us want to be in a situation where we have enough financial security so that we can live a comfortable life in our golden years. Since retirement is a long term goal, one needs to plan for retirement years in advance. You can plan your retirement through Unit Linked Insurance Plan (ULIPs). Let us see how.

1. ULIPs encourage savings in a disciplined manner: ULIP plans come with a lock-in period of 5 years which help you inculcate a habit of 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. Disciplined investments over a long period are the key for an investor to fulfil life goals.

2. ULIPs let you grow wealth by investing in market-linked funds: ULIPs let you invest in equity and debt funds as per your investment requirements. As per historical data, equity ULIP funds help you maximise your corpus over a period of time and generate returns that beat inflation. Also, when you invest long term through ULIP insurance it helps you to ride out any short-term market volatilities. Regular investments through ULIPs ensure that an investor need not time the market, instead buys more units when the markets are down and less units when the markets go up, thus maximising returns.

3. New-age ULIPs offer life cover till 99 years of age: ULIPs provide you the benefits of protection and investment under a single plan. This means that even as your money grows, the life cover ensures that your family’s life goals do not get derailed. Some new-age ULIPs today provide a life cover till 99 years of age, thus ensuring protection throughout your life.

4. ULIPs offer you the flexibility to withdraw money in case of an emergency: Another feature of ULIP that makes it a good option for retirement planning is that it lets you make partial withdrawals after you have competed 5 policy years. This means that you do not have to break your investments or take a high cost loan when you need money and keep your retirement savings on track.

5. ULIPs allow you to diversify your investments as per your life goals: ULIPs allow you to switch your portfolio between debt and equity funds. This helps you to align your investments to your life goals. While you can invest majorly in equity ULIP funds when you are 10 years or more away from your retirement, you can switch your portfolio to debt funds as you near retirement age so that your capital is protected from market fluctuations.

6. ULIPs offer tax benefits: The tax efficiency of your investments is an important factor to consider when investing for long term life goals like retirement. You can claim tax deductions of up to Rs 1,50,000 under Section 80C of the Income Tax Act,1961, on premiums paid, provided the sum assured is at least 10 times the annual premium. The amount paid out on the maturity of the ULIP policy is also tax free in your hands under Section 10(10D), subject to conditions stated therein. ULIPs are also exempt from Long Term Capital Gains Tax which was introduced in the Union budget 2018. These tax benefits offered by ULIPs increase the end returns for the investor.

The above features make ULIPs one of the preferred product to plan for your life goals like retirement.  Periodic investment through ULIPs can help accumulate a large corpus to get your retirement goals done.

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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.