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Whole Life ULIP Plans Explained

What is whole life ULIP

Whole Life ULIP Plans Explained


September 24, 2019

By : Bajaj Allianz Life

Everybody has a sacred place in the corner of their hearts for all their lifelong dreams and goals. While a majority of people strive their entire life by working hard, the rest leave them in the name of destiny. Whatever the case is, the good news is that whole life Unit Linked Insurance Plan (ULIP) has the ability to fulfil your long term life goals. A sound investment plan like a whole life ULIP policy is the key to not only realize your goals but also secure your family in the long run.
Whole life ULIPs offer the benefits of investment and life insurance cover under a single plan. Since the main idea behind the introduction of whole life ULIPs is life cover, everyone must consider purchasing a whole life ULIP Policy. However, before opting for a whole life ULIP, take a look at a basic understanding of this policy:

What is whole life ULIP investment?

Popularly known for its permanent and long term benefits, a whole life ULIP plan stays in force as long as the policyholder is alive. Typically, this policy is valid for all the people who survive until the age of 99-100 years as specified in the product brochure of life insurance providers. In case of the death of the policyholder before 100 years of age, the coverage is further extended to the family members. For rare scenarios like the survival of the policyholder even after 100 years, the insurance companies are eligible to pay the matured endowment coverage to them.

The investors purchase a whole life policy with the sole motive of life protection until their death. Therefore, a whole life policy provides all their customers with death benefits, maturity benefits as well as survival benefits. At the time of purchase, the investor is offered with varied options to choose from. So make it a point to pick the right policy based on your life goals, needs and budget.

Whole life ULIP plans guarantees death benefits along with survival benefit as well as maturity benefit. Apart from these benefits, a whole life ULIP investment works majorly to cover the entire life of the policyholder. Here’s a better look at the benefits of whole life policies:

What are the benefits of investing in whole life ULIPs?

1. Life Security

Since it is engineered to deliver maximum benefits until the death of the policyholder, it covers the entire life of the policyholder. Usually, insurance companies either cover the policyholder till his death or until a maturity period of 100 years of age as specified by the life insurance companies.

2. Cash Inflow

Investment in a whole life ULIP Policy means a steady income in times of contingencies. Whether it’s a case of a financial emergency or a medical emergency, this policy provides a sum to the policyholder once the premium payment term has ended. A stable allowance of cash from a whole life ULIP policy to an extent ensures that all your worries are taken care of with the right assistance.

3. Tax Benefits

According to Section 80C of the Income Tax Act, 1961, the premium paid towards the policy are eligible for tax deductions subject to provisions stated therein. The premium is deductible up to Rs. 1, 50,000 from the taxable income. These tax benefits allowed on the premiums help the investors to save more money for their future endeavours.

4. Maximise returns for your Life Goals

To reap maximum gains from your investment, make it a point to invest in the right kind of fund as per your risk appetite. This would ensure that your asset allocation is done depending on your life goals and the time frame in which you want to achieve them.

To sum up, an investment in whole life insurance is a one of the preferred ways to leave behind a legacy for your loved ones and also achieve your life goals. So what are you waiting for?

Get ready to get your life goals done with whole life ULIPs!

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