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Whole Life ULIP Plans Explained

What is whole life ULIP investment?

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins

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:

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

**Past performance is not indicative of future performance.

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.


*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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