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Unit Linked Insurance Plan (ULIP)

There are several types of life insurance plans you can choose from based on your financial goals and convenience. Some plans offer only a life cover while some come with investment cum insurance components.Read more

ULIP, short for a Unit Linked Insurance Plan is one such insurance cum investment plans. The plan allows you to invest for your long-term financial goals, while also providing the protection of a life cover. Read further to understand the various aspects of a ULIP policy.Read less

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Written ByShruti Gujarathi
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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.

What is a ULIP (Unit Linked Insurance Plan)?

The meaning of ULIP is quite simple: it is a market-linked plan wherein one can avail life insurance coverage and also invest in different funds. Similar to other types of life insurance, you are required to pay premiums for your ULIP. This ULIP premium may be invested in funds of your choice and also be directed towards building the life cover. When your plan matures, you get the fund value consisting of the amount you invested along with the returns you earned on it. In case of your unfortunate demise, your nominee may receive the death benefits of the plan.

How ULIP Works?

Here's how it works in detail:

  • The premium you pay is used to meet two key financial goals, life insurance and investment.
  • Your money is invested in market-linked funds that you get to choose. The total amount invested may be divided into units, with each having a specific face value.
  • The value of each unit is referred to as the NAV. It can reflect any increase or decrease in the value of the underlying assets.
  • If you make partial withdrawals from the accumulated corpus, the corresponding number of units are sold.
  • At the time of maturity, you may receive the total fund value .
  • In case of your demise within the policy tenure, your nominee can receive the death benefit which may be the sum assured amount or the total fund value of the plan, basis the type of plan.

Why Should One Consider Investing in ULIPs?

A ULIP plan can offer a multitude of benefits. Here are some reasons why you may want to invest in a ULIP:

Market Linked Returns

Market-linked Returns

ULIPs provide market-linked returns. The longer you stay invested, the probability of earning expected returns is high too, subject to market performance.

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Multiple Investment Options

Multiple Investment Options

A ULIP investment portfolio offers a variety of fund options for investors to opt for. They may range from aggressive funds primarily investing in equity to conservative funds investing in the debt market or a combination of the two.

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Flexibility

Flexibility

ULIPs provide the flexibility to switch between different funds based on changing scenarios and risk appetite. This feature can allow investors to capitalize on investment opportunities and manage their investment portfolio effectively.

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Tax Benefits

Tax Benefits

There are several tax benefits of a ULIP that you may benefit from. Its premiums are subjected to deductions as per Section 80C of the Income Tax Act, 1961.[1] The death benefit amount may also be tax-free as per Section 10(10D) of the Income Tax Act, 1961.[1]

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Liquidity

Liquidity

In the case of emergencies or unfortunate events, you may use the partial withdrawal feature of your ULIP plan to meet your fund requirements.

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ULIP Plans By Bajaj Allianz Life

Steps for Buying A ULIP Online

After knowing the benefits of ULIP, you may consider buying one online through a straightforward process. Follow these steps to acquire a ULIP-based product online seamlessly:

  • Go to the official website of the insurer offering ULIP products.
  • Browse through the available ULIP products and select the one aligning with your financial goals and risk appetite.
  • Determine the desired policy duration and select the premium payment amount suiting your budget and financial objectives.
  • Once you have made your selection, proceed to the payment section of the website.
  • Choose your preferred modes of payment, such as net banking, credit card, debit card, or online wallet.
  • Make the payment using your selected payment method and confirm the purchase.
  • After the successful payment, you may enjoy the advantages and benefits of your newly acquired Unit Linked Insurance Plan.

By following these steps, you may conveniently purchase a ULIP online, saving time and ensuring a hassle-free experience. You can also use a ULIP calculator to get an estimate of your investment needs.

For whom is a ULIP Investment Suitable For?

ULIPs can be an investment option for many, depending on their financial goals and risk appetite. Here are several types of people who may benefit from investing in a ULIP –

People with Varying Risk Appetites

People with Varying Risk Appetites

An investment in a ULIP may offer a broad range of market-linked investment funds, ranging from equity to debt funds. Thus, it caters to investors with different risk appetites. Investors seeking higher returns, who may be comfortable with higher risks, may choose to go for equity-oriented funds. On the other hand, risk-averse investors may opt for debt funds or balanced funds offering more stability.

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Long Term Investment Horizon

People with a Long-Term Investment Horizon

The returns of a ULIP may be optimal for people with a long-term horizon. Over time, the plan may deliver good returns on investment, subject to market volatility.

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Hands On Investors

Hands-On Investors

ULIPs may be suitable for investors wanting to play an active role in their investments. With transparency and the option to modify the fund allocation, investors can manage their investment with features like fund switching or premium redirection to modify their fund allocation and potentially get their desired returns.

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Investors Across Life Stages

Investors Across Life Stages

An investment in a ULIP may be customised to cater to people in different life stages with varying needs. Regardless of your age, you may have certain life goals and dreams that you may hope to achieve like retirement, securing your child’s financial future, wealth creation, etc. A ULIP may help you save money required to achieve these life goals.

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How to Choose A ULIP?

Understanding what a ULIP is may drive you to invest in one. There are different types of ULIP plans options you may choose from based on your needs and financial goals. Here are some suggestions that can help narrow your choices:

  • Analyse your personal goals

  • Before choosing a plan, it may be essential for every investor to analyse their personal goals. You can invest in ULIPs keeping your personal goal in mind, like buying a house or planning for retirement.

  • Align your plan with your investment goals

  • Before buying a ULIP policy, keep your investment goals clearly defined. For example, if you want to have a major stake in high-risk investments, you can think of investing in equity ULIPs.

  • Compare ULIPs

  • You may compare the different features and advantages offered by each ULIP to determine the one that suits your specific needs. This may help you get the optimum maturity or death benefits.

  • Take Advantage of ULIP Flexibility

  • ULIPs may offer investors a range of investment options and tenures to choose from depending on their risk appetite and financial goals. You may choose the suitable funds and tenure accordingly.

  • Analyse Features and Benefits of ULIPs

  • Every ULIP has unique features and benefits. Having a proper understanding of their pros and cons and comparing their features may help you select a ULIP plan of your choice.

  • Check the Solvency Ratio

  • An insurance company’s solvency ratio may showcase whether it may be able to honour its claims in the future or not. An insurance company must have a solvency ratio of at least 150% as mandated by IRDAI.

  • Check the Claim Settlement Ratio (CSR)

  • The percentage of the total death related claims settled against the death claims received by an insurance company in a financial year is termed as CSR. A high CSR may indicate the insurer's reliability in settling claims.

  • Pick an Investment Strategy

  • Some ULIP plans have a focused goal that serves particular needs of the investors. For instance, a ULIP for retirement may focus on creating wealth for post-retirement needs. Going with a particular investment strategy may help investors generate regular income and fund future goals.

Features of ULIPs

A ULIP may come with several distinct features that set them apart from other types of life insurance plans, such as:

Dual Benefits of Investment and Insurance

Dual Benefits: Investment and Insurance in One

The primary purpose of a ULIP policy is to provide comprehensive life insurance coverage while also enabling optimal wealth appreciation. The latter may be done through investments in different market-linked instruments and the returns they earn. This unique feature may ensure that policyholders enjoy the benefits of both investment and insurance in a single plan.

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ULIP Fund Switching

ULIP Fund Switching: Flexibility in Managing Your Returns

One of the significant benefits of ULIP may be the fund switching feature, which enables policyholders to move their money from one market-linked fund to another within the same plan. This feature may allow policyholders to manage their returns effectively by choosing funds that align with their financial goals and risk tolerance capacity.

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Partial Withdrawals

Partial Withdrawals: Meeting Liquidity Needs

Unlike traditional life insurance plans, ULIP plans offer a partial withdrawal feature that may allow policyholders to withdraw a portion of their investments as needed. However, this feature may only be available after the mandatory lock-in period of five years has ended. Policyholders may withdraw money as per their liquidity needs while ensuring that their policy remains active.There may be certain limits on the amount of money one may withdraw.

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Top Up Investments

Top-Up Investments: Increasing Your Investment Amount

A ULIP scheme offer a top-up feature that may allow policyholders to increase their investment amount each year. This feature may enable policyholders to keep pace with their growing life goals and invest more money in the market-linked funds of their choice.

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ULIP Lock in Period

ULIP Lock-in Period: Building the Habit of Consistent Investing

ULIPs have a lock-in period of five years, during which policyholders may not be able to withdraw their investment amount. This period may allow policyholders to build a habit of investing consistently. With regular investments, the policyholder may amass a considerable corpus in the long run. It may also ensure that the ULIP charges may be distributed equitably over the lock-in period.

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Benefits of ULIP

A ULIP may offer a host of benefits that go beyond traditional insurance or investment plans. They may include:

  • Maturity Benefit: Unlocking Your Accumulated Fund Value

  • Upon reaching the maturity of your ULIP plan, a rewarding benefit may await. You may become eligible to receive an amount equal to the accumulated fund value, serving as a maturity or survival benefit. This may ensure your investment grows over time and rewards your commitment. In case you pass away unfortunately, the maturity benefit may be passed down to your beneficiaries. Depending on the policy, they may receive either the sum assured or the fund value, depending upon the type of ULIP.

  • Death Benefit: Protection for Your Loved Ones

  • In the unfortunate event of an untimely demise during the ULIP policy tenure, your family may receive the ULIP death benefit. This financial support, paid out according to the policy's terms and conditions, may ensure that your loved ones are safeguarded in challenging times. It may also be noted that, regardless of the changes in the investment amount and fund structure, the death benefit stays unaffected. It may be considered as the base of any life insurance plan and likely stays fixed through the tenure.

  • Asset Allocation: Empowering You with Choice

  • Unit Linked Insurance Plans can provide a unique advantage through asset allocation. This strategy may allow you to allocate your capital across different ULIP funds offered under your policy. By investing in equity funds, debt funds, or a balanced mix of the two, you may align your investments with your risk appetite, market ups and downs, and financial goals. This flexibility may empower you to navigate the market and potentially optimise your returns.

  • Wealth Generation: Harnessing Market-Linked Growth

  • A ULIP investment may offer the potential for market-linked wealth generation over the longer term. Short-term market volatility may exist. However, if one looks at it historically, investment in market-linked funds may have favourable performance if one holds it over extended periods. By harnessing this growth potential, ULIPs may contribute to building wealth and achieving your long-term financial aspirations.

  • Tax Benefits[1]

  • ULIPs not only provide you with the opportunity to grow your wealth and protect your loved ones but may also offer significant tax advantages. Here are several ULIP tax benefits:

  • Stage 1: Entry Benefits - Avail Deductions on Premiums

  • The premiums you pay towards your ULIP may be eligible for deduction from your taxable income, as per Section 80C of the Income Tax Act, 1961. You may claim a deduction of up to Rs.1.5 lakhs, subject to the provisions mentioned in the Act.

  • Stage 2: Earnings Benefits - Tax-Free Growth

  • As your ULIP investments appreciate over time, the earnings or gains may not be taxable as long as you keep the funds invested. This means you may enjoy tax-free growth on your ULIP investments until you decide to withdraw or redeem them.

  • Stage 3: Exit Advantage - Tax Treatment at Maturity and Demise

  • The death benefit amount your nominee may receive may be tax-free as per Section 10(10D) of the Income Tax Act, 1961. For you to get tax exemption on maturity, the premium of the ULIP purchased after 1st April 2012 should not exceed 10% of the death sum assured. If the ULIP is purchased before 1st April 2012, the premium should not exceed 20% of the sum assured. Also, as per the 2021 budget, if the total aggregate annual premiums of ULIP purchased on or after 1st February 2021 is above Rs 2.5 lakhs, the maturity proceeds cannot be tax-exempted. Any returns you may receive from equity funds above Rs 1 lakh may be taxable as per the Long-Term Capital Gains (LTCG) tax rate of 10%. In the case of non-equity assets, returns above Rs 1 lakh may be taxed at a 20% rate.

Why Monitoring Your ULIP Fund Performance is Crucial?

Keeping a close watch on the performance may be vital to regularly monitor and evaluate the performance of your ULIP funds. It may also be essential for the following reasons:

  • Managing Risks

  • With a ULIP plan, you have to bear market-related risks associated with your investments. Monitoring the performance of your ULIP funds may enable you to gauge whether the risks may be within your tolerance levels. By being well-aware, you may make informed decisions to mitigate potential risks.

  • Switching Funds

  • ULIPs may provide the flexibility to switch between different funds based on changing market conditions and your evolving life goals. By actively monitoring your ULIP performance, you can gain insights into when it might be appropriate to switch funds. This may empower you to align your investment strategy with your financial objectives effectively.

  • Achieving Long-term Goals

  • Regularly assessing your ULIP performance allows you to track your progress toward your long-term financial goals. By ensuring that your investment remains on track, you may avoid falling behind in achieving your life goals. If there may be any discrepancy with the fund and your goals, you may want to take some steps to align them again.

  • Checking Fund Performance

  • If you have invested in a ULIP plan from Bajaj Allianz Life Insurance Company, you can check your ULIP fund performance on our website. This may help you get a clearer idea of where your funds may be going and what you may do to improve them if needed.

ULIP Charges

Familiarising yourself with the ULIP charges levied to cover expenses and risks may be crucial. It may give you a better understanding of when and why they are levied, enabling you to make an informed decision. Here is a list of major ULIP charges:

Charge Type Description
Fund Management Charges The money you invest in a ULIP is managed by expert fund managers. These professionals can make investment decisions, monitor assets, and may aim to optimise returns. Hence, a fund management charge may be levied by the insurer to provide for this expertise.
Policy Administration Charges Managing ULIPs involves administrative tasks like paperwork and record keeping. To cover these expenses, insurance providers may deduct policy administration charges from your policy account.
Mortality Charges ULIPs include a life insurance component, providing a death benefit to the nominee in case of the insured person’s demise during the policy term. To account for this risk, insurance providers may levy mortality charges on ULIP. Some new-age ULIPs, including those offered by Bajaj Allianz Life, feature the Return of Mortality Charges (ROMC) benefit. If the policyholder survives the policy term, the initially levied mortality charges may be returned at maturity, reducing the overall cost of investment.
Premium Allocation Charges These charges may be deducted upfront as a percentage of the premium. Premium allocation charges may account for the initial expenses incurred by the insurance company when issuing the ULIP, such as underwriting expenses and distributor fees.
Policy Discontinuance Charges ULIPs typically have a lock-in period of five years. If you decide to surrender your ULIP before this period and discontinue premium payments, the insurance provider may levy policy discontinuance charges. The charges may depend on the year in which you stop paying the premium.
Partial Withdrawal Charges After the completion of the 5-year lock-in period, ULIPs can allow for partial withdrawals. While some plans may offer unlimited free partial withdrawals, others may have a limit. If you may exceed the permitted number of free withdrawals, additional ULIP charges may be applicable.
Fund Switching Charges One of the unique features of ULIPs may be the ability to switch your investment partially or completely between funds. This flexibility may allow you to align your portfolio with changing market cycles and risk tolerance. While some insurers may not charge for fund switches, others offer a specified number of free switches per year. If you exceed this limit, you may be subject to fund switching charges based on the policy’s terms and conditions.
Miscellaneous Charges Under this category, you may encounter additional charges for making changes to your ULIP contract, such as adjusting the premium payment mode. These miscellaneous charges may vary based on the specific alterations you make.

What is NAV in ULIP?

A ULIP NAV is the daily calculated value of units held in a ULIP fund. It may represent the market worth of the units and may help investors track the performance of their investments. By monitoring the ULIP NAV, investors may make informed decisions about their investment strategies. NAV is calculated by dividing the total net assets of the fund by the total number of units outstanding. This formula can help determine the value of each unit in the ULIP fund.

Myths about Investing in ULIPs

There may be several misconceptions surrounding ULIPs that often cloud the judgment of potential investors. We debunk these myths and shed light on the true nature and benefits of the plan for your benefit:

Myth ULIPs are Complex and Confusing

Myth: ULIPs are Complex and Confusing

Contrary to popular belief, ULIPs have been designed to be comprehensible and accessible to investors from diverse backgrounds. Insurance providers are likely to offer transparent information regarding the policy's features, benefits, charges, and investment options. With customer-centric initiatives, ULIPs have evolved over the years and may seem more customer-friendly. This can empower investors to make informed decisions.

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Myth ULIPs Have High Charges

Myth: ULIPs Have High Charges

ULIPs may come with certain charges, such as premium allocation charges and fund management charges. However, it is important to evaluate them in the light of the overall cost structure and the value provided by the plan. Over the long term, the impact of charges may reduce significantly, especially when one considers the dual benefits of life insurance coverage and the potential for wealth creation.

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Myth ULIPs Offer Limited Investment Options

Myth: ULIPs Offer Limited Investment Options

Another common misconception is that ULIPs may offer limited investment options. ULIPs provide a wide range of investment choices, including equity funds, debt funds, and a combination of both. These options can cater to varying risk appetites and investment objectives. With the flexibility to switch between funds based on market conditions and personal preferences, ULIPs may offer a dynamic investment platform.

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Myth ULIPs Lack Transparency

Myth: ULIPs Lack Transparency

Insurance companies provide clear and detailed information about the various charges, investment performance, and policy terms present in a ULIP. Additionally, policyholders may also have access to online portals and tools that enable them to monitor their investment portfolio and track fund performance. This may help them make informed decisions in the long run.

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Myth ULIPs Have Low Returns

Myth: ULIPs Have Low Returns

Contrary to the belief that ULIPs generate low returns, the performance of ULIPs depends on the underlying funds chosen by the policyholder, and the market performance of these funds. Equity-oriented funds may have the potential to deliver higher returns over the long term, considering the volatility of the equity market. It may be crucial to assess the investment strategy, past performance, and risk factors associated with the chosen funds before investing in a ULIP

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Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals

99.23%

Claim Settlement Ratio~

1 Day

Claim Approval%

AAA

CARE Stable Rating$

₹1,09,829Cr

Assets Under Management (AUM)**

4.19 Cr

Number of Lives Covered#

432%

Solvency Ratio^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024, %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices, $For details refer to press release published by CARE**All figures as on 31 March, 2024, ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%, #Individual Group.1 Source: Bajaj Allianz Life Public Disclosure

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References:

  1. https://cleartax.in/s/unit-link-insurance-plan-ulip
  2. https://irda.revalweb.com/Unit_Linked_Products.aspx#
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Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

a subject to product terms and conditions

bAs on 31st March, 2024

1 Loyalty Additions are percentage of one Annualized Premium from the 6th year onwards, provided all due Regular/limited Premiums have been paid up to date. They are payable only for policies where the Annualized Premium chosen is ₹ 5 Lakhs & above and Policy term is 10 years & above.

dTax benefits are as per the prevailing Income Tax Laws subject to change from time to time. Please consult your tax consultant for eligibility.

cRetired Life Income by way of Systematic Partial withdrawal, if opted for. Retired Life Income may be eligible for tax benefits as per extant Income Tax Act, subject to the provision stated therein.

e For Premiums of ₹ 10 Lakhs and above

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Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Goal Assure II- A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN No.: 116L180V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

^Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02)

1Loyalty Additions are payable only for premium of  ₹ 5 Lakhs & above and wherein the Policy term is 10 years & above.


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

 

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Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Goal Assure II- A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN No.: 116L180V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

Bajaj Allianz Life Goal Assure II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02)>

**Return of Mortality Charges at Maturity (ROMC) is payable at maturity, provided all due premiums have been paid

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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