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Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Online ULIPs over Offline ULIPs

Online transactions are quickly becoming the most preferred mode of purchase, and Unit-Linked Insurance Plans (ULIPs) are no exception to this trend. Most leading insurance providers in India are now offering their ULIP plans online with a hassle-free process.

Gone are the days when you had to physically visit an insurer’s branch office to begin investing in insurance plans. Thanks to the advent of technology, securing yourself with insurance has become as easy as shopping online. So, in this section, let’s understand the benefits of online ULIPs vs offline plans.

 

What is ULIP?

ULIPs or Unit-Linked Insurance Plans are a unique insurance policy that offers a life cover along with an investment opportunity. With the help of ULIPs, a policyholder can secure their loved ones from unforeseen risks while creating wealth to fulfil future goals. Part of the premium paid towards the policy is invested in the chosen fund type and the remaining is used to secure a life cover.

Based on your risk appetite and long term goals, you can choose an investment fund to earn lucrative returns from ULIPs. You can check the ULIP fund performance at Bajaj Markets before investing in the policy.

 

What are the Advantages of Online ULIPs Over Offline Policies?

 

  • More Cost-Effective

Buying ULIP online is much more affordable when compared to their offline counterparts. The reason for such a difference in price is due to the lack of intermediaries involved in the online process. Thus, you can avail a cost-effective ULIP online where a larger portion of the premium shall be allocated towards your investment fund.

  • Saves Your Time

Imagine having to set aside a day to visit the insurance provider’s office for investing in ULIPs. Yes, it seems like a hassle! In today’s day and age, most individuals prefer completing such tasks online to save up on time. Similarly, many insurance companies have started to offer their services online to enable a smoother buying process. Thus, you can buy ULIPs online right from the comforts of your home or on the go!

  • Less Paperwork

Another benefit of online ULIPs over offline mode is the reduced paperwork involved. All you need to do is visit the official website of the insurance company and fill up the application form. You shall be all set after uploading a few documents. With this, you have saved up on the forms and documents that usually need to be submitted to the insurer.

  • Availability of Online Tools

To help you purchase the best online ULIP plan, you shall find several online tools available that assist you with understanding your insurance needs. By using our risk calculator on Bajaj Markets, you can find a suitable Unit-Linked Insurance Plan to fulfil your future goals.

  • Easy Comparison

With a large number of policies available in the market, choosing the right one can be tough. However, now, you can easily research various ULIPs online and get a personalised plan to suit your insurance needs. Online ULIPs enable you to compare policies side-by-side based on your budget and long term goals. Hence, you won’t lose out on any perks offered by insurance companies.

 

Conclusion

Buying a Unit-Linked Insurance Plan through the online mode is not only convenient but also economical and simple. So, to earn increased returns from your investment while securing a financial backup, opt for ULIPs today. Head over to our ULIP calculator available on Bajaj Markets to estimate your ULIP returns!

Be it a long term investment plan for your retirement or to secure the future of your child, ULIPs allow you to meet all these needs. Browse through the ULIP plans on our platform to opt for a policy that safeguards your life goals!

FAQs on Benefits of Online ULIPs over Offline ULIPs

✔️How to buy ULIPs online?

You can follow the step-by-step process below to buy ULIPs online:

 

  1. Go to the ‘ULIP’ section on Bajaj Markets

  2. Pick a suitable ULIP plan from the options available

  3. Opt to buy the insurance plan by providing the required information

  4. Confirm your coverage details and review the policy terms

  5. Pay the premium amount online

  6. You will receive the ULIP document on your registered email ID

  7. With this, you have successfully purchased ULIP online

✔️How can I register my ULIP claim online with Bajaj Markets?

You can easily raise your ULIP claim with Bajaj Markets in the following way:

 

  1. Contact your insurance provider and intimate them about the ULIP claim

  2. Register your insurance claim online by providing the required details

  3. Upload the necessary documents online

  4. The insurer will assess your ULIP claim details and approve it if the claim meets the terms of the policy

✔️Is the ULIP maturity amount taxable?

The ULIP maturity amount is exempt from taxes if the annual premium is not more than ₹2.5 lakhs. So, you can claim the maturity payout under Section 10(10D) of the Income Tax Act, 1961, to enjoy tax benefits on your ULIP investment.

✔️Can I discontinue my ULIP after completing the lock-in period?

Yes, you can exit your ULIP investment after the lock-in period is over. However, to earn lucrative returns from your fund investment, it is recommended to stay invested for the long term.

✔️What other tax benefits can I avail on my ULIP investment?

With ULIP investment, you can avail tax benefits on the ULIP premium amount, the death benefit and the maturity payout. Learn more about ULIP tax benefits on our platform now!