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What is ULIP?

Unit Linked Insurance Plans (ULIPs) are unique insurance tools that offer the benefit of life insurance and investment in a single plan. Under a ULIP investment, the premium that you pay gets divided into two parts. The first part of the premium goes into your life insurance cover, while the second part gets invested in market funds. Depending on your risk appetite, you can choose the type of funds to invest in. For instance, if you have a high-risk appetite, you can direct your ULIP investments in equity funds. However, if you want to play safe, you can opt for safer investments like government bonds, fixed deposit schemes, fixed annuities, etc. To know more about What is ULIP?visit Finserv MARKETS today!

Types of ULIPs

Depending on your long-term financial goal, you can choose from the following ULIP types to make your investment

  1. ULIPs for long-term wealth creation

  2. ULIP Pension Plans

  3. Child ULIP plans

  4. ULIP for medical requirements

Parameters before Buying ULIPs

Buying a ULIP plan is an important financial decision that must be done after careful consideration of the following factors-

  • Insurer’s Credibility

It is important to check the credibility of the insurance provider before making your ULIP investment. ULIPs are long-term investments. Hence, it is critical to know whether the insurance provider will be able to provide enough buffer in case of any future threats or liabilities. Moreover, it is the insurance provider that would be investing in market funds on your behalf. Hence, it is important that you check the past track records and customer reviews of the insurance provider before buying a ULIP plan.

  • Look Out For the Charges Involved

Different insurance providers have different fee structures for their ULIP plansSome common charges that are associated with ULIPs include-

  • Policy Administration Charges

  • Premium allocation charges

  • Mortality Charges

  • Fund Management Charges

  • Rider Charges

  • Switching Charges

  • Top-up Charge

  • Premium discontinuance charges

It is important to note that not all insurance providers levy these charges. For instance, the ULIP plans available at Finserv Markets come without any charges for fund allocation. The Bajaj Allianz ULIP plans also do not levy any mortality charges. Thus, before you approach any insurance provider, make sure you have a clear idea about the different types of charges levied as well as whether these charges fit into your investment goal.

  • Opt for maximum sum assured

A sum assured is a lump-sum amount promised to the policyholder’s nominee upon the premature death of the policyholder during the ULIP tenure. The amount for the sum assured is decided at the time of buying the ULIP plan. It is important that you choose to opt for a maximum sum assured as this amount would be used to take care of your family and loved ones after your demise. You can ask the insurance executive to provide you with an illustration on the potential premium amount and the fund value gathered through your ULIP investment. You can even make use of an online ULIP calculator to estimate your returns.

  • Choose Your Risk Appetite Wisely

A part of the premium that you pay under your ULIP policy gets invested into the market. Since the investment in high-risk funds promises high returns, investors blindly invest in such funds. However, any ULIP investment must be made with keeping your risk appetite in mind. You can even ask your insurance provider to guide you in making the right investment decision.

Following are the type of funds to direct your ULIP investment-

  • Equity Funds: Equity funds involve investing in stocks, bonds, and equity securities. The risk involved is very high.

  • Debt Funds: Debt fund investments involve directing your ULIP investments to mutual funds or exchange-traded funds. The ULIP benefits of debt funds can be reaped at much lower-risks.

  • Balanced Funds: ULIP investments in balance funds involve directing your investments in a mixture of equity and debt funds. The risk involved is moderate.

ULIP Benefits

Investing in ULIPs offer the following benefits:

  • Flexibility to choose between your investments

  • Advantage of Sum Assured to your nominee

  • Flexibility to change your life cover

  • Additional riders on ULIP plans

ULIP Calculator

Policyholders can make use of online calculators to estimate their ULIP returns. Most insurance providers have online ULIP calculators on their websites for investors to estimate the sum assured and the total fund value.

Following are the steps to use a ULIP Calculator:-

Step 1: Login to online ULIP calculators on the insurance provider’s website. In some cases, the online ULIP calculators are available for free, for anyone to access online.

Step 2: Select the type of ULIP plan to invest in

Step 3: Enter the amount that you wish to invest in a ULIP plan

Step 4: Select the frequency of payment (one-time, weekly, monthly, annually)

Step 5: Choose the tenure on your ULIP policy

Step 6: Select the funds in which you want to direct your ULIP investments (equity, debt, balanced)

Some ULIP Calculators also taken into consideration factors such as the policyholder’s age, gender, medical history, and existing financial condition to make the estimates. 

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