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In ULIP Plan, the investment risks in the investment portfolio is borne by the policyholder

ULIP - Unit Linked Insurance Plan

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ULIP - Unit Linked Insurance Plan

Your finances need different investments

  • Listing Bullet A vanilla insurance cover only takes care of your family’s needs if you are not around.
  • Listing Bullet Considering today’s inflation you need higher returns for your investments.
  • Listing Bullet It is very important to customise your savings depending on your financial goals.
Your finances need different investments

What are Unit Linked Insurance Plans (ULIP)?


Unit Linked Insurance Plans, popularly known as ULIPs, are insurance plans that provide the benefits of an insurance cover as well as a market-linked investment. ULIPs are goal-based financial solutions, linked to the capital market. Thus allowing the flexibility to invest in equity or debt funds, depending on the investor’s risk appetite. ULIPs help with capital appreciation over a long period of time, while providing insurance cover.

Unit Linked Insurance Plans

Grow your corpus. Reap benefits from the market.

In this policy, the investment risks in the investment portfolio is borne by the policyholder

HDFC Life Sampoorn Nivesh

An insurance cum investment plan with loyalty additions and multiple fund options to help you optimize your investment

UIN: 101L103V03

KEY FEATURES

  • We allocate your premium in investment funds of your choice.

  • In case of an accidental death of the insured, we will pay additional sum assured to the nominee.

  • Loyalty Additions to enhance your fund value after 10 years.

  • Get 4 Fund Switch, Future Premium Redirection absolutely free in a policy year.

  • Option to make partial withdrawal from funds to meet financial emergencies, if any.3

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The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.

In this policy, the investment risks in the investment portfolio is borne by the policyholder

HDFC Life ProGrowth Plus

Build your wealth to meet various financial milestones while you stay insured

UIN: 101L081V06

KEY FEATURES

  • We allocate your premium in investment funds of your choice to get you market linked returns.

  • Choose from 10 fund options based on your risk profile and investment style.

  • In case of an accidental death we will pay additional sum assured to the nominee5.

  • Tax benefits under sections 80C and 10(10D) of the Income Tax Act 1961 subject to provisions contained therein.4

  • Option to make partial withdrawal from funds to meet financial emergencies, if any.3
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Why You Must Invest in ULIP Plans?


ULIP combines the best of insurance and investment which makes it a better option than investment or insurance alone. By buying ULIP you reap the benefits of the share market without taking heavy risks and get the safety net for your family in the form of life cover. Here are some of the reasons which make ULIP a good investment choice for you.

1. Higher returns- Investing in ULIPs can provide 12%-15% returns on investment for the tenure of 10 years.

2. Variety of investment options- ULIPs provide a variety of schemes to the investor. Based on the risk-taking ability, an investor can choose from an aggressive ULIP that primarily invests in equity to conservative ULIPs that invest in the debt market.

3. Flexibility- ULIPs come with the option of switching between different schemes based on the changing scenarios and risk appetite of the investor. The flexibility to switch between a variety of fund options as per the financial situation helps an investor to capitalize on the investment opportunities.

4. Tax benefits - ULIP offer income tax benefits on the premium paid towards the policy under section 80C of the Income Tax Act, 1961.1

5. Liquidity- In case of an emergency or an unfortunate event, ULIP allows you partial withdrawal of the money to meet your funds’ requirement.

How Does A ULIP Plan Work?


The premiums that you pay to purchase and maintain your ULIP is split into two parts. One part is used to provide you with life cover. The rest of the premium amount is invested on your behalf. Our fund managers will help you invest, but the choice of funds is ultimately yours.

Which Investor Class is Best Suited for Investments in a ULIP plan?


A ULIP is a good investment opportunity for you if you:

  • Have a Varying Risk Appetite
    As an investor, you may not want to take very big risks or play it very safe. ULIPs are ideal for investors who are willing to take some chances. You can opt to invest in a balanced fund that has both equity and debt options. By doing this, you can enjoy high gains from equities while offsetting any losses against steady returns from your debt funds.

  • Have a Long-Term Financial Goal
    Unit-Linked Insurance Plans work best when you stay invested for at least seven years or more. Ideally, investors can use ULIPs to save up for the down payment on a home or even to build a corpus for their child’s higher education or future expenses.

  • Are a Hands-On Investor
    When you invest in a ULIP, you can choose the fund portfolio. If you’ve opted for balanced funds, you may want to move your allotment to include more equity funds when the market is performing well. Conversely, you may want to increase the debt fund allotment if the market is expected to slow down. You can choose how and when you want to switch your funds to maximise returns.

Types of ULIPs

Types of ULIPs based on the fund type

ULIPs are market-linked. But that does not mean the premium amounts are streamlined towards equity investments only. With ULIPs one can choose other financial instruments to invest in. funds they invest in.

    1. Equity ULIPs
    In equity ULIPs, part of the payments is used to purchase equity shares, usually of multiple companies. This direct investment in equity makes it significantly more risky than other ULIPs, as the price fluctuations of the shares can directly impact the investment corpus. However, because of the very same reason, the potential for gains is also higher. Hence, equity ULIPs are ideal for investors with a high risk appetite.

    2. Debt ULIPs
    Investments made in debt ULIPs are directed towards debt instruments. This includes debentures, government bonds, corporate bonds, and fixed income bonds. These instruments pose low to moderate risk, making them a safer option. However, the returns from them are also moderate, and generally lesser than that of equity ULIPs.

    3. Balanced funds ULIPs
    To balance the risk to reward, some ULIPs offer the option to invest in equity as well as debt instruments. A portion of the fund is allocated to debt instruments with fixed interest rates and the rest is invested in equity. Doing so essentially lowers the overall risk factor of investing in only equity. This stabilizes the fund, resulting in reliable returns.

    4. Liquid funds ULIPs
    The credit rating for liquid funds ULIPs investments is often high, making them reliable options. It has a low risk factor and is ideal for investors looking for safer options. This type of ULIP invests the money in highly liquid market instruments such as certificates of deposit (CD) and treasury bills. Liquid funds ULIPs also have a short maturity period of only a few weeks to months. Hence, they are great for short-term goals.

    5. Cash funds ULIPs
    Cash funds ULIPs invest in monetary funds invested in banks. These instruments are exceptionally low-risk. Consequently, the returns they provide are the least amongst all ULIP types. Investors that are very much risk-averse can choose to opt for cash funds ULIPs.

Types of ULIPs based on the plan structure

ULIPs can also be classified according to the structure of the payments, payouts and the type of goal they are expected to fund.

    1. Regular v/s single premium ULIPs
    A regular premium ULIP requires the policyholder to make regular premium payments until the plan attains maturity. The interval of payment is often flexible. A single premium ULIP requires only a one-time premium payment at the time of purchase of policy.

    2. Guaranteed v/s non-guaranteed ULIPs
    Guaranteed ULIPs are focused on preserving the investor’s wealth while non-guaranteed ULIPs focus on wealth creation. Guaranteed ULIPs tend to provide stable returns over a long time while non-guaranteed ULIPs invest a bigger percentage of the premium into equity markets. Non-guaranteed ULIPs have the potential for higher returns, but come with greater risk.

    3. ULIPs focused on different life stages
    ULIPs also come as life stage-based plans that invest in both equity and debt, as well as progressively add low-risk debt instruments as the investor ages. For younger investors, the plans often begin with more equity instruments to tap into high returns and build wealth. With time the ULIPs aim for stable returns by lowering risk.

Benefits of ULIP Plans


Unit Linked Insurance Plans offer several benefits to its policyholders. Some of the key benefits provided by ULIP are listed below:

1. Maturity benefits- If a policyholder survives beyond the maturity period of the policy, he/she gets the accumulated fund as the maturity/survival benefit from the insurer. The amount paid as maturity benefits is equal to the fund value. The maturity benefits are exempted from tax under Section 10(10D).1

2. Death benefits- In the case of the unforeseen demise of the policyholder during the tenure of the policy, the death benefits are paid to the family member of the policyholder who is registered as the beneficiary. Tax benefits1- The amount paid as a premium for ULIP is eligible for a tax deduction for a maximum of 1.5Lakhs during a year under section 80C of the Income Tax Act, 1961. Moreover, the maturity benefits received are exempted from tax under Section 10(10D) 1.

3. Long-term investment benefits - The longer the investment time horizon in the market, the more you are insulated from the price fluctuations of the market. Investing in the market for the long term gives higher returns and helps you deal with market volatility. ULIP lets you invest in the market for the long term so that you get high returns on your investments.

4. Withdrawal benefits- ULIP allows the partial withdrawal of funds to the investors in case of any emergencies. After a fixed time, investors can withdraw funds up to a certain limit to meet their fund requirements arising because of an emergency. 

Features of ULIP Plans


ULIP plans have a list of features that makes them the preferred investment option for the investor. Apart from the several tax benefits and the opportunity to increase your wealth over time, the life cover provided under ULIP plans acts as a safety net for the policyholder. Some of the important features of the ULIP plans are listed below

1. Flexibility- The flexibility of switching between different funds has to be the key feature provided by the ULIP plans. Based on your financial goals, market situation, and risk-taking ability you can switch between different funds to maximize your returns. Apart from the ability to switch, ULIPs provide the additional feature of partial withdrawals. After the lock-in period, an investor can withdraw a certain amount of money to meet their emergency fund requirements. This feature comes to aid when you are faced with unforeseen circumstances and are in dire need of money.

2. Dual benefits- ULIP is a popular choice among investors. What makes it stand apart from the traditional investment avenues is its ability to combine the benefits of insurance and investment. While you are protected by financial security provided under life insurance, you can make high returns by investing in the market. Since the funds are managed by expert fund managers, you are less exposed to the volatility of the market. Moreover, you can decide the kind of investments you wish to make based on how much risk you are willing to take. You can always switch between the funds based on changing scenarios in the market.

3. Financial security- If you are willing to invest for the long term, ULIP makes a good investment choice. The investment time horizon plays a crucial role in getting high returns. Equities perform well over a long period. If you start early, you have the option of investing in aggressive ULIP plans which invest in the equities and with time you can move to the low-risk debt funds. The funds accumulated over the tenure of the policy can provide financial security post-retirement.

How to Choose the Best ULIP Plan


ULIP is one of the most sought-after investments options for individuals with a long-term financial plan for growing their wealth and ensuring the financial security of their family in case of untimely death. There are several ULIP products available in the market. Here are some key factors to be kept in mind that would help you choose the best ULIP plan as per your financial disposition and risk appetite.

1. Decide your goals- It is crucial to analyse your investment goals before you finalize the ULIP plan you wish to buy. Multiple fund options to choose from allow the investors to research and analyse their investment horizon and insurance goals to zero in on the best plan. Whether to go for equity investing aggressive ULIP plan or a conservative plan that invests in low-risk debt funds depends on the financial goals of the investor.

2. Identify the insurance objectives- ULIP is a long-term investment hence you should identify your insurance objectives and choose the plan that helps fulfill them. To get the maximum from a Unit Linked Insurance Plan you plan to buy, it is imperative to understand different plans. Clarity of investment and insurance objectives plays a vital role in choosing the plan that aligns with your financial goals and provides financial security to the family in case of the policyholder’s untimely death.

3. Understand the features and benefits- Different plans offer different features and benefits. One should be well-versed with the features and benefits offered by the plans available in the market to choose the one that helps meet their financial goals. If you have a clear understanding of the pros and cons of different plans, it becomes easier to choose the one that suits your requirements.

4. Claim settlement ratio- One of the key factors to be considered while choosing a ULIP plan is the claim settlement ratio of the insurance company. The claim settlement ratio denotes the percentage of claims settled by a company out of the total claims received. The higher the percentage, the higher the credibility of the insurer. 

How to manage ULIP Funds?


You can opt to manage your ULIP in the following ways:

  • Self-Switching
    If you’d like to manage the fund yourself, you can opt for self-switching. You can decide to change your premium allocation based on your investment portfolio, risk appetite and future financial goals. Most ULIP providers allow you to make a number of free switches during each policy year.

  • Automatic Switching
    If you aren’t very comfortable managing your investment, you can opt for automatic switching. Here, professional fund managers will make switches based on the parameters you set when you purchase the policy.

  • Investment Top-Ups
    Another interesting way to increase your ULIP corpus is a top-up investment. Whenever you have additional savings, you can put more money into your ULIP. Ideally, investors choose this when their ULIP is already performing well and they’d like to take advantage of the situation to maximise their returns.

Steps to Buy ULIP Plan Online


Before you buy a ULIP product you must understand the insurance and investment benefits offered by the product. ULIPs can be easily bought online in a hassle-free manner. Listed below are simple steps to be followed to buy ULIPs online.

  • Visit the official website.

  • Explore the multiple ULIP products listed on the website and choose the one that aligns with your financial goals.

  • Select the tenure of the policy and the premium payment amount that suits you the best.

  • Proceed to the payments section.

  • Select the mode of payment such as net banking, credit card, debit card, online wallet, etc.

  • Make the payment and enjoy the benefits of your Unit Linked Insurance Plan.

Types of ULIP Charges


What are the various charges associated with ULIPs?

The charges associated with purchasing a ULIP are as follows:

  1. Premium allocation charge is deducted from the premium amount before investing.

  2. Fund management charges are capped at 1.35% by IRDA, and they are different for every fund.

  3. Policy administration charges are payable monthly. The rate can remain fixed or increase at a predetermined rate.

  4. Switching charges may apply when a policyholder switches between fund options.

  5. Mortality charges compensate the provider if the policyholder's calculated life expectancy is not met. They are levied monthly.

  6. Surrender or discontinuation charges are levied for premature encashment of some/all units of the investment.

Why Should I Start Planning My Savings Now?


When it comes to saving and investment, the earlier you start the better. A smart savings plan allows you to put money away for a rainy day while building up a corpus to invest for the future. When you’re young, you have fewer financial liabilities and outgoings, which make it the best time to build up a significant amount. You can then invest your savings in instruments like ULIPs that allow you to grow your wealth for the future. Your savings provide you with peace of mind since you build up an emergency fund and prepare yourself and your families for all future situations.

ULIP Buying Guide

1 How Will A ULIP From HDFC Life Help Me?

When you opt to purchase a ULIP from HDFC Life, you’re securing not just your financial future but your family’s future as well. Apart from providing life cover, these plans also allow you to choose how to invest your money. You can opt to invest in different funds that invests in equity or debt funds or a mix of both based on your risk appetite.

2 Who Should Buy a ULIP Plan?

A ULIP can be a great addition to a portfolio. However, whether or not one should buy a ULIP depends on the investor themselves and their requirements. One can opt for a ULIP if one has:

1. Difficulty managing multiple investments directed towards different goals

To build an effective savings plan, it is important to invest in the right instruments and mutual funds across multiple asset classes. This holds especially true while investing in stocks and mutual funds because if a stock crashes or a certain fund underperforms for a while, the capital invested should not be lost. The idea essentially is to not keep all the eggs in one basket. An investment portfolio with diverse instruments is protected against any unprecedented market action resulting in unfavourable price action.

Finding the right mutual fund is not an easy task. Investors, especially beginners, may overlook some aspects of a scheme, such as performance history and risk-adjusted returns.
Moreover, mutual funds do not come with lock-in periods which eliminates the need to commit regular payments. This often results in a premature exit from the investment to channel funds for immediate and less important requirements. It is not conducive for long-term goals which require a more disciplined approach.

Keeping track of all investments over the years, including keeping the life insurance cover and charges in perspective, can prove to be difficult. ULIPs provide the benefit of investing in a diverse mix of instruments while providing life cover.

A ULIP offers more features than a standard life insurance policy. Most people have a protection plan in place, such as an insurance term plan, to insure themselves and their families. However, the benefit received from life insurance may come at a time where the long-term goals of the family are much later in the future. In such a case, the onus to manage the sum rests on the family. ULIPs offer a 'waiver of premium' feature that helps the policyholder ensure that their family receives funds at the time of a major financial requirement such as at the time of college admissions, or weddings. ULIPs with annuity plans

2. Long-term goals to finance

ULIPs generally have a lock-in period of 5 years. After these 5 years, the various charges associated with the policy are amortized. This means that the charges are capped at a lower percentage. Charges associated with ULIPs with a maturity period of 10 years or less are capped at 3%. In case of ULIPs with a term of more than 10 years, total charges are capped at 2.25%. Out of this, the fund management charges are capped at only 1.35%. This encourages investments for a longer term.

Either way, ULIPs generate the most value in long-term, over 15 to 20 years. This is due to the power of compound interest at play, with the aim of capital appreciation over a long period of time. By holding a ULIP, investors can save regularly towards future financial goals such as children’s education, their wedding, purchase of a new home, or retirement income. There is also the option for partial withdrawal if there is an important and absolute requirement, making ULIP a safebox for the investor’s wealth.

Moreover, ULIPs may come with the option of top-up premiums. These additional investments have charges of only 1-2%, which is lower than the charges levied on regular premiums payments. This would mean that top-ups allow for holding more units for lesser investment, effectively decreasing the average cost of ownership of each unit. Investing more in the same ULIP minimizes the charges associated with a new policy. Top-up payments also increase the insurance cover, hence providing an added benefit for investing more.

3 Why You Might Like To Combine Insurance And Investment In A ULIP?

After you have taken care of all your regular family expenses, you save the balance for the future needs of the family . In other words, your family is dependent on you for their present as well as future needs. So, if something were to happen to you, there is a high likelihood of your family's dreams being thrown into disarray. But, don't worry! Marrying your investment and insurnace with these investment plans could help you secure the present and future of your family.

Even the best investments will not help on premature demise

Every investment that you make today is targeted to cater to a future goal. Ideally, you expect that once your investments mature they would help you meet your future goals. But till the time the investments mature and help the family achieve its goals there is always an element of risk.

Should something happen to you midway, this investment could very well be liquidated and prematurely withdrawn to fulfil the family's current needs. Even the corpus left after the partial liquidation will not suffice to meet the family's goals, be it child's higher education or spouse's retirement.

Insurance provides perfect support when you need it most

The risk to financial security of your family is much higher during the first half of your work life. Be it goals, such as your child's higher education or wedding, or, your own retirement, your savings remain very low in the initial phase.

For instance, if you are targeting to save Rs 50 lakh for your child's higher education 20 years down the line, and your investment earns a post-tax annual return of 8%, then you would need to save Rs 8,793 per month to achieve your goal.

But you will be able to accumulate only Rs 6.45 lakh in the first 5 years and Rs 15.93 lakh in the first 10 years, surely the sum that will not help your child fulfill her need for higher education.

It is in situations such as these that the life insurance coverage comes to the rescue and ensures that your family is able to fulfil the desired goals even in the event of your untimely demise.

Life cover fills the gap between the haves and the desired

During the course of your work life, your income will help you accumulate various assets, such as household appliances, gadgets, land, residential property, gold and deposits.

Over a period, certain assets will generate enough income to take care of your family's regular expenses. But if you are no longer there, acquiring these assets could remain just a wish, unfulfilled. Here, a life insurance cover could provide that bridge when there aren't many income generating assets available. Also, big-ticket items like car and home are typically bought with the aid of loans.

In the event of your untimely demise, your family would be left with no choice but to sell them off to repay the outstanding loan. This is where unit linked insurance plans (Ulips) from life insurance companies works so well.

They not only protect your family in your absence by covering living expenses but also allow your family members to keep enjoying the car and home bought with loans. Besides providing life cover, Ulips allow you to invest in equities which typically provide high growth during tenures of 10 years or more. The life cover ensures that other high growth investments such as those in equities besides the investment portion of Ulips still keeps growing. What's more, the cost of life insurance is quite low, especially for online plans.

Life insurance helps explore higher risk, higher growth investments

With an adequate life protection to take care of your family, you are better placed to take higher risk for higher reward investments such as equities. This will also help you go a long way in helping you save more in the long-term of 10 years or more.

Clearly, combining insurance with investment by investing in a combo product likes Ulip provides you with more benefits than what meets the eye at the first instance. The key is investing in the right Ulip.*

*Calculations shown in this article are based on assumptions which are mentioned therein and are not related to any product and are just for illustration purpose.

4 3 Ways In Which ULIP Lock-In Period Helps You Invest For Long-Term Goals

Short-term financial emergencies often damage your financial plans for meeting long-term needs. When faced with an emergency, we tend to reach out to investments that can be liquidated easily. That’s where the lock-in periods in investments, such as in unit linked insurance plans (ULIPs), help you stay on course.

1. Ensures goal Protection

Your long-term life goals, such as retirement, need big amounts. As big amounts cannot be saved in a short period, you need long-term regular savings to achieve different goals. That said, you could come across emergencies that will require you to spend significant amount of money. If you have unrestricted access to long-term investments, they could become an easy choice for liquidation, consequently, compromising your long-term goal.

For instance, a premature liquidation of long-term investments, say, your child’s higher education, to meet a medical emergency, will either compromise his education, or, he will have to take an education loan. If you take the EMI payment burden of the education loan, it will hamper your retirement savings.

If your child pays the education loan EMIs, he will save less or nothing for quite some time in his early work life. A lock-in period like the one in ULIPs, ensures that you stick to regular savings in the initial years, stay away from liquidation and successfully save the desired amount for the intended life goal.

2. Provides incentives to stay invested

When you start long-term investments with an ULIP, you would typically earmark it for an important goal such as your child’s higher education or wedding.

These goals are likely to be 10-20 years away. However, during the course of maintaining your regular expenses month-on-month, you might come across occasions when you would suddenly need a significant amount in a short time. It could be something like money to be raised for child’s school admission process.

These can’t be accommodated in your monthly budget or addressed through small savings at hand. If you are not allowed to withdraw money in investments like ULIP in the initial years due to a lock-in, you get to save a significant sum by the end of the mandatory 5 year lock-in period. Your temptation to liquidate a lower savings amount during emergencies will be greater compared to substantial amounts over a longer period. This, in effect, improves the chances of the money growing unhindered over the long term and providing the growth you seek. As for emergencies, you are forced to make provisions for them like an emergency fund which has liquid investments equivalent to 3-6 months of living expenses. In any case, during the emergency, you will need to look elsewhere for money and that’s where investment plans come into picture.

3. Helps ride out short-term turbulence

Equity is considered among the best-performing asset classes in the long-run i.e. 8-10 years or more. But, in the short term, the investments are subject to significant volatility. Individual investors, new to equity investments can get perturbed by the high short-term volatility and some even make premature exits from investments on significant market declines, losing out on long term growth opportunity. However, thanks to the minimum 5 year lock-in in ULIPs, which also help you tap the long-term growth potential of equities, you can’t make a hasty and premature exit. Over time, you get used to the turbulence which settles down to more stable returns in the long term investment plans as the investments cross the 8-10 year mark.

Investors typically prefer the best investment plan where they can access their money during emergencies. Many times, this facility does more harm than good since people end up nullifying their hard work done over time with ill-considered premature exits from long-term investments. Lock-in periods in investments such as ULIPs ensure that you short term emergencies don’t hamper your progress towards cherished goals such as child’s higher education.

ULIPs simplified!

Watch Mr. Prasun Gajri, CIO HDFC Life answer all the questions on ULIP.


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We’ll tell you everything you need to know about ULIPs.

1 What are different types of funds that ULIPs would invest in?

Depending on one's financial goals and risk appetite, investors can choose between equity, debt and/or other instruments to invest in. Funds under ULIP include a number of instruments. The ratio of debt to equity held is different for every fund. A ULIP has multiple such funds to choose from.

2 How much return is guaranteed in ULIPs?

The returns on ULIPs can vary because the investor gets to choose the combination of equity, debt, hybrid funds in their investment. ULIPs with less risk exposure tend to offer lower returns compared to high-risk equity ULIPs.

3 How units are allotted under a ULIP?

Insurance providers collect policyholders’ capital and invest it in funds of their choice. After the amount is invested, the total is divided into 'units' of a specific value. These 'units' are allocated to the investor according to the amount invested by them.

4 How can I track my ULIP’s fund value?

Fund value simply is the net asset value or NAV of a fund on the given day, multiplied by the number of units held by the investor.

For example, if a fund's NAV is ₹ 50 and an investor holds 3000 units of the fund, the fund value for the investor will be ₹ 50 x 3000 = ₹ 1,50,000.

Comparing the initial and current NAV shows a fund’s progress and returns earned.

5 What are the main benefits of ULIP?

The main feature of ULIPs is that they are insurance plans that help build long-term wealth with their market-linked investment options. They offer a high return potential while also providing dual tax benefits, both on premium payments and on payouts/sum received after maturity.

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax law.

6 Can we increase the premiums for a ULIP?

Investors that have been regular in their premium payments can opt for paying ‘top-up’ premiums, which are additional investments towards the plan. Investors can tap into the potential of a ULIP with good performance history and good returns with these extra premiums.

7 Can we purchase a ULIP with only a single payment?

Yes. Policyholders can opt for a single premium ULIP which requires a one-time payment at the time of purchase of the policy, instead of regular premiums. After the maturity period, the policyholder receives the sum assured. Top-up premiums for these ULIPs may not be available during the first 5 years.

8 Can I cancel/surrender my ULIP plan?

Yes, you can. The lock-in period for ULIPs is 5 years. If you plan to cancel/surrender the plan after 5 years, you will get the accumulated funds till the date of surrender. If you surrender before the lock-in period then discontinuance charges will be deducted and the balance amount will be paid to the policyholder after the completion of the 5 years lock-in period.

9 Can we partially withdraw from the ULIP amount?

Most ULIPs have a lock-in period of 5 years after which the policyholder can choose to withdraw a part of their fund, if the need arises. This is done by ‘cancelling’ some of the units held. There is a limit to the amount that can be withdrawn and it may vary across plans.

10 Can we surrender a ULIP at any time?

The entire fund value is paid to the policyholder if a ULIP is surrendered after the 5-year lock-in period. However, the process of surrendering the policy before 5 years is different. The amount will be paid to the policyholder only after the end of 5 years. However, the insurance provider will deduct discontinuance charges from the fund value. The balance is transferred to a Discontinued Policy (DP) fund and a fund management charge of not more than 0.5% is applied. The DP fund will earn interest over time to provide the minimum return guaranteed by the provider.

11 What is the meaning of fund value?

The fund value refers to the total value of the units a policyholder owns. In ULIP, investors can choose from a variety of schemes as per their risk appetite and financial goals. Fund value on a particular day can be calculated by multiplying the Net Asset Value (NAV) of a unit on that day to the number of units owned by a policyholder. 

12 What is the expiry date of the lock-in period?

The time for which a policyholder cannot withdraw or liquidate the accumulated funds is called the lock-in period. In 2010, the Insurance Regulatory and Development Authority of India (IRDAI) extended the lock-in period to five years from three years. 

13 How Can I Reduce Risk on my ULIP Investment?

ULIP plans provide a variety of fund options for an investor to choose from. Ranging from aggressive to conservative ULIP plans, you can choose as per the market scenarios and your risk-taking ability. If you are risk-averse then you can choose conservative ULIP plans that invest in the debt market. 

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Here's all you should know about ULIP insurance.

We help you to make informed insurance decisions for a lifetime.

How do ULIPs help in creating long-term wealth

How do ULIPs help in creating long-term wealth

ULIP provides both insurance and investment services. It provides a life cover with fair returns, and helps save taxes*. In the today’s market situation, ULIPs have become one of the best, most sought after investment options.

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Understanding ULIPs and their Benefits

Unit-Linked Insurance Plans (ULIPs) serve as an investment-cum-insurance financial tool. They allow policyholders to grow their wealth over time through investments in equities and debts. Let’s understand the benefits of ULIPs.

 

Understanding ULIPs and their Benefits

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Disclaimers

In unit linked policies, the investment risk in the investment portfolio is borne by the policyholder. The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year.

For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies 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. The name of the company, name of the brand and name of the contract 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 of the insurer. 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.For Single premium, the special addition is 1% of the Single premium at inception only.

  1. Opt for Settlement Option to receive maturity benefit in periodical installments.

  2. Partial withdrawals can be made from your funds after completion of 5 policy years, provided the Life Assured is atleast 18 years of age.

  3. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

  4. Additional Sum Assured on accidental death is paid under Extra Life Option.

  5. In your policy documents we give the Critical Illness benefit the unique name of Extra Health Benefit, Accidental Death Benefit is called Extra Life Benefit and Accidental Total & Permanent Disability Benefit is called Extra Disability Benefit.

  6. Death Benefit under the product - Sum Assured less all withdrawals made during the two year period immediately preceding the death of the Life Assured. Unit Fund Value based on the number of units and the Unit Price of the fund is also payable. The Minimum death benefit will be at least 105% of the total premiums paid.

  7. Loyalty additions (as percentage of the average fund value) will be added to the fund value in the form of additional units from the end of 6th policy year onwards, provided all due premiums have been paid. The Loyalty Additions will be added for both Single Pay and Limited Pay policies.

  8. Assured maturity benefit will be paid only on policy maturity provided all due premiums have been paid and will not apply on death or surrender.

ARN - EU/07/22/28291

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