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All You Need to Know About ULIPs

Use an online ULIP insurance calculator to determine the premiums you need to pay with different plans<br><br>https://epolicy.sbilife.co.in/eWealth/UI/PremiumCalculation.aspx<br>

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All You Need to Know About ULIPs

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  1. All You Need to Know About ULIPs

  2. What is ULIP? ULIP plans: • Are Unit Linked Insurance Policies • Are a kind of insurance products • Offer dual benefits in one policy - wealth creation + life cover • Offer tax benefits

  3. Features of ULIP Plans • Unique life insurance product • Combines benefits of life insurance with market linked investment • The returns depend on the performance of the fund opted by the policyholder • Taken by people to fulfill their financial medium- to long-term financial goals • Premium is divided into two components - one part for life cover and another part for investing in instruments like equities and bonds

  4. Why Choose a ULIP Plan? Serves Dual Objectives • Offers both financial protection for the family and steady savings for the policyholder • Considered a good wealth-creating tool and provides a life cover Flexibility • Gives the flexibility to invest in a portfolio that is based on equity, debt, or a combination of both, according to the policyholder’s risk appetite, financial goals and investment horizon • Includes top-up options to leverage investment opportunities due to changes in the markets Liquidity • In case of emergencies or unforeseen events, partially withdrawal is allowed • Can be used as collateral for taking a loan

  5. How ULIP Works Best for 25-40 Age Group? ULIP plans work best for people between 25 and 40 years of age because: • This is when you have the maximum family members who are dependent on you, like spouse, children and parents, and you will want to secure their financial future in case of an eventuality. • This gives enough time for your investments to grow. To maximize returns, it is recommended to remain invested in a portfolio for 15 to 20 years • This is a period in your life when you earn a respectable salary, and your income is stable

  6. Tips to Buy ULIP Plans • Choose a long-term investment horizon of at least 15 years • Check all the charges and take these into account when calculating your returns • Don't let tax planning be the only factor in making the decision • Use an online ULIP insurance calculator to determine the premiums you need to pay with different plans • Choose the right balance between equity and debt, based on your risk appetite

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