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A financial plan should ideally include considerations for investment, insurance and aim towards maximising profits and savings. In terms of protection, a life insurance policy has long been considered the best insurance instrument owing to its ability to provide cover to policyholders. Additionally, life insurance policies also offer tax benefits which makes them even more attractive for policyholders.
In recent years, Unit Linked Insurance Plans (ULIPs) have also gained enormous popularity. These instruments not only offer insurance to policyholders, but also invest a percentage of the premiums towards investments. Policyholders can decide how much portion of their premiums goes towards investments, and how much percentage is used for providing protection to them. ULIPs offer a great deal of flexibility regarding the premiums paid, and at times it is difficult to decide the winner in the life insurance vs ULIP battle. ULIPs are especially great for achieving long-term financial goals, including education and marriage of children, while traditional life insurance plans are particularly apt for providing financial security for long periods of time, without the risk of investing in market instruments.
However, if you are trying to pick the correct instrument from life insurance vs ULIP, read on to learn more about how the two differ.
Both ULIPs and traditional life insurance policies are good tools to invest in, especially for ensuring that your dependents are well looked after and can continue their present lifestyle even if you are no longer around. If you find yourself inclined towards generating high returns to use for the milestones in your life and are prepared to invest a portion of your time in managing your funds, ULIPs are the pick for you. However, if you want to sit back and enjoy financial protection without taking on risk, a traditional life insurance plan is suitable.
Head to Canara HSBC today to understand which plan best works for you, according to your individual requirements. ULIPs such as Invest4G, available on Canara HSBC, offer enormous flexibility to policyholders in terms of choice of funds with the option of choosing between 7 different funds and with 4 portfolio strategies.
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