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ULIPS are inherently more profitable than an ordinary insurance policy, and these higher returns come with the risk. Most people prefer to keep their insurance and investment separate. Still, anyone who has experienced the advantages of ULIP can tell you that they are infinitely better than the myriad investment plans in India.
Whatever sum is assured as you sign up for the policy is guaranteed according to the terms and conditions, provided that you pay the premiums regularly without terminating the policy. This is a significant capital protection.
Once you outlive the policy's maturity date, you will receive the entire assured sum without being affected by inflation rates. This life insurance is a fixed-cover product and will not give you profits, but the policy's investment element will.
Therefore, the equity fund has the potential to help you beat inflation and accrue a good amount of wealth while having your life insured.
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The death benefit or the sum assured is a fixed sum of money that will be returned to you no matter what, provided you meet all the terms and conditions and no premiums have been missed. However, the investment portion does not guarantee complete returns since it is market-linked - but it may also give you higher returns than you initially thought.
In the case of ULIPs, you will have to wait for a lock-in period of five years (usually) before you achieve liquidity, which implies that you will be eligible for redeeming units in which the premiums are invested in, premature withdrawal, or even surrendering of the policy at a loss.
ULIP maturity benefits are taxed at 10% as LTCG if the annual premium is above ₹2.5 lakh, but death proceeds remain tax-free.
Source: India Today
As financial stability grows more intricate and unpredictable, depending only on conventional savings or insurance policies is insufficient. You must invest in a well-structured, hybrid plan. For instance, ULIPs stand out as smart choices. They protect your capital, grow your wealth, and secure your family’s future all at once. However, the key to reaping the full benefits lies in aligning your investment choice with your risk tolerance, life goals, and long-term vision.
Take the first step with Canara HSBC Life Insurance. Our iSelect Guaranteed Future Plus is a versatile digital UPLIP for your unique needs. It comes with:
Life Cover + Guaranteed Benefits
Accidental Death Benefit
Premium Protection Cover
Explore the details now and get ready for high returns!
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
Canara HSBC Life Insurance offers online ULIP plans that blend life insurance protection with investment growth, helping you build wealth while securing your family's future.
