2024-07-11
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With the advent of technology, the insurance sector has also evolved and offers products as per the changing needs. Just like electronic gadgets, insurance products have also come up with two-in-one features. One such investment option is ULIP or Unit Linked Insurance Plan. This market-linked insurance product offers the dual benefits of insurance and investment under one single plan. In fact, it is considered as one of the best tax saving products. With ULIPs, you can assure that your money is not lying stagnant, rather you can use that money in generating wealth. In ULIPs, half of the premium that you pay goes towards life coverage and the rest is invested in market instruments. This insurance-cum-investment plan helps you to fulfil your long-term financial goals, be it buying a house, child’s education, marriage, etc.
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Besides, here’re the following benefits that shows what you are missing out on if you are not investing in ULIPs, take a look:
- Life Coverage: ULIPs offer protection along with the investment. It offers life cover that a policyholder’s family can fall back on in case of any unfortunate event or exigency.
- Tax Benefits: Not many of us are aware of the fact that ULIPs come with tax benefits. In fact, ULIPs are considered as the most efficient tax-saving instruments. As per Section 80C of the Income Tax Act 1961, you are liable to get tax benefits on the premiums paid towards the policy. Also, you can avail tax benefits under Section 10D of the Income Tax Act.
- 5-Year Lock-in Period: The lock-in period is basically the period during which you are not allowed to make any withdrawals. This long-term investment product comes with a lock-in period of 5 years so that you stay invested for a longer time. Although if you discontinue or surrender the policy during this period, then you will not receive any payouts. That’s because withdrawals are allowed only after the completion of the 5th policy year. Therefore, it is advisable to stay invested for a longer period to reap the maximum benefits.
- Achieve Long-Term Financial Goals: If you want to generate wealth in the long run, then ULIP is the perfect option for you. This is because ULIPs are linked with the stock market and there are high chances of earning great returns if you are planning to invest for the long run. It helps you in fulfilling long-term financial goals such as buying a new car, child’s higher studies, opening a start-up, etc. So for those who have long-term financial goals, ULIP is the right choice.
- Different Investment Funds: ULIPs offer a range of investment options to choose from. Depending on your risk appetite, ULIPs allow you to choose from a wide range of funds, which include debt funds, equity funds, etc. For example, if you are reluctant to take risks, then you can choose to invest in debt funds, while if you are a high-risk taker, then you can choose to invest in equity funds. Balanced funds are for moderate risk takers.
- Rider Benefit: ULIPs also come with additional benefit options i.e., riders. This is basically an additional cover that provides extra protection at an added cost.
- Switch Facility: One of the major benefits of ULIPs is that it gives you the flexibility to choose your fund option. They are highly flexible and thus, allows you to switch between funds as per the performance and market condition.
- Partial Withdrawal Option: This facility allows you to make partial withdrawals from the policy. Through this facility, you are allowed to withdraw money from your fund value after the completion of your policy term.
There are several benefits that make it an ideal option for investment. So, if you understand how the dual features of ULIP works, then you must make it a part of your financial planning as investing in ULIPs can be rewarding. Besides, if you are planning to invest in ULIPs online, then prefer to go with Canara HSBC Life Insurance. They offer a comprehensive Invest 4G plan which is designed specially to meet your insurance as well as investment benefits.
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.
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