10 Best ULIP Plans in India 2019 High Return - UdtaPaisa



ULIP also referred to as the Unit Linked Insurance Plan is an investment cum insurance plan that provides the borrowers with insurance payout benefits such as education, retirement, life insurance, etc. In ULIP, the policyholder can pay the premium amount in monthly or annually basis. A part of the premium is used for the life insurance security and the rest amount is invested like a mutual fund. It is usually opened by an investor who seeks to provide the beneficiaries with coverage. The amount is paid by the owner in the form of premiums along with an intention to pay out the plan’s worth in a specified time frame.

The policyholder accumulates the units by making an investment through the policy terms that is 5 years, 10 years or 15 years. The amount of premiums depends on the terms of each ULIP. The payments of the premium are equally invested in the designated investments towards the specified coverage. ULIP investors can make certain changes to the fund preferences throughout the term of the investment. It also offers various investment options such as bond funds, stock funds, and diversified funds. ULIP allow for the coverage of the insurance policy along with premium payments assigned to funds that will increase the market rates over the passage of time.

High risk life insurance is life insurance coverage that is available for those who are considered a higher risk to insure than other people. ... High risk habits: Some of your lifestyle habits might be high risk, such as smoking cigarettes or cigars, or chewing tobacco.

The Unit Link Insurance Plan (ULIP) is the insurance plan where the amount paid by the investors for insurance policy is invested in equity, debt or money market instruments. This is a scheme that provides insurance with investment. The premium paid are eligible for tax deduction under section 80C.

The ULIPs provide not only the tax deduction benefits but are beneficial both for investment and life insurance policy. It gives the option of investing 100% of the amount and further allocating additional amount to the insurance policy. ULIPs are advantageous in long-term life related goals as well.

The ULIPs hold a lock-in period of 5 years. One can discontinue his ULIP plan after minimum 5 years of time if he does not wants to suffer any surrender charges. A person is allowed to get rid of the ULIPs plan only after paying the surrender charges that can be quiet high in case of traditional plans and can leave only a small amount of money.

ULIPs are more beneficial than the Recurring Deposits as although the bank does not deducts TDS (Tax Deducted at Source) on RDs but it is not a tax-free income. Hence RDs are taxable. While ULIPs are tax saving plans that provides tax deduction, currently saving upto 1.5 lacs on the premium paid investments.

Income proof
  • 1. Salary Slips
  • 2. Income Tax Returns
  • 3. Bank Statements
Identity Proof
  • 1. PAN card
  • 2. Voter ID card
  • 3. Aadhar Card
Address Proof
  • 1. Driving License
  • 2. Aadhar card
  • 3. Passport
Age Proof
  • 1. Driving License
  • 2. Voter ID card
  • 3. Aadhar card
  • 4. Passport

* Any other Identity proof or Address proof document can be submitted, subject to the Bank's satisfaction.

* Mandatory to provide Permanent address and telephone number.

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