It is important to get a thorough understanding of all the ULIP plans before investing in any of them. This article will help you regarding this by presenting a list of the best ULIP plans.
ULIP Plans is an abbreviation that stands for Unit-linked Insurance plan. It refers to a customised plan that offers facilities for both investment and insurance plans. ULIP can turn out to be an ideal plan for you if you are likely to invest in a range of assets like mutual funds, bonds and stocks.
You can customise your investment plan depending on your goals and risk tolerance. It also provides an additional benefit of tax saving along with the probability of adequate returns. ULIP investments can be broadened to lower the risks by increasing the Net Asset Value. There are many ULIP plans available out there. Here is a list of the best ULIP plans that offer great facilities.
Top ULIP plans of India
| Name of the company | Name of the Plans | Minimum Premium | Span of Entry |
| Life Insurance Corporation | LIC Endowment Plus | ₹ 3000 | From 90 days to 50 years |
| SBI Life Insurance | SBI Life Smart Wealth Assure | ₹ 4166 | From 8 to 60 years |
| HDFC Life Insurance | HDFC Life Click 2 Wealth | ₹ 3000 | From 30 days to years |
| HDFC Life Insurance | HDFC Life Progrowth Plus | ₹ 2500 | From 14 to 16 years |
| BajajAllianz Life Insurance | Bajaj Allianz Future Gain | ₹ 2500 | From 1 to 60 years |
| ICICI Life Insurance | ICICI Pru Signature | ₹ 5000 | From 0/30 days to 60 years |
| Bajaj Allianz Life Insurance | Bajaj Allianz Fortune Gain | ₹ 5000 | From 1 year to 63 years |
| Max Life Insurance | Max Life Platinum Wealth Gain | ₹ 166600 | From 91 days to 60 years |
| Aditya Birla Sun Life Insurance | Aditya Birla Sun Life Fortune Elite Plan | ₹ 3300 | From 1 month to 55 years (for five pay) up to 65 years |
| ICICI Prudential Life Insurance | ICICI Wealth Builder | ₹ 48000 | From 0 years to 69 years |
The above-provided list shows the best plans in India as of 2022. A detailed information regarding each of them is provided below.
LIC Endowment Plus
LIC has brought in its new Endowment Plus Plan, a Unit-linked Participating Policy. The plan guarantees non-participating endowment. The Plan provides an excellent combination of savings and safety. This offers an attachment of investment with insurance during the span of the policy term. The concerned ULIP plan provides four types of investment. Hence it is flexible while allocating funds. You can choose the category of the fund after paying the premium as well as the subtraction of allocated premium fees.
SBI Life Smart Wealth Assure
This plan is concerned with an increment in savings by participating in the capital market and building a collection for future purposes. To enjoy its benefits, you need to pay the premium once. The plan can benefit an individual by choosing a combination of two funds. Moreover, it also provides an additional accidental death benefit.
HDFC Life Click 2 Wealth
This is another ULIP plan that generates adequate returns alongside setting up a financial reserve. It is beneficial since it covers security for you and your family. HDFC Life Click 2 Wealth has three options which include: Premium Waiver for payment of the future premium by the insurer after the demise of the premium payer, Invest Plus option for increasing wealth and Golden Years Benefit to cover insurance up to 99 years of age.
HDFC Life ProGrowth Plus
This HDFC-provided plan comes with a regular premium. It allows you to opt for both the regular premium and the investment fund. On the amount specified by the policyholder, their regular premium, along with the allocation charges, is invested. After the term is over, one will receive the final accumulated value.
Bajaj Allianz Future Gain
This type of plan aims towards maximising profits by covering life insurance and capital market investments. It is an excellent plan for future wealth building. It is achieved by using the charged premium and funding them in debt and equity markets. Moreover, various flexible fund options are available. An option for assessing risk levels is another feature that comes along with this plan.
ICICI Pru Signature
The plan serves the special purpose of savings along with collateral protection. Besides covering life insurance, the ICICI Pru Signature plan provides multiple investment options to help you achieve your goal. Based on the investment, the insured can choose among four portfolio strategies and various funds across debts and equity. It allows you to withdraw cash anytime.
Bajaj Allianz Fortune Gain
The concerned plan offered by Bajaj is a type of single premium endowment plan. In this plan, 99.5% of the premium is allocated to ensure the full utilisation of the investment. The benefits to be received depend upon the amount you invest here. It reduces the charges to a minimum. This type of plan supports the creation of wealth through life insurance coverage and market-linked returns. Additionally, the planned total provides loyalty up to 3%% of the total premium.
Max Life Platinum Wealth Plan
Max Life Insurance has newly introduced this plan for individuals of High-Net-Worth. As it supports effective financial planning, it can help to secure your future. The plan is flexible and easy to invest in. It offers strategies that can help you to meet your future goals. Other benefits provided by this plan are multiple investment options, loyalty benefits, and, most importantly, life insurance coverage. Thus, it facilitates the growth of wealth.
Aditya Birla Sun Life Fortune Elite Plan
It is a Unit-Linked Insurance Plan one can participate in the market growth by investing premiums in unit accounts. It covers life insurance, offers protection, and ensures higher returns at the end of the term. The risk upon investment is related to the investment portfolio.
ICICI Wealth Builder
This plan is also known as the ICICI Prudential Wealth Builder plan. The policy helps you to increase your wealth by offering protection in life insurance and making market-linked investments. It is convenient and simple since investment needs to be done one time. Besides increasing wealth, it is functional in protecting the future of the family.
Conclusion
The aforementioned plans are some of the great ULIP plans. They offer many facilities, namely rider options, fund withdrawal, changing premium payment frequency, and a lot more. It allows investors to secure their future financially, along with an adequate plan of investment. Choosing the best ULIP plan will allow you to develop a hue corpus for accomplishing your future goals.
Did You know?:
ULIP plans have a 5-year lock-in term after which time they can be discontinued. After the lock-in period, there are no surrender fees or cancellation charges.
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