Unit Linked Insurance Plan, or ULIP, is a market-linked product aggregating the insurance and investment. The ULIP scheme is linked to the capital market and provides flexibility to make investments in debt funds or equity funds depending on your risk appetite. Such dual benefits are backed by the elasticity of ULIPs make them attractive in terms of investments.
The New Generation ULIP Schemes
With the advent of internet digital era at its pinnacle, ULIPs have evolved according to the 4th generation. Thanks to the 4th generation ULIP schemes, the insurance providers are enabled to trade insurance schemes directly to their customers. This has assisted in knocking over the cost of the mediators.
You can now purchase a ULIP scheme directly from the insurance providers’ websites that can be compared online with various ULIPs to find the best as per your preference and requirements.
The new generation ULIPs, usually, have a longer lock-in period of 5 years, the fund managers have enough time, and the returns received are always higher while considering ULIPs with a long-term view. Moreover, a number of good online insurance companies offer risk cover for your ULIP plan.
Read About: What you need to know before ending your ULIP plan prematurely
Popular New Generation ULIPs
- Edelweiss Tokio Life – Wealth Plus
- Bajaj Allianz – Goal Assure
- Max Life Online Savings Plan
Edelweiss Tokio Life-Wealth Plus
Edelweiss Tokio Life Wealth Plus is a ULIP scheme which meets your investment requirements and needs by investing a 100 percent of the premiums paid by you and further allotting additional sum to the policy. This plan comes with Rising Star Benefits that makes sure that the financial future of your child is secured when you’re not around.
- Additional Allocation
- Invest funds depending on your risk appetite
- Tax Benefits
- Rising Star Benefits
Bajaj Allianz Life Goal Assure
Bajaj Allianz Life Goal Assure is a regular, individual, limited premium and non-participating Unit-Linked endowment scheme. The main advantages of this ULIP scheme are as mentioned below.
- Loyalty Additions
- Fund Booster at Maturity
- Return of Mortality charges at Maturity
- Choice of eight (8) funds
Max Life Online Savings Plan
Max Life Online Savings Plan offers two variants. Under both the variants, on maturity, you’ll qualify to get the Lump Sum amount, given settlement options have not been practiced, up to the Fund Value.
Under variant 1, a death benefit is described as the highest of the Sum Assured or 105 percent of the total premiums paid until the demise date or 0.5 times the product of Annualised Premium and Policy Term or the total Fund Value as on the demise date.
Under the second variant, a death benefit includes the Lump Sum benefit to be paid instantly on the demise of the policyholder, being subsequent with the regular payouts in form of Family Income Benefit along with the total Fund Value at the conclusion of the Policy Term.
Read About: What is ULIP Investment