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Unit Linked Insurance
Unit Linked Insurance Service By Dhanalakshmi Securities
A savings opportunity that offers the dual benefit of life insurance protection as well as growth on the capital.
What Is A Unit Linked Insurance
You may face a dilemma in life about whether to get an insurance or make some investments instead.
A ULIP is one of the types of life insurance policies in India that fulfill both these aspects. Amongst different types of life insurance, it is the one that offers life cover along with investment opportunities. Being one of the types of life insurance, it has a lock-in period of five years, which makes it a long-term investment instrument that comes with risk protection. ULIPs also allow you to balance your funds as per market dynamics.
Benefits
- Market linked returns
- Tax benefits
- Death Cover
Why you should invest in ULIP?
- Life cover: First and foremost, with ULIPs you get a life cover coupled with investment. It offers security that a taxpayer’s family can fall back on in case of emergencies like the untimely death of the taxpayer, etc.
- Income tax benefits: Not many are aware that the premium paid towards a ULIP is eligible for a tax deduction under Section 80C. Additionally, the returns out of the policy on maturity are exempt from income tax under Section 10(10D) of the Income-tax Act. This is a dual benefit that you can claim with this policy.
- Finance Long Term Goals: If you have long-term goals like buying a house, a new car, marriage, etc., then ULIP is a good investment option because the money gets compounded. As a result, the net returns are generally more. This stands true even if you want to exit after the 5 year lock-in period in comparison to not having invested the amount at all and retaining it in a savings account or in the form of an FD. But, under ULIP, the mantra is to always keep the policy going for a longer time horizon to reap the best out of it.
- The flexibility of a portfolio switch: As already mentioned, ULIPS are usually designed in a way that they allow you to switch your portfolio between debt and equity based on your risk appetite as well as your knowledge of how the market is performing. Insurance companies, on the other hand, allow a very few numbers of switches free of cost.
Endowment Policy
Endowment plans offer you guaranteed returns on the death of the insured or after maturity
Know MoreImportance of Unit Linked Insurance
Managing your finances during a pandemic to protect your savings and grow your wealth is tricky. Many people hop on the train of panic buying life insurance by looking specifically for an insurance plan that covers COVID-19. Fortunately, financial products like ULIP plans offer the dual advantage of investment and protection making them one of the preferred place to park your money during these trying times. You also have the option to manually switch your funds, or you may ask your insurance provider to automatically do so at regular intervals in line with product terms and conditions. Consult with us for more info.
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