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About ULIP Plans

Unit Linked Investment Plans (ULIPS): Invest in ULIP for availing dual benefits of insurance and investment. Select from the best ULIPs at Deal4Insurance.

What is ULIP?
A ULIP or unit linked insurance plan is a market-linked product that aggregates the very best of investment and insurance. It is a plan which is linked to the capital market and offers flexibility to invest in equity or debt funds as per risk appetite. Such dual benefit backed by the flexibilities of ULIPs turn them attractive in terms of investment.

For the initial 10 years of the policy term, IRDA in 2010 capped the proposed annual charges of ULIPs at 2.25 percent. At present, several insurance firms have cut commissions and other charges, and as a result, some of the ULIPs launched in recent years are cheaper than mutual funds.

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Types of ULIP Plans

ULIPs are best classified on the basis of purpose they serve.

1. ULIP for Retirement - In this plan, you need to make the payment during your tenure with your employer, which is automatically collected in a corpus amount, which is paid in the form of annuities to a policyholder after retirement.

2. ULIPs for Wealth Collection – This plan primarily accumulates your wealth over a period of time. Such plans are recommended for people who are in the late twenties and early thirties and by investing in this plan; they get the flexibility to fund their any future financial goal.

3. ULIP for Children Education – As a parent, you want to ensure that no unforeseen event affects your child’s overall education in any condition. There are several ULIP plans that provide money in small chunks in the key events of your children’s life. This ensures that no unforeseen even hinders their life in any manner.

4. ULIPs for Health Benefits – In addition to some common benefits, ULIPS efficiently provide financial assistance to meet medical contingencies.

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Best ULIP Plans in India in 2016

1. SBI Life Wealth Assure

2. MAX Life Fast Track Growth Fund

3. Tata AIG Life Invest Assure II – Balanced Fund

4. PNB MetLife Smart Platinum

5. Bajaj Allianz Future Gain

6. Aegon Life iMaximise Secure Plan

7. SUD Life Dhan Suraksha Plus

8. HDFC Life Pro Growth Plus

9. ICICI Pru Wealth Builder II

10. LIC Market Plus-I Growth Fund

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7 Reasons Why ULIPs are Good Choice


  • Transparent structure, features, and charges

  • Flexibility to switch between funds

  • In cover option

  • Different premium paying frequencies

  • Various fund options to suit both risk takers and averters

  • Rider options for additional coverage

  • Tax benefit u/s 80C, 80D and 10 (10D)

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Type of ULIP Plans

Type 1 ULIP Plans

In case of death of the policyholder, the nominee receives death benefit which is equal to higher of the sum assured or fund value by the insurance company.

The mortality charge in type 1 ULIP keeps on reducing every year as the sum at risk reduces. The sum at risk is the difference between the accumulated fund value and sum assured under the policy. In other words, it is the amount an insurance company pays from its own pocket in the event of the death of the policyholder.

Let’s understand this with the help of an example. Suppose, the insured took a ULIP plan with a sum assured of Rs. 50 lakh. He has paid the premium for 7 years and the fund value has now grown to Rs. 28 lakh. In the event of the death of the policyholder, the beneficiary will receive Rs. 50 lakh, the higher of sum assured (Rs. 50 lakh) or fund value (Rs. 28 lakh).

Type 2 ULIP Plans

When a policyholder dies, the death benefit received by the nominee in case of type 2 ULIP is equal to sum assured plus fund value.
One thing to note is that premiums for type 2 plans are higher than those for type 1 ULIP plans. A Type 2 ULIP plan also considers mortality rates with every policy year because the risk of death increases with age.

As above, let us look at an example to understand the concept better. Taking the above scenario where the insured has taken a ULIP plan with a sum assured of Rs. 50 lakh. And the policyholder has paid the premium for 7 years, which has resulted in fund value now standing at Rs. 28 lakh. In the event of the death of the policyholder, the beneficiary or nominee will receive Rs. 78 lakh, i.e. sum assured (Rs. 50 lakh) plus fund value (Rs. 28 lakh).

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ULIP Charges

ULIPs do have certain charges associated with them, which can be sub-divided into multiple categories. Following are the one you must know:

Premium Allocation Charges – The charges, namely premium allocation charges are imposed - beforehand on the premium paid by the investor. These are the initial expenses incurred by a company in issuing the policy, like medical expenses and underwriting cost.

Policy Administrative Charges - These charges are deducted regularly for the recovery of expenses borne by the insurance company for maintaining a life insurance policy.

Surrender Charges– These charges refer to the deduction for full or partial encashment of premature units subject to the policy documents. These charges are levied as a percentage of the fund value or as a percentage of the premium.

Mortality Charges – The expenses, namely mortality charges are borne by the insurer to provide a life cover to insured, which vary with the age and sum assured of the policy. These charges are deducted on a monthly basis.

Fund Management Charges – The aggregated sum through ULIP funds is invested in equity instruments and debt. The insurer bears these charges for fund management, which vary with both fund and plan. The amount is subject to deduction calculating the net asset value or NAV.

Fund Switching Charge – ULIP plans enable you to invest your hard-earned money in different fund options that further have multiple debts equity exposure as well as provide you with the option to switch between different funds for which your insurance company will charge the switching fee. Most of the policies provide few free switches every year.

Discontinuance Charges – On premature discontinuation of a plan within lock-in period, the insurer deducts a small fee. Since these charges are preset by IRDA, these are the same for almost all policies.

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ULIP Checklist: Things you should Care Before Investing

ULIP is a complex financial product. It comes in a lot of variants, each with its unique set of features and benefits. Buying it can be a mind-boggling process. However, if you will follow these simple steps, the process of choosing a right ULIP can become hassle-free.


  • It is always good to have the know-how of the working of a ULIP. Do your homework well and read as much as you can about ULIPs before investing.

  • You should know charges levied on entry and exit of the policy.

  • Keep your focus on your investment goals rather than getting swayed by some luring feature of a ULIP. Identity a plan that best suits to your risk appetite and financial health. If you have a high-risk appetite, then you must opt for a high-risk high-return fund.

  • Carefully examine how the fund has performed in the past 2 to 3 years while the benchmarks remain indices like BSE or Nifty.

  • Compare ULIP products of different insurance companies in terms of premium payments, scheme performance, additional facilities and cost structure.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
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Testimonials

Few of our clients & their testimonials

See what our clients have to say about our services at Deal4Insurance.com and read through some testimonials that they have given.

Excellent service Deal4Insurance.com, compared and purchased health insurance for my parents in about 5 minutes. Nice layout and very simple. Cheers! "

-Prashant Sultania IT Professional, Bangalore

"I consider myself lucky to come through Deal4Insurance.com, really easy to buy an insurance policy on it. I bought Health insurance for me and my wife in just few minutes time. Very easy to use. "

- Neeraj Marketing, Haryana

"I was panicking when I realised travel agent didn’t provide the insurance for the trip just before the travel day . I found Deal4Insurance.com was quite helpful and got sorted instantly over a phone call. Great Service. "

-Sumanta Paul IT Professional, Mumbai

I did my vehicle insurance through Deal4Insurance.com earlier, so when the insurance of vehicle fleet expired I contacted them. They did a great a service to renewing them immediately without much hassle.

- Chandan Sharma Aum Express, Delhi

I met with an accident last month with my i20, contacted Deal4Insurance.com and they helped me through towing and cashless repairment. I was quite impressed by the professional approach and speedy service.

- Apurba Barman Impulse, Kolkata

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