Top Best ULIP Plans In India 2019

The unit-linked Insurance Plan (ULIP) is a market-based product that combines the best investments and insurance. It is a capital market regime that offers the opportunity to invest in equity funds or leverage funds based on risk appetite. This dual advantage, aided by the flexibility of the ULIP, makes it attractive for investment.

ULIPs classification by purpose

ULIP for retirement
This plan requires you to pay the premium for the duration of your employment. This amount is automatically collected as a corpus and used to earn a pension after retirement.

ULIP for the collection of assets (Wealth collection)
People are investing in this plan to build wealth over time. Such plans are recommended for people between the ages of 20 and 30 who invest in this plan. You have the opportunity to finance your future financial goals.

ULIP for the education of children
Some ULIP plans also support the education of a child. These plans protect the future of your child in unforeseen circumstances by pooling part of their money. This will ensure that important events in your child’s life never get into financial crisis.

ULIPs for health benefits
In addition, some ULIP plans help provide money for a medical emergency.

Classification by Death Benefit

ULIP plans type 1
In the Type I ULIP, the candidate receives the highest amount between the sum insured and the value of the fund as the death benefit for the candidate. However, if the insured dies in the initial years of the policy, if the value of the fund is less than the sum insured, the insurer will pay the agreed sum to the assured’s nominee. However, if the value of the Fund exceeds the sum insured, the death benefit is an amount accumulated in the Fund.

ULIP plans type 2
The nominee of the policyholder gets the sum of both i.e. Sum Assured and Fund Value, in the event of the death of the policyholder. As a rule, the insurance company charges an extra for the additional risk it incurs under Policy II by the policyholder.


Best ULIP Plan in India 2019


Bajaj Allianz Future Gain

Entry age 1 to 60 years
minimum premium Rs. 25,000
premium allocation charges 0% to 1.5%
Policy admin charges Rs 100 per Month
No. of free switches in a year Unlimited

Bajaj Allianz Future Gain is the first Best ULIP Plan In India 2019.


HDFC Life Pro-Growth Plus

Entry age14 to 64 years
minimum premium Rs. 2500 to
Rs. 10,000
premium allocation charges2.5% of Annual Premium
Policy admin charges2.5% of Annual Premium
No. of free switches in a year Unlimited

& it’s ranks second on our list To the best ULIP Plans In India 2019


Aegon Life iMaximise Secure Plan

Entry age 7 to 55 years
minimum premium Rs. 24,000 to
Rs. 36,000
premium allocation charges Nil
Policy admin charges Rs 100 per Month
No. of free switches in a year 4

& it’s ranks third on our list To the best ULIP Plans In India 2019


PNB MetLife Smart Platinum

Entry age 7 to 70 years
minimum premium Rs. 30,000 to
Rs. 60,000
premium allocation charges 1.25% per Annum (Maximum)
Policy admin charges Rs. 40 (Max)
No. of free switches in a year4

& it’s ranks fourth on our list To the best ULIP (Unit Linked Insurance Plans) In India 2019


MAX Life Fast Track Growth Fund

Entry age 18 to 50 years
minimum premium Rs. 25,000 to
Rs. 1,00,000
premium allocation charges 2% (Single Premium)to 4% (Annual Premium)
Policy admin chargesRs 1,500 per Year
No. of free switches in a year12

& it’s ranks fifth on our list To the best ULIP (Unit Linked Insurance Plans) In India 2019


SBI Life Wealth Assure

Entry age8 to 65 years
minimum premium Rs. 50,000
premium allocation charges3% of Single Premium
Policy admin charges Rs.45 per Month
No. of free switches in a year2

& it’s ranks sixth on our list To the best ULIP (Unit Linked Insurance Plans) In India 2019


SBI Life – eWealth Insurance

Entry age 18 to 50 years
minimum premium Rs 10,000 to
No Limit
premium allocation charges No Charge
Policy admin charges NA
No. of free switches in a year NA

& it’s ranks seven on our list To the best ULIP Plan In India 2019


ICICI Pru Wealth Builder II

Entry age 0 to 69 years
minimum premium Rs. 24,000 to
Rs. 48,000
premium allocation charges 3% to 4%
Policy admin chargesRs. 500 per Month
No. of free switches in a year NA

& it’s ranks eighth on our list To the best ULIP (Unit Linked Insurance Plans) In India 2019


LIC Market Plus-I Growth Fund

Entry age 18 to 65 years
minimum premium Rs. 5,000 to
Rs. 30,000
premium allocation charges3.3%
Policy admin chargesRs 60 per Month (Max)
No. of free switches in a year 4

Tata AIG Life Invest Assure II – Balanced Fund

Entry age 4 to 55 years
minimum premium Rs. 75,000 to
Rs. 1,20,000
premium allocation charges5% of Annual Premium
Policy admin charges0.25% of Annual Premium
No. of free switches in a year 12

& it’s ranks ninth on our list To the best ULIP Plan In India 2019


SUD Life Dhan Suraksha Plus

Entry age 8 to 50 years
minimum premium Rs. 24,000
premium allocation charges 6% of Annual Premium
Policy admin charges Rs. 6000 per Annum (Max)
No. of free switches in a year 1

& it’s ranks tenth on our list To the best ULIPs Plan In India 2019



7 Reasons Why ULIPs are Good Choice

As an investment and insurance policy, ULIP is one of the most productive options from which to select the asset. In this plan, the sum of your money is invested in the stock markets, which generates considerable returns and covers all risks as long as the policy remains valid.

Below are 7 advantages of ULIP which makes it fall under investment options:

  • 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) 

ULIP (Unit Linked Insurance Plan) | Zero Commission Plan | Explained In Hindi Watch more


Documents required for ULIP plan

Documents required to buy ULIP plans are as follows:
It’s a simple documentation process that only takes a few minutes. Through policy planner portal, you can ensure the comfort of your home. This also saves a lot of time and money. These are the basic documents you must present at the time of purchase.

  1. Proof of age: birth certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
  2. Proof of identity: Driver’s license, passport, voter registration number, PAN card, Aadhar card, proof of citizenship
  3. proof of address: Electricity bill, telephone bill, Ration card, driver’s license, passport, must clearly state the permanent address
  4. Proof of income: Proof of income indicating the income of the person who purchases the insurance
  5. Passport sized photo: to track the identity of the insured person for future transfers.

You may also like to read: How Is HDFC Life Click To Invest Beneficial In ULIP?


FAQ:

Question: What is a Switch in ULIP?

Answer: Switch is an option to move your money between equity funds and debt funds. You can use the switch option only if you have chosen the fixed portfolio strategy in your unit insurance policy. This only applies to money you have already invested in existing funds. To transfer your new premiums to a different fund, you can use the premium redirect service.

Question: What is premium redirect?

Answer: With a premium redirect, you can choose to invest your future premiums in a different fund. Previously invested premiums will remain in the same funds as you have chosen.

Question: What is settlement option in ULIP?

Answer: The choice to receive your benefit at maturity is equal annual payments over a five-year period called the settlement option.

Question: What is redemption?

Answer: Redemption is the buying back of something. The repurchase i.e. redemption the collection of the shares in the current NAV proposed by the company. This is applicable in the case of partial withdrawals, substitutions, maturities, redemptions, settlement options or the payment of the death benefit.

Question: What does the ‘ Cover Cessation Date ‘ means?

Answer: Cover cassation date is the date of termination of the coverage (maturity date) is the date on which your policy expires or the end of its term. On that date, your maturity benefit is payable to you.

Question: What is ULIP NAV?

Answer: The Net Asset Value (NAV) of a ULIP / Mutual Fund is the total value of its investments, net of eligible expenses.
NAV is calculated by adding ULIP / mutual fund holdings as a particular day, net of all liabilities such as management fees, operating expenses, marketing expenses, and other allowable expenses and expenses.
The net asset value represents the value of the total assets of the ULIP / mutual fund. It can be divided by the number of units held by investors and thus represent the net asset value per unit (NAV/unit).


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