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Building a Family Investment Portfolio with ULIPs

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Build your Porfolio with ULIPS
November 17, 2023
 

If you are planning to build a family investment portfolio that is ideal for you and your loved ones, ULIPs can be your safest bet. Loaded with several added advantages, this hybrid investment plan is unlike any other traditional insurance policy.

A Unit Linked Insurance Plan, or ULIP, is a life insurance product that provides risk cover for the policyholder along with the option to invest in any number of qualified investments like bonds, mutual funds or stocks. Here, the investments made are subject to market risks, and are generally borne by the policyholder. Depending on your risk appetite, you can select the kinds of funds you want to invest in.

Since it is a single integrated plan, investment and protection can be managed according to the specific requirement of the policyholder. Considered to be one of the most versatile and innovative offerings in the insurance sector, here are some of its inherent benefits:

  1. Life Protection, Investment and Saving:

    Since ULIPs offers the dual benefits of life insurance and investment, policyholders can invest their money wisely and reap higher returns, while also protecting their familys needs. This proves to be extremely fruitful in building wealth over a period of time.

  2. Flexibility:

    ULIPs are extremely flexible in nature. You can switch between investment funds to match your needs. Based on your risk appetite, you can choose to invest your money in equity funds, balanced funds, or debt funds. In certain cases, you may also have the option to partially withdraw money from the fund.

  3. Tax Benefits:

    As with most insurance policies, the premium paid for the upkeep of your ULIP is exempt from tax under Section 80C of the Income Tax Act, 1961.

  4. Additional Coverage:

    ULIPs are investment plans disguised in the form of a hybrid insurance scheme. But, since it offers insurance, policyholders also have the opportunity to choose additional riders for better cover. The kind of rider you choose can depend on needs and financial goals. 

  5. Build Wealth:

    One of the most common reasons people invest in ULIPs is to build a strong financial base. Besides, its easy to invest in a policy that gives you a chance to focus on whats important for you.

ULIPs are sensible investment options, if you want a healthy fund balance that can be customised to fit your requirements and meet your long-term financial goals. Besides, to protect your interests, the Insurance Regulatory and Development Authority of India (IRDAI) monitors ULIPs offered by various companies and formulates regulation to keep investors from falling into any traps

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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