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Benefits of ULIP and Reasons to Invest In It

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Benefits of ULIP and Reasons to Invest In It
April 27, 2023

The saying "as you sow, so shall you reap" holds true for almost everything that's associated with our lives. A good education can land you a good job. A healthy lifestyle can help you lead a normal life. If you work hard, you are bound to get good results.

All this holds true for an investment too. Why do you invest? So that you get good

Financial returns. Not just that, you save on taxes too. Isn't it so? Thus, it is essential that you invest in an entity that will give you benefits in the long run and also, be flexible as per your needs in the short run.

Unit-Linked Insurance Plans (ULIPs) are one such investment avenue that can fetch you good returns and at the same time, give you a life cover. It acts as your insurance provider and also helps you invest in equities of your choice for long-term needs. So, as a policyholder, a portion of your premium provides insurance cover to you, while the remaining portion is invested in equity and debt instruments.

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ULIP advantages: The three D's

1. Double bonus:

The double benefit of insurance and life cover makes it a unique investment. This dual role helps not just the policyholder, but also its dependents especially in the case of untimely death - when a claim is paid to the nominee on the sum assured.

2. De-taxable:

Let's not forget the tax benefit under section 80C as well as the exemption on all payouts under section 10D of the Income Tax Act, 1961.

3. Durable and flexible:

A great long-term investment option as you have the choice to put in your money where you want, and where you see the potential for it to grow. Further, you will get a better return in case you wish to withdraw from it say five years down the line. The return will be much more than what you may have got in a savings bank account.

In the wake of Long-Term Capital Gains (LTCG) tax making a return from the financial year 2018-19, ULIPs - a complete package in itself -- can be your preferred choice of investment as there is no such tax levied on long-term capital gains under the investments in ULIPs. Thus, with your investment objective such as child education, marriage, buying a house -- in place, you can invest in a ULIP-based plan that can ensure your wealth grows at the time of maturity.

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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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