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Features of ULIPs & How It Works

ULIPs, or Unit Linked Insurance Plans, are one of the best ways to grow your wealth. These insurance policies are market-linked and offer dynamic returns based on market performance.

Author:IndiaFirst Life | Date:10 Mar 2023 | Time:16:29:00

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ULIPs, or Unit Linked Insurance Plans, are one of the best ways to grow your wealth. These insurance policies are market-linked and offer dynamic returns based on market performance. And as insurance policies, you also get life coverage benefits when you purchase a ULIP plan.  

India First Life Insurance understands that you have varying financial requirements, and to help you achieve your goals, we offer four distinct ULIP plans. Our plans are curated to help you achieve your specific financial goals. You can check out all our ULIP plans here. In the meanwhile, let’s learn more about how ULIPs work and their key features. 

How Does ULIP Work? 

At IndiaFirst Life, our ULIP plans are created with specific goals in mind. Our ULIPs are designed to help you save money, generate wealth, and fulfill your desires. Here’s a detailed look at how our plans help you achieve your goals. 

  • ULIP plans, just like other insurance products, offer a sum assured value based on your insurance premiums. 

  • The premium payment frequency is set annually, half-yearly, quarterly, or monthly.  

  • The premiums you pay are then divided into two broad categories. The major portion of your premium payments is invested in equities and securities. The ratio differs based on the ULIP plan of your choice. This is among the key features of ULIPs. 

  • A smaller section of the premium payment offers you a life coverage on your policy. 

  • At IndiaFirst Life, our ULIP plans invest in a variety of funds, ensuring wealth creation with varying risk appetites. 

  • ULIP plans offer the best returns over time. As the market balances itself, you will be more likely to get higher returns if you stay invested for a longer period. 

  • In case of your unfortunate demise, your appointed nominee will get the complete benefits of the policy, allowing them financial security and freedom. 

Key Features of IndiaFirst Life’s Unit-Linked Insurance Plans 

  • Investment Allocation

With ULIPs, you can set your investment goals as per your risk appetite. If you don’t have an appetite for risk, you can invest most of your funds in debts and securities. Similarly, if you want higher returns, you can invest more of your funds into equities. 

  • Fund Switch

Once you have selected your fund allocation, your selections are not set in stone. You can then change your allocation as per your wish to get more security or higher returns when you want. At IndiaFirst Life Insurance, we offer free fund switch options to all our ULIP policyholders. 

  • Partial withdrawal

Unlike other insurance policies, ULIPs allow you to partially withdraw your funds after a fixed lock-in period. The lock-in period, the number of times partial withdrawal is allowed, and the amount you can withdraw all depend on your chosen plan. 

  • Tax-saving Instrument

IndiaFirst ULIPs have major tax-saving benefits. The premiums you pay for your policy are tax deductible upto 1.5 lakh rupees per year under section 80C subject to conditions mentioned u/s 80C. The maturity amount of your policy is also tax-free, as per section 10 10(D) subject to conditions mentioned u/s 10 10(D). This makes ULIPs one of the best insurance policies for maximum tax savings. 

  • Multiple Investment Options

As per your choice, you can set the frequency of your premium payments. The options available are yearly, half-yearly, quarterly, and monthly. With IndiaFirst Life, you can change these investment options at any time.

Conclusion

Now that you know how ULIPs work, with IndiaFirst Life ULIP plans, you can invest safely and get great returns over time. To learn more or buy our policies, check out the link here

BY

IndiaFirst Life

Headquartered in Mumbai, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), with a paid-up share capital of INR 754.37 crore, is one of the fastest growing private life insurers in India in terms of New Business IRP in Fiscal 2023. Our key differentiators are our simple, easy-to-understand products that are optimally priced. As of Sept 30, 2023, we offered 30 retail products, 13 group products along with six riders (across retail and group portfolios), along with policies under the PMJJBY scheme, catering to protection, savings, health and retirement needs of our customers, leveraging multiple distribution capabilities and augmenting various investment options. In all propositions under the categories of Participating Plans, Non-Participating Savings Plans, Non-Participating Protection Plans, Unit Linked Insurance Plans, Group Protection Plans, Corporate Funds Plans, Riders & PMJJBY form a complete suite of offerings that help our customers prepare for the certainties of life. Our products are easy to understand and optimally priced with a developed comprehensive risk management framework/policy.

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