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Types Of ULIPs - Goal Based & Retirement Oriented


December 26, 2019

By : Bajaj Allianz Life

A ULIP plan offers its policyholders dual benefits of investment and insurance in a single product. Moreover, its flexibility and transparency attracts a lot of investors. Due to its multiple advantages, it has become a popular life insurance product.

Before opting for a ULIP (Unit Linked Insurance Plan) policy, consider your financial needs which would also take into consideration the needs of your entire family. Additionally, evaluate your needs to select the right sum assured.

Get your Life Goals Done

Every individual has certain life goals which he wishes to achieve. Sooner or later, these life goals get lost in the hustle of life. ULIPs make it easier to turn those unfulfilled dreams into reality. These policies have multiple investment strategies that could help you accomplish get your life goals. Some of the benefits are listed below:

1. Some ULIP policies offer the policyholders Return of Mortality Charge (ROMC) at maturity which means return of life cover charges deducted throughout the policy term at the time of maturity

2. Allows an individual to obtain the maturity amount in instalments.

3. Some ULIPs let an investor change the tenure of the premium payment as well as decrease the sum assured value if need be.

4. Some ULIPs provides the policyholders with loyalty additions for long-term investment where the plan provides more value for staying invested as per the terms and conditions mentioned under the policy 5. Some ULIPs make provision for fund boosters in case the policy is for ten years and above. Fund booster is added to the regular premium fund value to enhance your returns.

The eligibility criteria for goal-based ULIPS are:

i. Age

The policyholder must complete 18 years to invest in a goal-based ULIP. The maximum age of an individual to get such a policy is 60 years. In the case of the maturity age, the maximum number of years of a policyholder should be 75 years. As an alternative, a parent can always consider a ULIP to plan for his children’s life goals. A life Assured who is a minor can also have goals and can take a ULIP with his/her parent being the policyholder.

ii. Premium

Policy holder has options for different premium payment modes. The premium payment term depends upon the policy tenure ranging from 5 years to 71 years. For instance, if you opt for a policy of 5 years, the premium payment term will be the same. Moreover, you can pay the premium in instalments (monthly, quarterly, half-yearly, yearly) or in a lump-sum amount.

II. Get your Early Retirement Goals Done

A majority of people prefer achieving certain goals like travelling, pursuing hobbies, and so forth during their retirement period. Retirement marks the beginning of stress-free golden years of your life. A retirement focussed ULIP plan could help an individual to meet long-term retirement life goals. Take a look below to understand some of its major advantages:

1. Such a policy provides a steady flow of income to help you meet your retirement goals

2. Such a policy makes provision for a whole life cover for you and your spouse

3. It grants the policyholder with a retirement income for up to 99 years of age depending on conditions stated therein

4. It may offer return of life coverage charges

5. It may provide loyalty additions to the policyholder after every five years of the ULIP policy

6. It provides the policyholders with a periodical return of waiver of premium where there is a provision that allows the insured not to pay premiums during a period as stated in the terms and conditions of the policy depending on the variant a policyholder has opted for while purchasing the plan

7. It lets an investor select from different investment strategies.

The eligibility criteria for Retirement oriented ULIPs:

i. Age

To invest in a retirement oriented ULIP, the policyholder must complete 18 years of age, however this plan can be bought for your children as well. The maximum age of an individual to buy the policy is 65 years – 80 years depending on the conditions specified therein within the policy.

ii. Premium

The premium payment varies based on the term you have selected. A policyholder can pay the premium quarterly, monthly, yearly, or half-yearly.

To sum up, ULIPs can help you get your life goals as well as early retirement life goals done. One must select a ULIP plan on the basis of their needs. It could be getting an early retirement or achieving a life goal like opening a start-up, planning your child’s education or planning a Europe trip for your parents etc.

While retirement oriented policies could provide financial security during retirement, Goal-based ULIPs could help you achieve your dreams and aspirations. Hence, select your plans based on your own needs. It is always a good practice to consult a financial advisor before taking crucial investment decisions.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.