ULIP Plans in India for NRI

ULIPs or Unit Linked Insurance Plans offer a dual financial solution of wealth creation with insurance. This investment plan combines the benefits of insurance coverage with investment opportunities for a Non Resident Indian (NRI). ULIP in India also provides NRIs with tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

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6.7 Crore
Registered Consumers
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Insurance Partners
3.4 Crore
Policies Sold
Large Cap
Mid Cap
Balanced
Debt
Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Top 200 Fund
Fund Size: 1,663 Cr
1,663 Cr
152.36 1.11%
26.54% Highest Returns
21.71%
20.86%
Get Details
Virtue II
Fund Size: 2,894 Cr
2,894 Cr
66.72 0.60%
22.69% Highest Returns
19.01%
18.63%
Get Details
Pure Equity
Fund Size: 2,337 Cr
2,337 Cr
68.4 0.76%
18.83% Highest Returns
15.54%
17.7%
Get Details
Growth Opportunities Plus Fund
Fund Size: 961 Cr
961 Cr
65.74 0.50%
18.63% Highest Returns
16.39%
17.36%
Get Details
Pure Stock Fund
Fund Size: 6,464 Cr
6,464 Cr
138.94 1.24%
17.33% Highest Returns
15.03%
17.09%
Get Details
Large Cap Equity Fund
Fund Size: 2,544 Cr
2,544 Cr
65.98 0.73%
20.37% Highest Returns
18.21%
16.73%
Get Details
Super Select Equity Fund
Fund Size: 1,245 Cr
1,245 Cr
69.86 0.62%
16.75% Highest Returns
14.37%
16.6%
Get Details
Grow Money Plus Fund
Fund Size: 425 Cr
425 Cr
62.52 0.51%
17.47% Highest Returns
16.1%
16.48%
Get Details
Frontline Equity Fund
Fund Size: 3,212 Cr
3,212 Cr
60.3 0.68%
17.91% Highest Returns
15.42%
16.26%
Get Details
Build India Fund
Fund Size: 39 Cr
39 Cr
56.09 0.49%
16.39% Highest Returns
15.14%
16.11%
Get Details
Whole Life Aggressive Growth Fund
Fund Size: 755 Cr
755 Cr
80.53 0.40%
17.7% Highest Returns
15.75%
15.98%
Get Details
Equity Top 250 Fund
Fund Size: 551 Cr
551 Cr
53.67 0.39%
15.5% Highest Returns
13.19%
15.14%
Get Details
Top 50 Fund
Fund Size: 274 Cr
274 Cr
86.18 0.91%
17.58% Highest Returns
16.26%
15.09%
Get Details
Accelerator Fund
Fund Size: 230 Cr
230 Cr
43.42 0.40%
17.88% Highest Returns
15.71%
14.87%
Get Details
Equity Growth Fund II
Fund Size: 4,836 Cr
4,836 Cr
66.38 0.62%
14.64%
13.83%
14.83% Highest Returns
Get Details
Future Apex Fund
Fund Size: 83 Cr
83 Cr
50.43 0.47%
17.54% Highest Returns
15.04%
14.64%
Get Details
Blue Chip Fund
Fund Size: 8,677 Cr
8,677 Cr
45.77 0.42%
14.59% Highest Returns
13.69%
14.41%
Get Details
Growth Super Fund
Fund Size: 13,759 Cr
13,759 Cr
73.45 0.79%
15.13% Highest Returns
14.49%
14.21%
Get Details
Maximiser
Fund Size: 2,892 Cr
2,892 Cr
61.04 0.74%
15.22% Highest Returns
13.95%
14.1%
Get Details
Enhancer Fund-II
Fund Size: 898 Cr
898 Cr
51.26 0.52%
14.4% Highest Returns
13.49%
13.74%
Get Details
Multi Cap Growth Fund
Fund Size: 19,082 Cr
19,082 Cr
48.06 0.35%
13.44%
11.12%
13.72% Highest Returns
Get Details
Equity Fund
Fund Size: 66,368 Cr
66,368 Cr
183.02 1.68%
14.54% Highest Returns
13.41%
13.61%
Get Details
Value & Momentum
Fund Size: 664 Cr
664 Cr
42.81 0.69%
14.48% Highest Returns
9.14%
13.43%
Get Details
Equity Large Cap Fund
Fund Size: 493 Cr
493 Cr
51.54 0.52%
13.79% Highest Returns
12.31%
13.42%
Get Details
Bluechip Equity Fund
Fund Size: 1,074 Cr
1,074 Cr
40.87 0.46%
15.95% Highest Returns
14.69%
13.27%
Get Details
Future Opportunity Fund
Fund Size: 71 Cr
71 Cr
38.83 0.37%
16.02% Highest Returns
13.8%
13.27%
Get Details
Bluechip Fund
Fund Size: 4,390 Cr
4,390 Cr
41.7 0.38%
14.13% Highest Returns
12.81%
13.22%
Get Details
Super 20
Fund Size: 1,956 Cr
1,956 Cr
58.59 0.60%
14.53% Highest Returns
13.82%
13.21%
Get Details
Magnifier
Fund Size: 1,261 Cr
1,261 Cr
111.18 1.21%
13.56% Highest Returns
12.46%
13%
Get Details
Maximiser Fund V
Fund Size: 55,394 Cr
55,394 Cr
48.59 0.46%
14.4% Highest Returns
12.66%
12.75%
Get Details
Future Maximize Fund
Fund Size: 89 Cr
89 Cr
49.49 0.41%
14.36% Highest Returns
12.41%
12.3%
Get Details
Equity II Fund
Fund Size: 3,400 Cr
3,400 Cr
37.66 0.31%
12.24% Highest Returns
11.03%
11.85%
Get Details
Growth Plus Fund
Fund Size: 552 Cr
552 Cr
33.11 0.27%
12.26% Highest Returns
10.8%
11.69%
Get Details
Blue-Chip Equity Fund
Fund Size: 1,054 Cr
1,054 Cr
32.25 0.25%
12.24% Highest Returns
11.78%
11.54%
Get Details
Growth Fund
Fund Size: 8,706 Cr
8,706 Cr
98.25 0.68%
11.07% Highest Returns
10.21%
10.59%
Get Details
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Whole Life Mid Cap Equity Fund
Fund Size: 11,380 Cr
11,380 Cr
130.89 0.55%
22.82% Highest Returns
17.54%
21.83%
Get Details
Midcap Fund
Fund Size: 1,340 Cr
1,340 Cr
83.83 0.46%
22.36% Highest Returns
16.52%
19.93%
Get Details
High Growth Fund
Fund Size: 5,651 Cr
5,651 Cr
96.53 0.73%
26.41% Highest Returns
20.95%
19.59%
Get Details
Multiplier
Fund Size: 4,058 Cr
4,058 Cr
84.42 1.28%
18.66%
15.48%
19.31% Highest Returns
Get Details
Accelerator Mid-Cap Fund II
Fund Size: 5,938 Cr
5,938 Cr
76.89 0.52%
18.17%
14.69%
18.75% Highest Returns
Get Details
Opportunities Fund
Fund Size: 35,583 Cr
35,583 Cr
67.61 0.36%
18.59% Highest Returns
14.61%
18.27%
Get Details
Classic Opportunities Fund
Fund Size: 12,743 Cr
12,743 Cr
61.19 0.63%
16.46% Highest Returns
14.01%
15.78%
Get Details
Flexi Cap
Fund Size: 1,350 Cr
1,350 Cr
49.49 0.50%
16.49% Highest Returns
14.53%
14.68%
Get Details
Opportunity Fund
Fund Size: 2,949 Cr
2,949 Cr
51.91 0.41%
15.65% Highest Returns
13.85%
14.61%
Get Details
Save N Grow Money Fund
Fund Size: 67 Cr
67 Cr
54.45 0.32%
10.75%
10.37%
11.39% Highest Returns
Get Details
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Whole Life Stable Growth Fund
Fund Size: 241 Cr
241 Cr
55.25 0.25%
14.3% Highest Returns
12.62%
12.93%
Get Details
Balanced Fund
Fund Size: 344 Cr
344 Cr
42.84 0.35%
12.38% Highest Returns
11.08%
12.22%
Get Details
Balancer II
Fund Size: 836 Cr
836 Cr
36.13 0.25%
11.85% Highest Returns
10.72%
11.11%
Get Details
Creator
Fund Size: 523 Cr
523 Cr
91.65 0.50%
10.66%
10.01%
11.09% Highest Returns
Get Details
Stable Fund
Fund Size: 21 Cr
21 Cr
32.01 0.24%
11.76% Highest Returns
11.1%
10.93%
Get Details
Multi Cap Balanced Fund
Fund Size: 2,126 Cr
2,126 Cr
37.88 0.21%
10.53%
9.21%
10.84% Highest Returns
Get Details
Managed Fund
Fund Size: 41 Cr
41 Cr
34.67 0.15%
9.5%
8.84%
10.41% Highest Returns
Get Details
Balanced Plus Fund
Fund Size: 2,129 Cr
2,129 Cr
29.57 0.18%
10.23% Highest Returns
8.99%
9.95%
Get Details
Future Balance Fund
Fund Size: 70 Cr
70 Cr
36.26 0.24%
10.15% Highest Returns
9.21%
9.71%
Get Details
Balanced Fund-II
Fund Size: 141 Cr
141 Cr
32.87 0.19%
9.59%
8.71%
9.6% Highest Returns
Get Details
Enhancer
Fund Size: 6,003 Cr
6,003 Cr
97.65 0.26%
8.57%
8.06%
9.06% Highest Returns
Get Details
Cautious Asset Allocator Fund
Fund Size: 36 Cr
36 Cr
31.5 0.09%
6.77%
6.41%
7.54% Highest Returns
Get Details
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Pure Fund
Fund Size: 487 Cr
487 Cr
46.47 0.36%
16.5% Highest Returns
13.44%
16.15%
Get Details
Builder
Fund Size: 243 Cr
243 Cr
84.14 0.12%
8.11%
7.8%
9.26% Highest Returns
Get Details
Whole Life Income Fund
Fund Size: 777 Cr
777 Cr
36.27 0.11%
7.25%
7.05%
8.38% Highest Returns
Get Details
Debt Fund
Fund Size: 466 Cr
466 Cr
34.35 0.11%
7.44%
6.87%
8.17% Highest Returns
Get Details
Protector
Fund Size: 305 Cr
305 Cr
60.74 0.02%
7.03%
6.86%
8.16% Highest Returns
Get Details
Dynamic Gilt Fund
Fund Size: 202 Cr
202 Cr
42.61 0.18%
6.52%
6.54%
8.14% Highest Returns
Get Details
Income Advantage
Fund Size: 832 Cr
832 Cr
37.57 -0.05%
7.1%
6.88%
7.96% Highest Returns
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Steady Money Fund
Fund Size: 75 Cr
75 Cr
36.57 0.10%
6.58%
6.36%
7.91% Highest Returns
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Dynamic Bond Fund
Fund Size: 1,433 Cr
1,433 Cr
46.13 0.15%
6.64%
6.44%
7.89% Highest Returns
Get Details
Bond Fund
Fund Size: 22,648 Cr
22,648 Cr
44.61 0.14%
6.54%
6.22%
7.68% Highest Returns
Get Details
Income Fund
Fund Size: 9,030 Cr
9,030 Cr
29.08 0.07%
6.38%
6.33%
7.66% Highest Returns
Get Details
Secure Fund
Fund Size: 1,021 Cr
1,021 Cr
41.75 0.12%
6.57%
6.17%
7.61% Highest Returns
Get Details
Preserver II
Fund Size: 80 Cr
80 Cr
26.38 0.10%
6.42%
6.05%
7.3% Highest Returns
Get Details
Future Income Fund
Fund Size: 83 Cr
83 Cr
33.57 0.12%
5.53%
5.37%
7.05% Highest Returns
Get Details
Protector II
Fund Size: 774 Cr
774 Cr
26.9 0.09%
6.02%
5.62%
7.05% Highest Returns
Get Details
Assure
Fund Size: 279 Cr
279 Cr
42.25 -0.03%
6.15%
6.4%
6.99% Highest Returns
Get Details
Whole Life Short-Term Fixed Income Fund
Fund Size: 234 Cr
234 Cr
32.08 0.00%
5.79%
6.05%
6.78% Highest Returns
Get Details
Money Market Fund
Fund Size: 394 Cr
394 Cr
32.29 -0.01%
5.09%
5.52%
6.35% Highest Returns
Get Details
Bond Fund-II
Fund Size: 72 Cr
72 Cr
25.16 0.06%
4.78%
4.44%
6.3% Highest Returns
Get Details
Liquid Plus
Fund Size: 251 Cr
251 Cr
21.34 -0.01%
5%
5.49%
6.14% Highest Returns
Get Details
Dynamic Floating Rate Fund
Fund Size: 20 Cr
20 Cr
35.27 -0.01%
4.94%
5.16%
6.12% Highest Returns
Get Details
Liquid Fund
Fund Size: 72 Cr
72 Cr
73.51 -0.03%
4.39%
4.73%
5.54% Highest Returns
Get Details
Safe Money Fund
Fund Size: 57 Cr
57 Cr
23.01 0.00%
4.06%
4.45%
5.25% Highest Returns
Get Details
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Best ULIP Funds - Consider the best performing ULIP funds to invest in 2024 with Policybazaar. Find the list of best ULIP funds in India on the basis of Returns, Latest Nav, Fund Size and Categories

Data source : value research

Returns as on 17-04-2024. The returns are the returns of best-performing fund in the plan

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What is a ULIP?

The full form of ULIP is Unit Linked Insurance Plan. It is an investment plan for NRIs (Non-Resident Indians) in which a portion of your premium goes towards life insurance coverage, and the rest is invested in the chosen market linked funds like-

  • Equity funds

  • Debt funds

  • Hybrid Funds

  • Index Funds

With options to invest in a diverse range of funds, ULIP plans empower NRIs to customize their investment portfolios according to their risk appetite and financial goals.

Key Features of Best ULIP Plans 2024 in India for NRI

The key features of ULIP investment plans for NRI are listed below:

  • Flexible premium payment options

  • Choice of investment funds (equity, debt, balanced)

  • Partial withdrawal facility

  • Option to switch between funds

  • Life insurance coverage

  • Tax benefits under Indian tax laws

  • Transparency in charges and fees

  • Potential for market-linked returns

  • Suitable for long-term wealth accumulation and financial planning

Best ULIP Plans 2024 in India for NRI

You can compare the top ULIP plans for NRIs in India from the following table:

Plan Names Entry Age Maximum Maturity Age Minimum Investment Amount (annually) 10 Year Returns 
Bajaj Allianz Invest Protect Goal 18 years  40 years ₹50,400 19.20%
TATA AIA Smart Sampoorna Raksha 18 years  40 years ₹55,300 18.90%
HDFC Life Sampoorn Nivesh 0 years  40 years ₹12,000 16.70%
HDFC Life Smart Protect Plan 18 years  40 years ₹50,000 14.50%
TATA AIA Fortune Pro  18 years  40 years ₹12,000 22% 
Bajaj Allianz Goal Assure II 18 years 20 years ₹36,000 21.20%
Bajaj Allianz Smart Wealth Goal II 18 years 30 years ₹12,000 21.20%
Aditya Birla Wealth Aspire Plan 18 years  40 years ₹40,000 20.40%
PNB Metlife Mera Wealth Plan 18 years  30 years ₹12,000 18.40%
Bharti AXA Wealth Maximizer 18 years  30 years ₹24,000 17.60%
Kotak Life E-Invest 18 years  20 years ₹12,000 16.30%
Edelweiss Tokio Wealth Secure+ 0 years  25 years  ₹12,000 15.10%
Future Generali Big Dream  18 years  20 years ₹18,000 15%
LIC SIIP Plan 18 years  25 years  ₹40,000 17.20% (RSI)
SBI Life eWealth Insurance  5 years 30 years  ₹24,000 16.10% (RSI)
ICICI Pru LifeTime Classic  0 years 25 years ₹30,000 221.10%
Aviva i-Growth 18 years 20 years ₹48,000 14.10%

Key Factors to Consider for an NRI Before Investing in ULIP -India

An NRI should consider the following factors before starting to invest in a ULIP plan in India:

  • Currency exchange rates: Consider fluctuations that can affect returns.

  • Tax implications: Understand tax laws in India and your home country.

  • Lock-in period: Assess if it aligns with your investment goals and liquidity needs.

  • Charges: Evaluate various fees associated with ULIPs and compare with other investment options.

  • Fund performance: Research the track record of the ULIP's underlying funds.

  • Insurance coverage: Analyse the extent of coverage provided along with investment benefits.

  • Long-term commitment: Determine if you are comfortable with the investment horizon and potential risks.

Tax Benefits of ULIP in India for NRI

The best ULIP plans provide the following tax benefits for an NRI in India:

  • Deductions:

    • Section 80C: Deduct up to ₹1.5 lakh on premiums paid annually.

    • Death Benefit: Entire amount received by the nominee is tax-free.

  • Maturity Benefit:

    • Exempt if:

      • Premium ≤ ₹2.5 lakh per year (policies bought after Feb 1, 2021); OR

      • Premium ≤ 10% of Sum Assured (policies bought before Feb 1, 2021).

    • Taxed as capital gain if above limits are exceeded.

Types of ULIP Plans in India for NRI

Classification Type Description Suitable for NRIs with goals of
By Purpose Child Education Premiums help build a corpus for child's education. Securing a child's education even if a parent dies abroad.
Retirement Premiums invest for retirement corpus. Building retirement savings while abroad.
Wealth Creation Focuses on wealth accumulation through market-linked investments. Growing wealth over the long term while abroad.
Health Provides financial cover for medical expenses. Managing healthcare costs while abroad.
By Death Benefits Type 1 (Sum Assured + Fund Value) Death benefit is sum assured + accumulated fund value (market-linked). Lower premiums, but death benefit may not grow significantly.
Type 2 (Higher Sum Assured) Death benefit is guaranteed higher sum assured, regardless of fund value. Higher premiums, but guaranteed larger death benefits.

Types of Market Linked Funds in ULIP for NRI

Market-linked funds in ULIPs for NRIs can be broadly categorized into three types:

Equity Funds: These funds invest primarily in stocks, which offer the potential for high returns but also come with higher risk. Equity funds are suitable for NRIs with a long-term investment horizon and a high risk appetite.

Debt Funds: These funds invest in fixed-income securities such as bonds and government securities. Debt funds offer lower returns than equity funds but also carry lower risk. Debt funds are suitable for NRIs who want to preserve their capital and earn stable returns.

Balanced Funds: These funds invest in a mix of equity and debt assets, offering a balance between risk and return. Balanced funds are suitable for NRIs who want to diversify their portfolio and moderate their risk exposure.

Illustration of Working of ULIP in India

Let us take an example of Sameer to understand the working of ULIP Plans.

  • Age of Sameer = 30 years

  • PPT = 20 years

  • Premium amount = Rs. 50,000 every year

  • PT = 10 years

Plan Details:

  • Assured Amount: Rs. 5,00,000 (Rs. 50,000/year for 10 years)

  • Initial Annual Charges: Rs. 2500

  • Total Annual Investment: Rs. 47,500

  • Starting NAV: Rs. 10

  • Units Bought: 4750 (Rs. 47,500 ÷ Rs. 10)

Final ULIP Returns:

  • Death Benefits: Akash's nominee gets Rs. 5,00,000 (Assured Amount) or the Fund Value (if higher) if Akash passes away during the plan.

  • Maturity Benefits: Akaagh receives the Fund Value if he's alive at the end of the plan.

Benefits of Best ULIP Plans in India for NRI

Best ULIP plans in India offer numerous benefits for Non-Resident Indians (NRIs). These include:

  • Investment Flexibility: ULIPs allow NRIs to invest in a variety of funds, including equity, debt, and balanced funds, based on their risk appetite and financial goals.

  • Tax Benefits: NRIs can enjoy tax benefits on their investments in ULIPs, with tax deductions available under Section 80C of the Income Tax Act.

  • Wealth Creation: ULIPs provide the opportunity for long-term wealth creation through market-linked returns, helping NRIs achieve their financial objectives.

  • Life Insurance Coverage: ULIPs offer life insurance coverage along with investment  providing financial protection to NRIs and their families.

  • Currency Fluctuation Protection: Some ULIPs offer the option to invest in funds denominated in foreign currency, providing a hedge against currency fluctuations for NRIs.

  • Flexible Premium Payment Options: NRIs can choose from various premium payment options, including single premium or regular premium, based on their convenience and financial situation.

  • Online Access and Management: Many ULIPs offer online access and management tools, allowing NRIs to monitor their investments and make changes easily from anywhere in the world.

Steps to Buy Best ULIP Plans in India from Policybazaar

You can follow the steps mentioned below to buy a ULIP plan in India from Policybazaar:

Step 1: Visit Policybazaar's official website and Click on 'ULIP Plans' on the homepage.

Step 2: Enter your basic details like name, contact number, and email id.

Step 3: Compare the listed ULIP plans. You should choose the plan that fits your needs and click 'Buy Now'.

Step 4: Fill out a detailed form with specific information.

Step 5: Select your investment funds based on risk appetite.

Step 6: Proceed to the payment page and complete the transaction.

Step 7: Upon successful payment, receive a confirmation and policy document via email.

Step 8: Review the document for accuracy and store both digital and physical copies securely.

ULIP vs. Other Investment Options in India in 2024

Feature ULIP Mutual Fund Endowment Plan
Investment Type Market-linked (equity, debt, balanced) Market-linked (equity, debt, balanced) Guaranteed (debt-based)
Return Potential High (riskier) Moderate Low (guaranteed)
Flexibility High (fund switching) High (various schemes) Low (limited options)
Life Cover Yes No Yes
Lock-in Period 5 years None Term of the plan
Tax Benefits Partial premium tax-deductible Investment gains taxed Maturity amount tax-free (conditions apply)
Suitability Risk-tolerant investors, long-term goals Diverse investor needs, various goals Risk-averse investors, guaranteed payout

FAQ's

  • Which company is best for ULIP plan for NRIs?

    Some of the companies that offer best ULIP plans in India for NRIs are listed below:
    • ICICI Pru Life Insurance

    • Aditya Birla Sun Life Insurance

    • Bajaj Allianz Life Insurance

    • HDFC Life Insurance

    • Max Life Insurance

  • Is ULIP better than FD for an NRI?

    Whether a ULIP is better than an FD for an NRI depends on several factors, including your individual financial goals, risk tolerance, and investment timeline.

    If your primary goal is wealth creation and you have a high-risk tolerance, a ULIP might be suitable. However, if you prioritize capital protection and guaranteed returns, an FD might be a better choice.

  • Is ULIP good for 5 years for an NRI?

    The following list shows the major advantages for an NRI of investing in ULIP for 5 years:
    • Life insurance and investment combined

    • Tax benefits on premiums paid and maturity amount

    • ULIPs allow you to switch between funds based on your risk tolerance and financial goals

    • ULIPs encourage long-term investing

  • What is the ULIP policy in India for NRIs?

    ULIP policies (Unit Linked Insurance Plans) in India for NRIs (Non-Resident Indians) have specific features and regulations compared to those for resident Indians:
    • NRIs can invest in ULIPs through remittance from their foreign currency accounts.

    • Premiums paid up to Rs. 2.5 lakhs per year are eligible for tax deduction under Section 80C of the Income Tax Act (applicable for policies issued after Feb 1, 2021).

    • Maturity proceeds are generally tax-free if the policy is held for more than 5 years and the sum assured is received on death.

    • However, for ULIPs issued after April 1, 2023, if the annual aggregate premium exceeds Rs. 5 lakhs, the maturity proceeds (minus premium paid) might be taxable.

    • Double taxation implications: Depending on the DTAA between your home country and India, you might be taxed on ULIP returns in both countries. Consult a tax advisor for details.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ?1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ?2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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