Advantages of Online ULIPs over Offline ULIPs
- DetailsWritten by PolicyBazaar -
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Updated date : 16 November 2018
A unit linked insurance plan or ULIP is a product from the insurance company. It is different from a pure insurance policy. There are dual benefits of investing in unit linked insurance plan. It works as both insurance product and investment option. Many insurance companies are providing unit linked insurance plans in the Indian market. You can take the help of an ulip calculator to find the amount of cover and corpus you need. This tool helps you to find out the value of an investment in the future. The insurance company collects the money from various policyholders. A portion of the collected money is allocated for the insurance cover. The remaining amount is invested into the funds chosen by the policyholders. It is one of the best investment options available in the Indian market.
There are various benefits of investing in unit linked insurance plans. According to section 80C, section 80D and section 10(10D) of income tax act, you get various tax benefits for investing in ULIPs. It provides you an opportunity to invest in the funds of your choice and you can easily switch between funds. You get various rider options in ULIP plans for additional coverage. The charges, structure, and features of ULIP plans are transparent. These days, you can easily buy unit linked insurance plans via online medium. There are many advantages of buying unit linked insurance plans via online medium over offline medium.
Check out various advantages of buying ULIP plans online over offline medium:
- Cheaper:You should buy ULIPs via online medium because policies are cheaper on the online medium than the offline medium.
- Saves time:You will have to leave your home in order to buy a unit linked insurance plan via offline medium. You will have to visit the branch of the insurance company or contact an agent. That is why the online medium is better as you can buy a plan easily just by sitting at your place
- Saves efforts:When you buy a plan online, you do not have to do the paperwork which saves your efforts. You just have to visit the official website of the insurance company and then with just a few clicks you can buy a unit linked insurance plan. That is why it is better to buy via online medium as you can do this in your comfort zone and that too with just a few taps.
- Safe:You should buy via online medium because it is safe in comparison to offline medium. You do not have to deal with agents in the online medium. Sometimes, an agent can missell plans in order to earn more commission. So you should prefer online medium over offline medium.
Check out some of the best unit-linked insurance plans available in the Indian market:
SBI Life Wealth Assure: SBI Life Wealth Assure is a unit linked plan with the option of single pay. The minimum entry age is 8 years. The maximum entry age is 8 years. The maximum maturity age is 75 years. The minimum policy term is 10 years and the maximum is 30 years. The only premium payment mode that is available is yearly. The minimum annual premium is Rs. 50,000 and the maximum has no limit. A free look period of 15 days is given by the insurance company so that you can review various terms and conditions of the plan. The policyholders are allowed for two free switches every policy year. Equity fund and bond fund are the two fund options available for the investment purpose. At the time of maturity, total fund value is provided to the insured. You are eligible to receive various income tax benefits on the amount of premium paid and claims received according to section 80C and section 10(10D) At the time of maturity, total fund value is provided to the insured.
ICICI Pru Wealth Builder II: ICICI Pru Wealth Builder II is a unit linked insurance plan providing three options for premium payment including single pay, regular pay, and limited pay. The minimum policy term is 10 years. The maximum policy term is 25 years. The minimum annual premium for regular and limited pay is Rs. 24,000. The minimum annual premium for single pay is Rs. 48,000. The maximum annual premium has no limit. The premium payment term is single pay or 5 years, 7 years, 10 years, or equal to the term of the policy. The modes of the premium payment available in this plan are yearly, half-yearly, monthly, and single pay. The minimum entry age is 0 years. The maximum entry age is 69 years for single pay. The maximum entry age is 65 years for regular pay. The maximum entry age is 55 years for limited pay. A free look period of 15 days is provided by the insurance company so that you can check thoroughly various terms and conditions of the plan.
SUD Life Dhan Suraksha Plus: SUD Life Dhan Suraksha Plus is a unit linked insurance plan with dual benefits. You are eligible to receive income tax benefits under section 80(C) and section 10(10D) of the Income Tax Act. It is one of the best plans as it provides you the flexibility to invest in 4 fund options. The minimum entry age is 8 years and the maximum entry age is 50 years. The maximum maturity age is 70 years. The maximum premium is Rs. 100 crores. The minimum premium is Rs. 24,000 for regular pay option. The minimum premium is Rs. 30,000 for limited pay option which is of 7 years or 10 years. If you want to check more information, refer to the information brochure available on the official website. This plan provides for fund options; you can make the investment in any fund option. The insurance company provides financial assistance to the family of the insured in case of sudden demise of the insured. This plan also provides you with an opportunity of switching funds.
Aegon Life iMaximise Secure: Aegon Life iMaximise Secure is a unit linked insurance plan available online. This plan has three fund options including debt fund, secure fund, and blue chip fund. The minimum entry age is 7 years and the maximum entry age is 55 years. The maximum maturity age is 70 years. The various modes of premium payment are yearly and monthly; you can select any as per your suitability. The minimum yearly premium is Rs. 24,000 and the maximum has no limit. The policy term is 15 years, 20 years, or 25 years. The minimum paying term is 5 years and the maximum is 25 years. A grace period of 15 days is given for monthly mode. In other modes of premium payment, the grace period is of 30 days. A free look period of 30 days is given by the insurance company so that you can review various terms and conditions of the plan, provided no claim has been made. In this plan, you are allowed for 4 free fund switches in a year. At the time of maturity, insured will be provided total fund value. As per sec 80C and section 10(10D) of the Income Tax Act, you are eligible to receive income tax benefit on the premium paid and claim received.
PNB MetLife Smart Platinum: PNB MetLife Smart Platinum is a whole life unit linked insurance plan. The minimum eligibility age is 7 years and the maximum is 70 years. The maximum maturity age is 99 years. The minimum annual premium is Rs 30,000 for the annual mode. The minimum annual premium is Rs 60,000 for other modes. Annual, semi-annual, quarterly, and monthly are various modes of premium payment; you can select any as per your convenience. You will have to pay the premium amount regularly or for the limited period of 5 years or 10 years. A limited free look period of 15 days is provided by the insurance company to the policyholder to review the plan. A grace period of 30 days is provided in order to make the payment of due premiums. This time period reduces to 15 days when you have selected monthly mode of premium payment. In case of sudden demise of the policyholder, the insurance company provides a death benefit to the nominees. A maturity benefit is provided to the policyholder when the policyholder survives until the maturity of the policy. The maturity benefit is the fund value as on the date of the maturity.
A unit linked insurance plan is a product provided by the insurance company. ULIP is one of the best investment options available in the Indian market. The best thing about ULIP is that a person gets dual benefits including insurance and investment. If you are planning to buy a unit linked insurance plan then you should refer to the above-mentioned plans. It is a huge investment so it should be done wisely after considering various important factors. There are various tools available online that help to compare various unit linked insurance plans so that you can select the best one as per your requirement and affordability.
Nowadays you can easily buy ULIP plans via online medium. There are many advantages of buying ULIP plans via online medium over offline medium. The plans that are bought online are cheaper than the plans that are bought offline so it is better to buy a ULIP via online medium. You can buy a ULIP by just sitting at your comfort zone with just a few taps. On the other hand, when you have to buy a plan offline either you have to visit the branch of the insurance company or contact an agent to help you which is a troublesome procedure. With the help of the online medium, you can easily buy ULIP plans by sitting at your home or office. In order to buy ULIP plans online, you just have to visit an official website of the insurance company and follow a mentioned procedure.
Buying a ULIP online also saves you from the wrong practices of agents. Sometimes, agents try to missell the policies in order to earn a higher commission. Online medium protects you from such practices. If you are buying via offline medium, remember to not depend on your agents completely as they may misell you. It is safe to buy ULIP plans via online medium. When you buy a ULIP offline, you have to do a lot of paperwork which includes a lot of efforts. On the other hand, buying a ULIP online is quite easy and does not involve paperwork. So, there are many benefits of buying ULIP plans via online medium.
It is important that you do a lot of research before buying any ULIP. You should not buy a ULIP in hurry. Various online tools should be used in order to do proper comparison between various ULIP plans available in the market. Online medium is really helpful as you can check the ratings and reviews of people about various ULIP plans. This will help you to select the best ULIP plan as per your requirement. You should buy ULIP via online medium as you can get cheap plans on the online medium. It also saves your cost, time, and efforts. That is why the online medium is the best choice when you have to buy a ULIP plan.
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