Benefits of Buying Online ULIP Over Offline ULIP

Unit Linked Insurance Plans (ULIPs) have emerged as a popular investment option, offering a unique blend of insurance and investment under a single plan. The method of purchasing ULIPs has evolved, presenting consumers with a choice between online and offline platforms. While traditional offline ULIPs involve dealing with agents and physical paperwork, online ULIPs offer a streamlined, digital approach. This shift to online purchasing brings multiple benefits, making it a preferred option for investors.

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Top ULIP Funds
Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
11,839 Cr
Returns
21.83%
Returns
23.81%
Highest Returns
Returns
19.95%
Get Details
1,772 Cr
Returns
23.15%
Returns
27.3%
Highest Returns
Returns
19.47%
Get Details
6,136 Cr
Returns
26.84%
Returns
27.87%
Highest Returns
Returns
18.81%
Get Details
2,984 Cr
Returns
21.78%
Returns
23.76%
Highest Returns
Returns
17.76%
Get Details
4,172 Cr
Returns
21.74%
Highest Returns
Returns
20%
Returns
17.43%
Get Details
Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
247 Cr
Returns
11.88%
Returns
13.92%
Highest Returns
Returns
11.99%
Get Details
352 Cr
Returns
12.26%
Returns
12.56%
Highest Returns
Returns
11.38%
Get Details
526 Cr
Returns
9.79%
Returns
10.72%
Highest Returns
Returns
10.34%
Get Details
837 Cr
Returns
11.67%
Returns
11.81%
Highest Returns
Returns
10.23%
Get Details
22 Cr
Returns
12.6%
Highest Returns
Returns
11.89%
Returns
10.17%
Get Details
Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
494 Cr
Returns
16.43%
Returns
17.28%
Highest Returns
Returns
15.3%
Get Details
242 Cr
Returns
6.94%
Returns
7.91%
Returns
8.81%
Highest Returns
Get Details
786 Cr
Returns
5.4%
Returns
6.88%
Returns
8.1%
Highest Returns
Get Details
302 Cr
Returns
5.86%
Returns
6.8%
Returns
7.79%
Highest Returns
Get Details
465 Cr
Returns
5.1%
Returns
6.93%
Returns
7.78%
Highest Returns
Get Details

What are ULIP Plans?

ULIP stands for Unit Linked Insurance Plan. It's a financial product that combines life insurance coverage with investment opportunities. When you pay a premium for a ULIP, a portion goes towards life insurance, protecting your family financially in case of your death. The remaining part of the premium is invested in the funds you choose. ULIPs offer you various equity and debt fund options, allowing you to customize the investment risk. This way, ULIPs provide a chance to grow your money over the long term while also offering life insurance protection.

Benefits of Buying Online ULIPs over Offline ULIPs

  1. Cost-Effectiveness:

    Online ULIPs are generally cheaper than offline ULIPs. The primary reason for this cost difference is the absence of intermediaries in the online purchase process. When you buy an offline ULIP, a portion of your premium goes towards distribution costs, which include agent commissions and other related expenses. In contrast, online ULIPs eliminate these costs, ensuring the entire premium amount is invested in the fund. The only applicable charges are policy administration costs, fund management fees, and mortality charges, making online ULIPs more economical.

  2. Time-Saving:

    Purchasing an online ULIP is a time-efficient process. You can buy a policy at any time, from anywhere, without the need to visit a company office or meet with an agent. The online application process is straightforward: you simply visit the company's website, fill in your details, and either email scanned documents or send them via courier. This convenience is not present in the offline method, which requires you to take time out of your busy schedule to meet with an agent, complete documentation, and follow through on various formalities.

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  3. Informed Decision-Making:

    Buying an online ULIP involves thorough research and personal analysis. You have the opportunity to read every detail about the policy, compare it with other options, and determine whether it meets your specific needs. This independent research ensures that your decision is well-informed and customized to your requirements. On the other hand, when purchasing an offline ULIP, the agent’s recommendations and preferences might overshadow your own, potentially leading to a less optimal choice.

  4. Comparison Tools and Reviews:

    The online environment provides various tools and resources that help you compare different ULIP products. These tools allow you to evaluate key features, benefits, and costs of multiple plans, aiding in selecting the best policy for you. Additionally, online reviews and ratings offer insights from other policyholders, giving you a clearer picture of the product’s performance and customer satisfaction. Such comparative analysis and feedback mechanisms are usually not available with offline ULIPs.

How to Buy ULIP Plans Online?

To buy the ULIP Plans online, follow these steps:

Step 1: Fill in your name and contact number in the form on this page to get started.

Note: Your details are kept confidential and will only be used to customize your benefits.

Step 2: You can also visit the plans just by clicking view plans below 

Step 3: Once logged in, you'll be prompted to fill in your city, age, and annual income in the provided form. This information will be used to check the personalised benefits of the plans.

Step 4: After providing your personal information, you can compare ULIP plans from various insurance companies.

Step 5: Click the "Get Details" tab for more information after comparing.

You can also get FREE expert consultation; just click on the talk to an expert button. 

Step 6: Review the details of the plan carefully. Once satisfied, click on the "Proceed" button and follow the prompts on the screen to move forward with the purchase.

Step 7: You will be prompted to enter essential details and specify the amount you want to invest. Select the preferred mode of payment for your investment.

Step 8: Provide your required KYC (Know Your Customer) details. This step is essential for regulatory compliance.

Step 9: Complete the payment process. Upon successful payment, you will receive confirmation of your purchase.

Conclusion

Buying ULIPs online presents a great alternative to the traditional offline method. From cost savings to convenience, online ULIPs offer a streamlined and potentially more beneficial approach to securing your financial future. So, if you're considering a ULIP, don't hesitate to explore the online options available. You might be surprised at the ease and advantages it offers.

FAQs

  • How do I maximize my ULIP returns?

    • Invest for the long term (ULIPs benefit from market growth over time).

    • Choose a ULIP with low charges (expense ratio).

    • Align your investment strategy with risk tolerance (pick appropriate investment funds).

  • Is ULIP withdrawal tax free?

    ULIP withdrawals can be tax-free under certain conditions. If you withdraw the maturity benefit (a combination of accumulated fund value and death benefit) after the policy term ends, it may be tax-free. However, withdrawals within the first 5 years might be subject to taxes on any gains. It's always best to consult with a tax advisor for specific details based on your situation and the ULIP plan.
  • What are the main benefits of the ULIP plan?

    ULIPs offer a combination of benefits:
    • Life Insurance Coverage: Provides financial protection for your loved ones in case of your death.

    • Investment Potential: Opportunity to grow your wealth through market-linked investments.

    • Tax Benefits: Potential tax exemptions on premiums paid and maturity benefits (subject to conditions).

    • Flexibility: Some ULIPs allow you to switch between investment funds and make top-up investments.

  • Can I withdraw the full amount from ULIP after 5 years?

    ULIPs have a lock-in period of 5 years. During this period, full withdrawal might not be allowed or may come with penalties. After 5 years, you may be entitled to a partial withdrawal depending on the plan's terms. However, withdrawing the full amount might still not be an option until policy maturity. Always refer to your specific ULIP plan document for details on withdrawal options.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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.
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~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^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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Insurers Offering ULIPs

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