Best ULIP Plans in India 2026

How to Select the Best ULIP Plan

To select the best ULIP plan, consider your financial goals, investment period and risk appetite and compare different fund options available, policy charges attached to it, life cover and insurer’s track record. Here are some factors that you should consider before choosing the best ULIP plans:

1. Define Your Financial Goals and Investment Period

   First, identify why you want to invest in a ULIP plan, what goal are you saving for whether it's child education, building retirement corpus or creating long term wealth. Choose a plan that matches your financial needs and the timeline you want to achieve them at. 

   ULIP plans have a mandatory lock-in period of 5 years, however staying invested for 10 years or longer may give your investment more time to handle the market fluctuations and benefit from long term growth. 

2. Choose Funds Based on Your Risk Appetite

   ULIPs offer different fund options to help you invest according to your risk appetite and financial goals, before selecting a plan understand the different fund categories:

   • Equity Funds: These funds invest mainly in equity markets and may suit investors who are comfortable with higher risk. 

   • Debt Funds: These funds invest in fixed income securities like government and corporate bonds, they may suit investors who want stable investments.

   • Balanced or Hybrid Funds: These funds invest in a combination of equity and debt instruments and suit investors looking for a balance between growth and risk at the same time.

   Also, check whether the ULIP plan offers the facility of fund switching, which allows you to move your money between different funds available based on your financial goals or risk appetite.

3. Compare the Policy Charges

   ULIPs come with various charges that can affect the overall value of your investment, before choosing a plan, compare the following charges:

   • Premium Allocation Charges: Deducted from premium before the remaining amount is invested in selected funds. In modern ULIPs it’s almost 0%.

   • Fund Management Charges: Deducted for managing your investment funds and are subject to IRDAI limits. 

   • Mortality Charges: Charges that cover the cost of providing life insurance protection under the ULIP plan. 

   • Policy Administration Charges: Deducted to manage the administrative expenses of managing your policy. 

   • Surrender or Discontinuance Charges: Charges apply if you discontinue or surrender the policy before the lock-in period ends. 

   Compare these charges across different ULIP plans to understand how much premium is actually invested. 

4. Check the Insurer’s Claim Settlement Record

   ULIP plans also provide life insurance coverage, it’s important to check the insurer’s claim settlement ratio before choosing the best ULIP plan. Choose the insurers with a high and consistent claim settlement ratio to make sure it's reliable for your family. 

   Apart from this, check the historical performance of the available funds across different market conditions. 

5. Check the Available Tax Benefits

   Before selecting a ULIP plan, understand the tax benefits available under the Indian tax laws. The premiums paid towards ULIPs qualify for deductions under Section 80C of the Income Tax Act, 1961 and these deductions are available under the old tax regime. 

   The maturity proceeds and death benefits qualify for tax exemptions under Section 10(10D). 

Detailed Reviews of the Best ULIP Plans in India

1. ICICI Signature

   • USP: Zero entry fees and extra bonus money added directly to your investment starting from year 10.

   • Top Performing Funds: Maximiser Fund V, Opportunities Fund, Multi Cap Growth Fund.

   • Pros: You get all your insurance charges back at the end; includes automatic options that shift your money into safer funds as you get older.

   • Cons: Requires a relatively high premium amount; the best bonus rewards only kick in after 10 to 15 years.

   • Verdict: Best for investors with a comfortable budget who want a hands-off, low-cost way to build long-term wealth.

2. ICICI EzyGrow - Assure

   • USP: Protects your family's goal—if anything happens to you, the company pays all future premiums so your family still gets the full target amount at the end.

   • Top Performing Funds: Multi Cap Growth Fund, India Consumption Fund, Focus 50 Fund.

   • Pros: Guarantees that milestone money will be delivered, plus refunds monthly policy admin fees at maturity.

   • Cons: Higher insurance costs compared to pure investment plans, which slightly lowers your overall market returns.

   • Verdict: Best for parents saving for non-negotiable family goals, like a child’s higher education.

3. PNB MetLife Smart Goal Ensuring Multiplier - Wealth

   • USP: Rewards patient savers by refunding insurance charges and adding loyalty bonus money into your fund every 5 years starting at year 10.

   • Top Performing Funds: Multiplier Fund, Virtues Fund, Flexi Cap Fund.

   • Pros: Can refund up to 1.5 times your total insurance charges if held for 20+ years; zero entry charges when bought online.

   • Cons: You miss out on the loyalty additions and fee refunds if you stop paying or cash out early.

   • Verdict: Best for disciplined savers who can commit to paying regularly for 15 to 20 years.

4. Tata AIA Shubh SIP - Family Secure (Classic)

   • USP: Dual safety net that gives your family an immediate insurance payout and continues funding all future premiums if you pass away.

   • Top Performing Funds: Top 50 Fund, Multi Cap Fund, Emerging Leaders Fund.

   • Pros: Your family gets the full maturity amount at the end without having to pay any remaining premiums themselves.

   • Cons: The extra life cover protection means slightly less of your money goes directly into pure market growth.

   • Verdict: Best for young parents looking for a simple monthly investment that keeps growing even if something happens to them.

5. Tata AIA Shubh SIP - Family Secure (Prime)

   • USP: Complete family income protection: pays an immediate death benefit, covers all remaining premiums, and gives your family a regular monthly income.

   • Top Performing Funds: Top 200 Fund, Dynamic Advantage Fund, Emerging Leaders Fund.

   • Pros: 3-in-1 financial safety net for dependents—lump-sum cash, ongoing monthly living support, and full maturity money at the end.

   • Cons: Higher insurance deductions mean your fund balance grows more slowly in the first few years.

   • Verdict: Best for single-earning family heads who need maximum income replacement and security for their dependents.

6. Tata AIA Shubh SIP - Wealth Secure

   • USP: Pure wealth-building focus with 100% of your premium invested into market funds and a full refund of insurance charges at maturity.

   • Top Performing Funds: Mid Cap Growth Fund, Emerging Leaders Fund, Top 50 Fund.

   • Pros: Zero entry fees, free fund switching, and faster market compounding since no money is diverted to family income riders.

   • Cons: If the policyholder passes away, the plan pays the life cover and ends (no future premium funding).

   • Verdict: Best for investors who already have adequate term insurance and just want low-cost stock market growth.

7. Axis Max Online Savings Plan Plus

   • USP: An online-only, zero-entry-fee plan that offers smooth fund switching and allows you to set up automatic monthly cash payouts later in life.

   • Top Performing Funds: High Growth Fund, Growth Super Fund, Balanced Fund.

   • Pros: Full refund of insurance charges at maturity, access to over 20 funds, and structured withdrawal options for retirement income.

   • Cons: Monthly maintenance and insurance charges apply during early years, so it takes at least 7 to 10 years to reach peak efficiency.

   • Verdict: Best for digital buyers looking for automated investing and a steady secondary income stream later on.

8. HDFC Life Click2Invest - Loyalty Plus (Classic)

   • USP: Very low fees with zero entry deductions, plus extra loyalty units added periodically to give your balance a boost.

   • Top Performing Funds: Opportunities Fund, Discovery Fund, Balanced Advantage Fund.

   • Pros: Backed by HDFC Life’s experienced fund managers; unlimited free fund switches and full refund of insurance charges at maturity.

   • Cons: A standard plan that ends upon death (does not pay future premiums or monthly income for the family).

   • Verdict: Best for cost-conscious investors who want straightforward, low-fee exposure to bluechip and midcap equity funds.

9. Bajaj Life Goal Assure IV

   • USP: Returns all your insurance costs at the end and adds special bonus units to give your final maturity payout an extra boost.

   • Top Performing Funds: Accelerator Mid-Cap Fund II, Pure Stock Fund II, Flexi Cap Fund.

   • Pros: Offers unique index funds (like momentum strategies) and automatic rebalancing to protect your gains as you age.

   • Cons: Extra fund boosters are only paid right at the end of the policy, so you miss them if you exit after the 5-year lock-in.

   • Verdict: Best for investors who want access to smart, trend-following equity funds inside a tax-friendly structure.

10. Bajaj Life Smart Wealth Goal VII

    • USP: Multi-stage fee refund that returns both your entry charges and your insurance charges over time, along with milestone fund boosters.

    • Top Performing Funds: Accelerator Mid-Cap Fund, Pure Stock Fund, Small Cap Quality Index Fund.

    • Pros: Gives you the option to cut your annual premium by up to 50% after 5 years if your budget gets tight, without losing policy benefits.

    • Cons: You have to stay invested for 15 to 20 years to get the maximum value out of all the fee refunds.

    • Verdict: Best for long-term investors who want the flexibility to reduce their annual payments later if their income changes.

11. Pramerica Life Smart Invest Plan

    • USP: A simple, transparent structure with zero entry fees and zero monthly maintenance charges deducted from your money.

    • Top Performing Funds: Large Cap Advantage Fund, Balanced Equilibrium Fund, Growth Opportunity Fund.

    • Pros: 100% of insurance charges are refunded at maturity, with special extra allocation bonuses for female investors.

    • Cons: Smaller fund house with fewer investment fund options compared to larger market rivals.

    • Verdict: Best for conservative or first-time investors who want an easy-to-understand plan without hidden fee deductions.

12. Pramerica Life Smart Invest 1 UP

    • USP: Gives you an upfront bonus of up to 10% of your premium added directly into your fund units in the very first year.

    • Top Performing Funds: Growth Opportunity Fund, Balanced Equilibrium Fund, Large Cap Equity Fund.

    • Pros: Zero entry fees, full refund of insurance charges, and an instant early boost to your investment balance.

    • Cons: The size of the upfront bonus depends on how much you invest; overall fund track record is shorter than legacy insurers.

    • Verdict: Best for investors who want a quick early head-start to help balance out short-term market ups and downs.

13. Kotak Life E-Invest Plus

    • USP: Adds bonus units every year after year 6, and can refund up to 2 times your total insurance charges at maturity.

    • Top Performing Funds: Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund.

    • Pros: Unusually high insurance fee refund (up to 200%), plus regular payout options well-suited for second-income planning.

    • Cons: Shorter policy durations (under 15 years) receive a much smaller percentage of insurance charges back.

    • Verdict: Best for retirement planning or anyone looking to build an automatic, pension-like monthly payout with strong fee refunds.

14. Canara HSBC Life Promise4Wealth - Maximiser

    • USP: Zero entry fees, combined with a full refund of both insurance charges and monthly policy admin charges at maturity.

    • Top Performing Funds: India Multi-Cap Equity Fund, Emerging Stars Fund, BSE 500 Enhanced Value 50 Fund.

    • Pros: Operates with almost zero net fee drag if held to maturity; provides access to low-cost value and index-tracking funds.

    • Cons: Pure wealth-building focus with no family income support or waiver of premium benefits if the policyholder passes away.

    • Verdict: Best for cost-conscious investors who want low-maintenance, index-style stock market growth over 15+ years.

Best Performing ULIP Funds

Why are Modern 4G ULIPs Better?

New age ULIPs, often called Modern 4G ULIPs are made to offer more flexibility, transparency and convenience than the traditional ULIP plans. They have changed the game by cutting out heavy costs that earlier used to eat up the ULIP returns. Unlike the traditional version they come with features such as multiple fund options, easier fund switching, lower policy charges and digital policy management facilities. Benefits like mortality charges that are returned upon your policy’s maturity provide you with free life cover if you outlive the policy term. It’s important to know that features and charges vary across insurers and policies. 

Different Types of ULIP Plans Based on Life Stages 

Your financial needs and goals change as you move through various stages of your life. When you are in your 20s, you might want to focus on building wealth, when you are in your 30s, you might want to focus on child education and family security and later, retirement planning comes into picture and that's your priority. Here are types of ULIP plans you can choose from:

1. Best ULIP Plans for Child Education (With Waiver of Premium Rider):

   If you are a parent and securing your child’s education and future is your long term financial goal, these types of plans are best for you. A ULIP plan which is meant for child focused benefits with Waiver of Premium (WOP) rider can help you build an education fund while also providing financial protection.
   Under the WOP rider, if something happens to the insured parent, the insurer waives of the future premiums and the policy continues as per the terms specified. This helps the investment to stay on track for the child’s future needs. 

2. Best ULIP Plans for Long Term Wealth Creation

   If you are in your 20s or 30s and have a long term horizon, you might want to consider an equity oriented ULIP for long term wealth creation. These types of plans allow you to invest a large part of your premium in equity funds, which invest in market-linked instruments such as stocks. 

   Although equity funds carry higher market risks, they may offer better growth opportunities over longer investment periods.

3. Best ULIP Plans for Retirement Planning

   As you approach your 40s or 50, retirement planning becomes an important financial priority, you can consider a ULIP plan that is a retirement focused investment option that can help you build a corpus for post retirement years. These plans offer the flexibility for switching funds between equity and debt funds as you approach retirement. ULIP plans for retirement planning act as a long term safety net, helping you build up a retirement fund over the years. By the time you stop working, that investment portion has had the time to grow into a significant sum, making sure you can keep living comfortably during retirement.