ULIP is an abbreviation for Unit Linked Insurance Plan. It is an insurance product that provides both life insurance and investing facilities under one roof. A ULIP plan uses a part of your premium for premium amount to invest in market-linked schemes like equity and debt.Read more
Guaranteed Tax SavingsUnder sec 80C & 10(10D)
₹ 1 CroreInvest 10k Per Month*
Zero LTCG TaxUnlike 10% in Mutual Funds
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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To further understand and evaluate an investment in ULIP, you can use the ICICI ULIP Calculator.
New investors and existing policyholders can use ULIP calculators to plan their investments. The following points explain why an investor should use the ICICI ULIP calculator before planning an investment:
You can follow the steps mentioned below to the ICICI ULIP calculator:
Once you have completed all the above steps, the calculator will show the result, which is the maturity amount.
So, you will get 44.61 lakh at the end of 20 years by just investing ₹10,000 monthly for 20 years.
The advantages of the ICICI ULIP calculator are:
The following information will be required for using the ICICI ULIP Plan Calculator:
The benefits of ULIP plans offered by ICICI are:
It has become quite challenging to beat inflation with decreasing interest rates. However, ULIP plans provide investment allocations in debt or equity, using effective investment strategies that help you get higher returns.
The ULIP plans allow fund managers to manage and invest your money in market-linked schemes (Equity and Debt). It is beneficial because fund managers are finance experts, and they have a better understanding of the financial market. As a result, they will devise strategies that will help multiply your investment, ensuring better returns.
ICICI provides nine equity funds, two balanced funds, and three debt funds for you to choose for your portfolio.
You can withdraw money on a regular basis for your life goals or emergency or for other expenses you might need. You can make this decision at any point in time and can also change your decision to withdraw. You can withdraw between 1-15%. Also, you can choose either a yearly payout or a monthly payout.
Investing in a ULIP helps you to develop the habit of regular and systematic investing. In this era, investing is one of the most important decisions of one’s life. It helps you to retire better and live a good lifestyle.
Even though ULIP is excellent for wealth creation, it also provides life insurance. In case of your untimely death, the money will be transferred to your family so that they don’t have to face any financial problems.
Investment in ULIPs is eligible for income tax deduction from taxable income under Section 80C up to INR 1.5 lakh pa. The maturity proceeds of the ULIP will also be exempt from tax under Section 10(10D). Also, if the ULIP investor dies, the amount received will be exempt from tax u/s 10(10D) of The Income Tax Act 1961.
In conclusion, the ULIP ICICI Calculator is a helpful tool to calculate and plan your financial goals. Any investor with or without prior financial knowledge can use this tool to plan their finances better. If there are any discrepancies, the investors can directly contact ICICI’s customer service for resolution.
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