Whole Life ULIP Plans

Whole Life ULIPs are a type of plan that combines life insurance with investment options. They provide coverage for your entire life, along with the potential for growth through market-linked investments. ULIP investments are the ideal choice for securing your future and those you love.

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Top ULIP Funds
Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
1,772 Cr
Returns
23.15%
Returns
27.3%
Highest Returns
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19.47%
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2,984 Cr
Returns
21.78%
Returns
23.76%
Highest Returns
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17.76%
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2,475 Cr
Returns
18.83%
Returns
19.17%
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16.34%
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1,271 Cr
Returns
15.16%
Returns
18.29%
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15.89%
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980 Cr
Returns
17.85%
Returns
18.97%
Highest Returns
Returns
15.65%
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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%
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6,136 Cr
Returns
26.84%
Returns
27.87%
Highest Returns
Returns
18.81%
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4,172 Cr
Returns
21.74%
Highest Returns
Returns
20%
Returns
17.43%
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1,435 Cr
Returns
27.49%
Highest Returns
Returns
24.32%
Returns
16.84%
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36,694 Cr
Returns
19.19%
Returns
19.75%
Highest Returns
Returns
16%
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Fund Name
AUM
Returns (in %)
3 Year
5 Year
10 Year
247 Cr
Returns
11.88%
Returns
13.92%
Highest Returns
Returns
11.99%
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352 Cr
Returns
12.26%
Returns
12.56%
Highest Returns
Returns
11.38%
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526 Cr
Returns
9.79%
Returns
10.72%
Highest Returns
Returns
10.34%
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837 Cr
Returns
11.67%
Returns
11.81%
Highest Returns
Returns
10.23%
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22 Cr
Returns
12.6%
Highest Returns
Returns
11.89%
Returns
10.17%
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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
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786 Cr
Returns
5.4%
Returns
6.88%
Returns
8.1%
Highest Returns
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302 Cr
Returns
5.86%
Returns
6.8%
Returns
7.79%
Highest Returns
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465 Cr
Returns
5.1%
Returns
6.93%
Returns
7.78%
Highest Returns
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What is a Whole Life ULIP Investment?

Whole-life ULIP plans offer a unique combination of life insurance and investment benefits designed for those seeking long-term financial security. These plans provide guaranteed coverage throughout your entire life (usually up to age 99-100), ensuring your loved ones are protected in case of your passing. It is a long-term investment option that offers protection and growth.

The premium paid towards the policy secures the policyholder’s life and helps to grow their wealth through market-linked investments. The policyholder has the option to choose the type of investments - equity, debt, or a combination of both.

The policyholder can claim tax deductions under Section 80C and 10(10D) of the Income Tax Act^ for the premiums paid towards Whole life ULIP plans. This provision enables the policyholder to save taxes on the investment made in Whole Life ULIP plans.

How Do Whole Life ULIPs Work?

Whole Life ULIP Plans operate in a straightforward manner. Firstly, you need to pay regular premiums in monthly, quarterly, bi-annual, or annual installments.

The premiums paid serve two purposes. One of them is to offer you guaranteed life insurance protection in the form of a fixed death benefit (sum assured) in the event of the policyholder’s unexpected death. The term can range from 10 to 40 years, but in the case of Whole Life ULIP Plans, it covers the policyholder for up to 99 years.

The death benefit is monetary compensation paid to the beneficiary or immediate family members nominated while purchasing the Whole Life ULIP Plan. 

The other part of the premium is distributed in equity, debt, or hybrid funds (market-linked investment options) to grow investments over time. At the end of the policy term, the investor receives the total compounded amount accrued during the investment period.

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What Are the Benefits of Investing in Whole Life ULIPs?

Some benefits of investing in Whole Life ULIPs are:

  1. Long-Term Wealth Creation

    Whole Life ULIP Plans are designed to provide investors with a means of creating wealth over an extended period by investing in market-linked securities. It allows you to regularly contribute a specific amount to your policy, which grows over time and provides a substantial payout at the end of the policy term.

  2. Life Insurance Protection

    Apart from the investment component, Whole Life ULIP Plans also provide life insurance protection. It means that in the event of your death, the beneficiary receives a lump sum payment as per the policy coverage.

  3. Policy Withdrawal

    Most ULIPs have a lock-in period of 5 years. After that, you can also choose to withdraw the amount from the investment component of ULIP.

  4. Maximize Returns

    Whole Life ULIP Plans allow you to invest in a variety of financial products. This gives you the opportunity to achieve maximum returns on your investment, helping you to reach your life goals and financial aspirations more effectively.

People also read: What is ULIP

Is ULIP Insurance a Good Investment?

ULIPs have been popular in India for a long time now and are considered a good investment option by many. Here’s what makes ULIPs a good investment:

  • Flexibility: ULIPs allow you to adjust premium payments (within limits) and choose how your money is invested among various fund options, adapting to your changing risk tolerance and financial goals.

  • Tax Benefits: ULIPs offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961^. You can claim deductions on the premium paid towards the policy.

  • Wide Range of Funds: ULIPs offer a wide range of funds to choose from, including equity, debt and hybrid funds. This gives you the flexibility to choose a fund that matches your risk appetite and investment goals.

Conclusion

Whole Life ULIP plans help you achieve long-term savings and financial goals. They provide guaranteed lifetime insurance coverage, ensuring your loved ones are financially protected. Beyond death benefits, Whole Life ULIPs allow you to invest a portion of your premium, giving you the potential to accumulate wealth alongside your insurance policy. You can seek the advice of a financial advisor to determine which Whole Life ULIP plan is suitable for your individual needs and financial situation.

People also read: ULIP Calculator

FAQ's

  • Can I switch between funds in a Whole Life ULIP plan?

    With a ULIP policy, you can change the investment fund throughout the duration of the policy. It enables you to optimize your returns through a unit-linked insurance plan.
  • Can I take a loan against my Whole Life ULIP policy?

    Yes. You can take a loan against your Whole Life ULIP. The facility is available to policyholders who have made regular premium payments for at least three years.
  • What is the lock-in period for a Whole Life ULIP plan?

    Unit-Linked insurance plans come with a lock-in period of five years.
  • How is the death benefit determined in a Whole Life ULIP plan?

    In Unit Linked Insurance Plans, the nominee will receive a payment referred to as the death benefit if the policyholder passes away during the term of the policy.

*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

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

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