Best ULIP Plans in India 2023

12 January 2023
9 min read

A ULIP is a type of life insurance policy that financially protects your family in the event of your demise while also serving as an investment vehicle to help you reach your long-term financial objectives. The Unit Linked Insurance Plan is the extended name for the acronym ULIP, by which it is popularly referred.

You must pay a two-part premium for a ULIP policy. A portion of your premium is used to pay for your life insurance, and the remaining sum is engaged in market-linked securities of your choice. Depending on your risk tolerance and life goals, you can invest in equity, debt, or a combination of the two types of funds.

ULIPs are life insurance policies that combine life insurance security with the possibility of investment returns. You are given units based on how much money you invested in the fund. Net Asset Value (NAV), which is calculated daily, is the value of these units. Since these units are connected to the market, their NAV changes in line with the market.

You can broaden your ULIP investments to lower your risk, resulting in an increase in average NAV over time.

In this blog, we will examine ULIP Plans in more detail, along with the best ULIP Plans on the Indian market.

Top 10 ULIP Plans in India 2023

Let us review the top ULIP Plans now that we have a better understanding of this industry.

Company Name

Plan Names

Entry Age

Minimum Premium

Life Insurance Corporation India

LIC Endowment Plus

90 Days – 50 Years

₹3,000

HDFC Life Insurance

HDFC Life ProGrowth Plus

14 – 16 Years

₹2,500

HDFC Life Insurance

HDFC Life Click 2 Wealth

30 Days – Years

₹3,000

SBI Life Insurance

SBI Life Smart Wealth Assure

8 – 60 Years

₹4,166

ICICI Life Insurance

ICICI Pru Signature

0/30 Days – 60 Years

₹5,000

BajajAllianz Life Insurance

Bajaj Allianz Future Gain

1 – 60 Years

₹2,500

Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Fortune Elite Plan

1 Month – 55 Years (for five pay) - Up to 65 Years

₹3,300

Max Life Insurance

Max Life Platinum Wealth Plan

91 Days – 60 Years

₹16,6600

Bajaj Allianz Insurance

Bajaj Allianz Fortune Gain

1 Year – 63 Years

₹5,000

ICICI Prudential Insurance

ICICI Wealth Builder

0 Years – 69 Years

₹48,000

Factors to Consider Before Investing in ULIP Policies

Following are some of the crucial factors to consider before investing in the best ULIP plan in India -

Performance Of a Fund

This is the most critical factor that should be considered when choosing the top ULIP plans.

The businesses that consistently offer the most significant advantages and returns can be considered your priorities after proper research. Additionally, It should be noted that the fund's historical performance is not necessarily indicative of its future results.

Policy Expenses

The policy fees should be as affordable as possible, and the business should also be open about all the other fees.

Amount of Funds

The fund combinations should be aligned between Equity, Debt, and other Hybrid Funds to offer the highest return possible.

Maximum Premium

This is another crucial element that enables policyholders to choose the ULIP Plans that best suit their preferences.

Rider Availability

Many ULIP Plans offer optional riders to broaden the scope of coverage in addition to life insurance and wealth creation, such as a waiver of premiums or an inadvertent disability rider.

Additional Advantages

Benefits like wealth boosters and guaranteed benefits add a significant amount to the value of the fund, so it will be beneficial for you to watch out for the same.

You may also want to know ULIPs vs Mutual Funds - Which is the Better Investment Option.

Best ULIP Plans of India: An Overview

Following is the overview of some of the best ULIP in India

1) LIC Endowment Plus

LIC's New Endowment Plus Plan is a Unit-Linked Participating Policy and a non-participating endowment guarantee plan. A fantastic mixture of safety and savings is provided by this plan, which offers a blend of investment and insurance for the duration of the policy term.

The New Endowment Plus policy from LIC offers four different investment types, giving policyholders a lot of flexibility in deciding how to allocate their funds. The fund category can be chosen after the premium has been paid and premium allocation fees subtracted.

2) HDFC Life ProGrowth Plus

HDFC Life ProGrowth Plus is a unit-linked insurance policy with a regular premium. You can select the investment fund and the regular premium for this plan(s). Then, in the amount you specify, we will invest your regular premium, less premium allocation Charges, in the fund(s) of your choice.

You will receive the fund's total accumulated value after the policy's term(s). The premium for HDFC Life ProGrowth Plus is invested in the stock market, yielding excellent returns while providing insurance coverage advantages.

3) HDFC Life Click 2 Wealth

It is practically necessary to invest in sound plans that generate reliable returns while building a financial reserve in today's fast-paced world. A Unit-Linked Non-Participating life assurance Plan that provides such financial security for both the policyholder and his or her family is the HDFC Life Click 2 Wealth policy.

The Life Insurance Plan offers three different plan options: Invest Plus, a traditional option for building wealth; Premium Waiver, where the insurer makes future premium payments if the Premium Payor—who is not the Life Assured—dies; and Golden Years Benefit, which offers life insurance coverage up to age 99.

4) SBI Life Smart Wealth Assure

SBI Life Smart Wealth Assure is a Non-Participating Unit-Linked Plan that increases savings through participation in capital markets, building a corpus that is adequate for future needs.

To take advantage of this plan's benefits for the duration of the policy, the policyholder need only pay the premium once. In addition, to guarantee the policyholder receives the best ULIP returns possible, the plan can choose a combination of two funds—the Equity Fund and the Bond Fund—that provide Market Linked Benefits.

For the policy's term, policyholders only need to pay the premium once to receive benefits. The partial withdrawal of funds allows policyholders to obtain liquidity. Additionally, this plan offers the option to add an Accidental Death Benefit to customize the policy further.

5) ICICI Pru Signature

The Unit-Linked Insurance Plan ICICI Pru Life Signature is for savings and collateral protection. In addition to providing life insurance to the insured's family while they are away, the plan also offers several flexible investment options to aid in the insured's goal-achieving.

Also, with ICICI Pru Life Signature Insurance, the insured can select from 4 portfolio strategies and a wide range of funds across equity, debt, and balanced funds based on his investment needs. In addition, the Systematic Withdrawal Plan, part of the policy, also permits regular cash withdrawals to support the insured's various life goals.

6) Bajaj Allianz Future Gain

A Unit-Linked Insurance Plan called Bajaj Allianz Future Gain seeks to maximize wealth through capital markets and life insurance coverage investments. Policyholders who purchase the Future Gains insurance plan can build wealth for the future.

By using the premiums, you charge and investing them in the debt and equity markets; it achieves this. Additionally, it offers features like flexible premium payment options, various fund options, a choice of risk levels to match each investor's level of comfort with risk, and much more. Additionally, it offers you the chance to increase your wealth while taking advantage of the security provided by a life insurance policy.

7) Aditya Birla Sun Life Fortune Elite Plan

The BSLI Fortune Elite Plan is a unit-linked insurance plan in which premiums are invested in unit accounts that take part in market growth to produce high returns.

To meet protection needs, the plan also offers life insurance coverage. In this policy, the policyholder bears the investment risk associated with the investment portfolio.

The Aditya Birla Insurance protection and the chance to preserve and grow one's wealth are both offered by the Sun Life Insurance Fortune Elite Plan.

8) Max Life Platinum Wealth Plan

The Max Life Platinum Wealth Plan is a new product that Max Life Insurance has introduced for High-Net-Worth Individuals. The Unit-Linked Insurance Plan (ULIP) is non-participating and aids in better financial planning to secure your future.

It is a wise investment strategy that gives you flexibility, portfolio strategies, and various Fund options to help you achieve your goals. In addition, the insurance policy offers life coverage, investment options, and loyalty benefits or bonuses that steadily help a policyholder's wealth grow.

The plan has several premium payment methods and a rider option to expand the scope of the protection it provides.

9) Bajaj Allianz Fortune Gain

A Unit-Linked Insurance single premium endowment plan is available from Bajaj Allianz. It is called Bajaj Allianz Fortune Gain.

It offers up to 99.5% of the premium allocation to guarantee that your investment is fully utilised. Benefits are offered for the investment made under this plan. Additionally, it makes sure that charges are reduced to a minimum.

The Bajaj Allianz Fortune Gain plan offers wealth creation through market-linked returns and life insurance protection. The Loyalty Additions provided by the planned total are 3% of the single premium. This is valid for policies with single premiums of Rs. 1 lakh or more and terms of 10 years or longer.

10) ICICI Wealth Builder

The ICICI Prudential Wealth Builder II Plan is a non-participating ULIP that enables you to grow your money through investments linked to the market and offers life insurance protection to secure your family's financial future.

Customers who choose this plan get the convenience and simplicity of a one-time investment. It is intended to increase an individual's wealth, but it also functions as a life insurance plan to protect the family’s life.

In this plan, premiums can be paid for the entire policy term under the regular policy term or for a limited period of 5 or 10 years under the little pay option.

Conclusion

Before investing in any financial instrument, including ULIPs, you must thoroughly understand it. This blog will undoubtedly be helpful to you if you are looking for ULIP plans.

You can take advantage of features like partial withdrawals of funds, changing the frequency of premium payments, rider options, and more. The return of mortality charges, return enhancers, loyalty additions, fund boosters, and other features are also included in some plans.

You May Also Be Interested to Know-

1.

The Life and Health Insurance Checklist

2.

Best Life Insurance Plan in India

3.

Best Health Insurance Plans in India

4.

Best Term Insurance Plan in India

5.

Best Child Insurance Policies in India

Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.

To read the RA disclaimer, please click here
Research Analyst - Bavadharini KS

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