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A Unit-Linked Insurance Plan or ULIP is a type of life insurance product that not only provides life coverage to the policy buyer, but also serves as an investment option, wherein the policyholder is given the choice to invest in stocks, mutual funds, or bonds. Thus, with a ULIP, you can avail a life cover as well as earn returns for your investment on a regular basis.
However, one thing to remember is that since the returns offered by ULIPs are market-linked, you will have to bear the risk of your investments. Thus, make sure to only pick funds that suit your appetite for risk. That being said, ULIPs are an attractive option for many policy buyers since they can help in long-term wealth creation. Listed below are 6 unit-linked insurance plans that are offered by life insurance firms with the highest claim settlement ratios for FY16-17.
1. LIC’s New Endowment Plus Plan: The New Endowment Plus Plan from LIC is a non-participating, unit-linked, endowment assurance policy that is designed to provide both an insurance cover and serve as an investment option to the policy buyer. This policy provides flexibility to the policyholder and helps in long-term savings. The details of this policy are mentioned below.
2. Max Life Fast Track Super Plan: The Fast Track Super Plan from Max Life Insurance is a unit-linked, non-participating insurance policy. This plan provides comprehensive protection to policyholders and also offers 6 investment funds. Listed below are the key details of this policy.
3. HDFC Life Click2Invest ULIP: The Click2Invest ULIP is an online policy offered by HDFC Life that provides comprehensive coverage and attractive market-linked returns. This policy is ideal for individuals who wish to achieve their financial goals and have sufficient funds for the key milestones in their lives.
4. Aegon Life iInvest Insurance Plan: The iInvest Insurance Plan from Aegon Life is an online, non-participating, unit-linked insurance policy that offers customers the dual benefits of an investment-cum-protection financial tool. A unique feature of this policy is that the insurer invests 100% of the premiums paid by the policyholder, thus helping customers receive high returns throughout the policy tenure.
5. SBI Life – Smart Wealth Builder Plan: The Smart Wealth Builder Plan from SBI Life Insurance is a non-participating, unit-linked insurance policy. This plan offers a comprehensive life cover to the policyholder along with a range of fund options and guaranteed additions, thus increasing the returns earned from the policy.
6. ICICI Pru LifeTime Classic Plan: The LifeTime Classic Plan from ICICI Prudential Life Insurance offers enhanced protection to the policyholder, thereby providing financial security to one’s dependents. Further, the insurer also offers 9 investment funds with varying risk profiles.
In conclusion, a unit-linked insurance policy is your best bet if you are looking for a life insurance product that will also help you increase your wealth substantially over a period of time. However, when it comes to ULIPs, it is vital that you only pick a fund after assessing your financial needs and your appetite for risk.
Also, before you purchase an insurance policy for yourself or your loved ones, make sure to always compare a few different plans either through independent insurer websites or by way of a third-party insurance comparison website. Further, ensure to check the pricing of each policy to ensure that you are purchasing a plan with adequate coverage at a fair price.
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