Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Does Having Both ULIP Plan and Other Health Insurance Plan Make Sense?

One of the most asked questions is whether you should get a ULIP as well as health insurance. This article will go through both plans in detail to help you decide.

  • Mar 25, 2022

The need to safeguard the future of your loved ones has always been a motivating factor in our lives. Your goal has always been to ensure that your loved ones are always taken care of, even when you are not around.

In these situations, selecting the right financial instrument to secure their future is critical. One of the most commonly asked concerns these days is whether you should get a ULIP as well as health insurance.

This article will go through both plans in detail to help you determine which is best for you and your family.

All About ULIP

  • ULIP Plan Meaning

ULIP is a sort of investment that has two main benefits. Considering this is an insurance and investment combination plan, the benefits are also two-fold. Your premium that goes in the insurance component helps you get tax benefits. The amount that goes into the investment component ensures good, balanced, and optimized returns.

  • ULIP Tenure

ULIPs have a mandatory five-year lock-in period that must be completed before the policy can be surrendered or any partial withdrawals can be made.

  • ULIP Benefits

A death or maturity benefit is included in ULIP. On maturity, the sum guaranteed is compensated. There are additional benefits in addition to the sum assured, such as a bonus added to the sum assured after a few years of the policy. On maturity, ULIPs pay out the higher sum promised, the fund value, or 105% of the insurance premiums.

  • ULIP Tax Benefits

Section 80C of the Income Tax Act, 1961 provides tax exemption on ULIP premiums. In addition, under Section 10 (10D) of the Income Tax Act of 1961, the payouts are exempted from taxation.

All About Health Insurance

  • Health Insurance Meaning

Health insurance is a policy that covers a person’s medical and surgical costs. It reimburses the expenses incurred due to an accident or sickness or pays the insured’s care provider directly through a monthly payment if the insured cannot work due to deteriorating health.

  • Health Insurance Tenure

Health insurance policies do not have a lock-in period and are only as long as the term/length you choose when purchasing them.

  • Health Insurance Benefits

Health insurance policyholders in India have access to cashless claim settlement services provided by Indian insurers. The insurer will pay the claim amount directly with the hospital, and the insured will not be responsible for any hospitalisation costs. To use the cashless facility, the insured must seek treatment at one of the insurer’s network hospitals. Ambulance costs, pre-and post-hospitalization charges, and attendance allowance are all covered by health insurance.

  • Tax Benefits

You can get enjoy tax exemptions under Section 80D of the Income Tax Act towards the insurance premium paid for a health insurance policy. The maximum deductible amount is ₹25,000; however, it can be extended to ₹50,000 for senior citizens (with effect from 1 April 2018).

Following a thorough analysis of ULIP and health insurance, we can say that getting this combination is a great idea to protect your family’s future. You can grow your wealth, protect your loved ones, and take care of medical expenses by investing in these two plans.

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Kotak e-Invest

Download Brochure


  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Save Early to Keep Living Your Dreams Post Retirement

Demystifying the Retirement Planning Process

ULIP: Can You Surrender ULIPs or Withdraw Money from It?

Importance of Retirement Planning

What are the Rules for Exit From NPS?

Understanding Annuity Plans

What are Fixed Maturity Plans and Why Should I Invest in Them?

What are the things to consider before buying ULIPs?

Top 6 Reasons Why You Should Get A Pension Plan

5 Notable Investment Options for Retirees

Is It Worth Buying ULIP Plans For 10 Years?

How to Maximize Your Retirement Savings with a Pension Scheme in India

Benefits of Early Retirement Planning in India

Why Should You Invest in NPS?

Un-Retirement - Are You Ready For It?

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

How Quickly is Fund Switch Effected in ULIPs? Is it Done the Same Day or After a Particular Number of Days?

Types of Annuity Plan | Annuity Definition - Meaning & Key Benefits

Benefits of Early Retirement Plans

Different Types of ULIP Investments in India

10 Steps to Figure Out How Much Money You Will Need For Your Post Retirement Plans

ULIPs or Pension Plans – Which is a Better Retirement Plan?

How Does NPS Work?

What is Premium Redirection in ULIPs Plans | ULIP Insurance Plans | Kotak Life Insurance

7 Secrets that can Make Your Post-Retirement Phase Prosperous

Why You Should Invest In An Annuity Plan?

5 Reasons to Buy ULIP for a Secured Financial Future

The Significance of Number 8,000 in Retirement Planning

How can NPS help you save tax?

What are ULIPs and their Types?

Why ULIP Should Be a Part of Your Investment Portfolio?

What are the 4 Financial Phases of Retirement? How to Budget For Each One?

Top 4 Myths About ULIP Investments You Should Know

Pros and Cons of Retirement Annuities

EPF Grievance Management: All You Need to Know

What Happens If I Stop Paying My ULIP Policy Premium After Paying the First Premium? Will I Still Get The Return?

What is the Death Claim Payable in the Case of ULIP?

What are the Uses of ULIP?

What Are Retirement Pension Plans?

ULIP Plan or Traditional Insurance Plans - Which is better?

Saving for approaching retirement with retirement insurance

Top 4 Mistakes To Avoid While Planning For Your Retirement

Is it Advisable to Withdraw the ULIP Insurance Policy After 5 Years?

Are You Planning an Early Retirement? Here's Why Buying Annuity Plan Will Make Sense

Retirement Planning Guide: These 5 Steps Will Help You Towards a Safe, Secure and Fun Retirement

What tax benefits are there on saving for retirement?

What are the Chances of Losing all my Money in ULIP and How Much Return Should I Expect?

What are the Instruments Available for Building a Retirement Corpus?

How To Calculate The Present Value And Future Value Of Annuities?

Advantages of Pension Schemes and Retirement Plans

What is Lock-In Period in ULIPs?

Know Why You Should Stay Invested in Your ULIP Plan

Retirement Planning at 50? You Are Still Good to Go

Which Is Better: ULIP or SIP?

How Does ULIP Work in India?

Is ULIP A Good Investment Option?

What To Do With Your Retirement Accounts During An Employment Lapse?

Inflation: A Key Factor to Consider into Retirement Planning

What Are Superannuation Benefits?

Can I Surrender My ULIP Policy after 2 Years?

NPS for Housewife

Different Types of Retirement Schemes

Do Pension Plans Allow any Death Benefits?

What is the Difference Between EPF, VPF, and PPF? What are Their Tax Benefits?

What Are Mortality Charges In ULIP?

Retirement planning with a systematic life insurance plan

Is it possible to live a financially independent life, even after you retire?

Meaning of Sum Assured in a ULIP

ULIP Tax Benefits: यहां निवेश करने पर मिलते हैं 5 बड़े फायदे

A Beginner's Guide to Understanding 401k Retirement Plan

What is the Estimated Return Percentage on ULIP? Do Investors Get Compound Interest?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

Long Term Investment Guide for Your Retirement

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

What is a Retirement Plan - What are its Features?

What Happens to ULIP Premiums Paid if the Market Crashes?

5 Reasons Why ULIP Plans are One of The Best Retirement Planning Instruments

10 Steps to Figure Out How Much Money You Will Need After You Retire

Invest for your second innings with a guaranteed savings plan

What are the Differences Between ELSS ULIP and Mutual Funds?

5 Common ULIP Myths That You Should Stop Believing

Who Gets the Benefit After the Maturity of ULIP: The Proposer or The Life Insured?

A Quick Guide to Retirement Plans

Are Annuities Great For Early Retirement?

Is ULIP a Complex Financial Product?

How To Make Most of Your Money After Retirement?

What are the Benefits of ULIP - Explained

How to Win at Retirement Savings?

Getting Close to Retirement? Six Key Retirement Planning Tips That Can Help You Retire

Why Should You start Retirement Planning as soon as you start a job?

Importance of financial Planning for Retirement

Is ULIP Better Than FD?

How To Choose The Right Pension Plan?

Terminologies You Should Understand About Retirement Plans

What is the Minimum Lock-in Period for ULIP?

Give Your Retirement Savings A Booster-Shot with Annuities

What is Fund Value in ULIP?

Can NRIs Invest in ULIP Plans Offered in India?

5 Retirement Planning Tips for a Financially Controlled Post-Employment Life

Difference Between Unit-Linked Insurance Plans and Non-Linked Plans

Retirement Planning Guide for Working Men and Women

At What Age Should You Start Your Retirement Planning?

Is it Suggestible to Take a ULIP Plan Linked with a Term Plan?

How to Build a Tax-Free Pension Income for Retirement?

6 Signs That You Are Not Financially Ready For An Early Retirement

What is the difference between Life Insurance and ULIP?

Annuity Plan | How to Choose the Right Annuity Plan | Kotak Life

How Much Corpus Does One Need for Retirement?

What is an Annuity Plan, and How Does Annuity Plan Work?

How Has NPS Performed in Comparison with Other Instruments?

Retirement Planning - How To Calculate Your Retirement Premium in India?

FAQs on Taxation of ULIPs

Is ULIP a Good Option for People Above 60?

ELSS vs ULIP: Which is a Better Investment?

Looking for Ways to Earn Lifetime Income in Retirement? Here Are 6 of the Top Options

What is a Defined Benefit Plan and How it Works?

How Do Annuity Options Work In NPS

Retirement Planning: Use our Retirement Calculator to Plan Ahead

Types of Pension Plans for Your Retirement

What is Partial Withdrawal in ULIPs?

What are the Charges Levied on ULIP?

Why Should Retirement Planning Be on Top of Your Priority List?

What are the minimum and maximum investment in ULIP? Would the Whole Amount Insured in The ULIP Insurance be Invested in the Market?

How Safe is it to Invest in ULIP plans?

Retirement and Pension Plans in India- What are Your Options?

Ten Signs That You're Ready to Retire

How has ULIP Grown Over the Last 3 years?

How Does Pension Plans in India Works?

Worried About Running Out of Money in Retirement? 4 Tips to Avoid This Crisis

Types of Retirement Plans

Single Premium ULIP or a PPF - Which One is Better?

How Can I Achieve My Wealth Goal with ULIP Investment?

Top Investment Options for Retirement Planning

Tips to invest your voluntary retirement scheme money

Top 6 Flexible Benefits That ULIPs Offer

Here's What Retirement Would Look Like 30 Years From Now

Retirement Planning for Millennials

यूलिप और उनके प्रकार क्या हैं?

Do ULIPs Give Good Returns On Investments?

Which Pension Plan Suits You best?

Calculating a Retirement Corpus that can Support Your Lifestyle

यूलिप में 8 शुल्क जो आपको अवश्य जानना चाहिए

How To Keep Your Retirement Accounts from Being Hacked?

How Can ULIPs Help You Plan for Your Child's Future?

5 Steps to Gift a Smart Retirement Plan to Your Parents

How should one decide on fund allocation within NPS?

Retirement: A New Start to Life!