Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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Today, investing money in the right place can be a little tricky as there are so many investment options available. Moreover, each plan or scheme claims to be the best and promises to provide the best returns possible for your investment. We are well aware that all the product-related information is readily available online and that details are the key to making the right choice. ELSS, ULIP, and Mutual Funds - all being the top investment products of today generally confuse investors to decide as to what is the right option to pick out of them. So, before planning your next investment step, let’s have a look at the comparison of ULIP vs ELSS vs Mutual Funds. Before we move on to a comparison between these investment options, let’s understand what they are in brief.
ELSS stands for Equity Linked Savings Scheme and is a kind of Mutual Fund. In fact, it is the only Mutual Fund that allows tax deduction under Section 80C of the Income Tax Act of 1961. There are many other features of ELSS that make it an attractive investment option for many in comparison to other products
ULIP or Unit Linked Insurance Plan is an investment tool with the added benefit of life insurance. ULIP is a diverse investment and insurance tool that gives you an option to choose where to invest your funds and also to switch between them according to market trends if required. There are various advantages of ULIP that make it one of the most attractive investment choices today. Although many investors make a comparison between ULIP and Mutual Funds, both are quite different. Also, before planning on investing, one must decide his financial goal and look for the best ULIP funds in India as per their needs.
Mutual Funds are an investment tool where a company collects money from many people and invests it in bonds, stocks, money markets, and other assets to yield profits. Each investor holds a share which represents the equivalent part of these holdings.
Criteria |
ULIP |
ELSS |
Mutual Funds |
Returns |
May yield varied returns, as the investors get to manage the investment among different funds like equity, debts, hybrid funds, etc. |
As ELSS is linked directly to the market, the returns depend totally on the scheme choice. |
Returns on Mutual Funds depend on various factors such as the portfolios and management of investments. They cannot be predicted. |
Lock-in Period |
ULIP Policy has a minimum lock-in period of 5 years to reach maturity. |
An ELSS has a minimum lock-in period of 3 years to reach maturity. |
There is generally a 3-years lock-in period. However, it may change as per the policy. |
Tax Benefits |
It has various tax benefits on investments up to ₹2,50,000/annum. Taxes are applicable on amounts invested above this value. |
Generally taxed at 10% for investments above ₹1,00,000/-. |
Mutual Funds have varied taxation based on multiple factors. |
Liquidity options |
Funds may be available after completion of the lock-in period. This may vary based on policy guidelines |
Funds Are available after completion of the lock-in period. |
Can be sold as per the investors’ choice. |
Before you make your investment move, it is suggested to do proper research. However, if you decide to invest in a ULIP plan, it is recommended to check the advantages of ULIP, compare the best ULIP funds in India, understand how ULIP works, and then put in your hard-earned money!
- A Consumer Education Initiative series by Kotak Life
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