Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. 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 life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. 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.

Can You Have ULIP Plan and Health Insurance Plan Both?

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

Safe Investment Options with High Returns for FY 2018-19

ULIPs: Suitable for all

Beginner's Guide to Wealth Creation: Meaning, Strategies, & Importance

What are ULIPs and their Types?

Why Should You Invest in NPS?

Top 10 Investment Strategies to Create Wealth

Customising investments to manage your wealth

Planning For Son or Daughter's Wedding

How to Create Short-Term and Long-Term Wealth with ULIPs - Kotak Life

Can ULIP Help in Achieving Short-Term Financial Goals?

What are the things to consider before buying ULIPs?

Difference Between Passive and Active Investing

4 Rules To Keep In Mind To Secure Your Child’s Future Financially

Tax-Deferred Savings Plan: Overview, Benefits, Works

Building wealth through regular investing

Is ULIP A Good Investment Option?

Planning for Your Child's Higher Education? Explore These Investment Options

How ULIPs can help you achieve your financial goals

5 Best Long Term Investments To Add To Your Portfolio in 2023

All you need to know about Fund Switching in ULIPs

यूलिप में 8 शुल्क जो आपको अवश्य जानना चाहिए

ULIP Frequently Asked Questions (FAQ) - Kotak Life

ULIP NAV - Everything You Need to Know

How to Apply for Death Claim Benefits in ULIPs - Kotak Life

Balancing Investment Between Risk and Return on Investments

Is This The Right Time To Invest In ULIP? Why or Why Not?

Importance of Portfolio Management

Do You Know the Difference Between Savings and Investment?

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

How to Calculate Your ULIP Returns?

6 Important Tips to Maximize Your Gains with ULIP Investments

The lesser-known facts about ULIP policy that customers should be aware of?

Is ULIP a Complex Financial Product?

How Increasing Your SIP Every Year Helps You Reach Your Financial Goal Sooner?

What are the Best Short-Term Investment Plans with High Returns?

How Safe is it to Invest in ULIP plans?

What is Savings and the Importance of Saving Money

How to Plan Your Child's Education - A Step-by-Step Guide

What is Money Management? Definition & Example

Do ULIPs Give Good Returns On Investments?

How to Set Financial Goals for Your Future

What are loyalty additions, and how do they work in a ULIP?

यूलिप के फायदे और नुकसान क्या हैं?

How Can ELSS Funds Help You Save Tax & Create Wealth?

What are the Minimum and Maximum Investments in ULIP?

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

What is ULIP Plan, and How Does it Work?

Know Why You Should Stay Invested in Your ULIP Plan

Best Investment Options to Cover Your Child's Education

What are the Best Investment Options for Beginners or Amateur Investors in India?

How Much Wealth Can You Create From ULIP in 10 years?

Will AI be Your Future Financial Adviser? What Role Will Humans Play?

ULIPs Investment – A Boon or Bane?

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

What Is Social Impact Investing and How Does It Benefit Society?

5 Reasons to Buy ULIPS for a Financially Secured Future

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?

How Is ULIP Different from Other Life Insurance Plans? Where Can I Invest - ELSS, ULIP, or PPF?

How Can ULIP Plan be as an Investment for Your Child

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

What are the Maturity Benefits in a ULIP Plan: Fund Value Sum Assured or Only Fund Value?

Difference Between Linked and Non-Linked Insurance Plans

Four Financial Lessons from The Vedas on Living Life to The Fullest

ULIP Capital Gain Tax: Check Tax Norms for Capital Gain on ULIPs

Best Investment Options in India in 2022

यूनिट लिंक्ड इंश्योरेंस प्लान में लॉयल्टी एडिशन कैसे काम करते हैं

Got a Salary Hike? Here’s How to Plan your investment further

How to Cancel ULIP Policy?

All you need to know about claiming maturity proceeds from Ulip

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

How to Choose the Best ULIP Plans to Invest in 2022?

What are the Advantages and Disadvantages of ULIP?

वित्तीय संपत्तियां और उनके प्रकार

ULIP policy: What happens when you stop paying ULIP policy premium during lock-in period

ULIP As An Investment Option For Senior Citizens

What is SIP Calculator, and How it Works?

How Do One-Time Investment Plans Work?

यूलिप प्लान में परिपक्वता लाभ क्या हैं: फंड वैल्यू सम एश्योर्ड या ओनली फंड वैल्यू?

What is Partial Withdrawal in ULIPs?

Early Investing and the Power of Compounding

Top 5 Principles That Need to be Followed for Wealth Creation

How To Track ULIP Performance?

Receiving regular payouts at various stages of life

What is the Time Value of Money (TVM)?

Rate of Interest on Different Investment Plans in India

Why ULIP Should Be a Part of Your Investment Portfolio?

What are Index Funds, and How Do They Work?

ULIP Plans Riders You Should Know About

What is Mutual Funds? | How Mutual Funds Work, Definition

How is the Compound Annual Growth Rate (CAGR) Calculated in ULIP?

Benefits of ULIP as a Child Insurance Plan

What is Fund Value in ULIP?

Why Should I Invest in ULIP?

Are Investment Returns Guaranteed in a ULIP?

Learn About Safe Investments with High Returns in India

What is ULIP and Its Benefits?

What Is Financial Planning?

What is Lock-In Period in ULIPs?

What is Compound Interest, And How Do I Calculate it?

8 Charges in ULIP That You Must Know

Difference Between ULIP and Endowment Plan?

How and when should you exit from bad-performing ULIP?

ULIP Vs Life Insurance Plan Know the Difference

How Much Wealth Can You Create from ULIP in 10 years?

Planning For Children's Future

Best One-Time Investment Plans in India

How to Start Saving Money in 10 Simple Ways?

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

Investment Options for NRIs in India

Are Gains from ULIP Sale Taxable?

How to Fix the 9 Most Common Financial Problems Your Family is Facing

Long Term Savings Plan - Best Savings Investment Plans in India

Does Rupee Cost Averaging Work In Unit-Linked Insurance Plans?

Here's Why it's a Good Time to Explore ULIPs as an Investment

Creating a second source of income with life insurance

Top 11 Investment Plans Available in India

ULIP Plan or Traditional Insurance Plans - Which is better?

What is Fund Switch in ULIP? And ULIP Fund Switching Techniques

Endowment Plan vs Fixed Deposit?

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

Understanding ULIP Risks: What are the Odds of Losing all my Money and Projected Returns?

ULIP Benefits You Can Avail from Early Investing

Savings Plan for Grandchildren

What is a Child Money Back Plan, and How Does it Work?

ULIP Plan as a Gift

5 Reasons to Have a Child Education Plan

यूलिप के फायदे (Benefits of ULIP in Hindi)

How to Manage Your Portfolio Like a Professional?

Are Money Back Policies Helpful? A Complete Guide

How has ULIP Grown Over the Last 3 years?

Is the surrender value of ULIP taxable?

Develop an investing plan

Best Investment Plans for Children - Secure Your Child's Future

How to Increase Net Worth Along with Family Protection

What are the Best Investment Options for Young Adults?

FAQs on Taxation of ULIPs

What are the Best Investment Options for Students in India?

How to Use Recurring Investment Strategies to Build Wealth?

Why Are ULIPs Called Flexible Investments?

What Is a Credit Score? Definition, Factors, and Ways to Raise It

8 Important Tips to Maximize Gains with ULIP Investments

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

How to Make Your Financial Portfolio?

Top 5 Investment Options in 2022 for Healthy Returns

What is a Bond Fund and How It Works?

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

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

Factors Affecting Share Prices In The Stock Market

Is Life Insurance Investment Worthy Enough

Here's are the uses of ULIP your must be aware of

ULIP Investment Benefits You Must Know

Why is Portfolio Diversification Important? How to Diversify Your Portfolio?

Difference Between Guaranteed Savings Plan and ULIP

Best Investment Plans For You To Invest In 2023

Will You Need to Withdraw or Surrender Money From ULIP

Which is Better – FD, Mutual Fund, SIP, or ULIP?

Why are ULIPs One of the Best Tax Saving Instruments?

Top ULIP Myths That You Must Stop Believing In

Which is a Better Investment - Mutual Funds Or ULIP?

What is Direct Investment and its Types?

How To Invest Money In ULIP?

How to Build a Strong Financial Foundation For the Future?

Know How to Invest at Every Age for Larger Returns

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

Can ULIP Policy be Transferred?

ULIP vs FD - Which is Better and Why?

Learn About Safe Investments with High Returns in India

Why ULIP is Better Investment for Long-Term Wealth Creation?

What is a Savings Plan and What are is Benefits?

What are the Best Investment Options For Females?

What is NAV in ULIP, and How is it calculated?

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

First Job? Here are Some Tips on How to Manage Finances

What is ULIP Renewal?

Corporate Bonds: Meaning, Types & Benefits

Why Do You Need A ULIP Plan - All You Need To Know

Why Should You Build an Emergency Fund?

Which are the Best ULIP Plans in India for Children?

What are Some of the Safest Investment Options in India?

Here's Myths on Investments in ULIP Plans

How to Save Money from Salary?

Can You Invest in Both Term Insurance and ULIP?

Different Types of ULIP Investments in India

Here's Whether You Should Link ULIP Plan with your Term Insurance

यूलिप और उनके प्रकार क्या हैं?

Planning Financial Goals and Objectives of Financial Planning

What's Better for Your Child's Education? Child Plans or Mutual Funds?

What is Equity Mutual Funds: Meaning, Types & Benefits

How to Plan your Investment to Achieve Periodic Financial Goals?

Asset Allocations in ULIP - Know the Top Benefits

Investments Options to Buy a house in India

ULIP Withdrawal Conditions - Before and After 5 years

How to Manage Inheritance Money?

What are Financial Assets & their types?

Can NRIs Invest in ULIP Plans Offered in India?

Can I Surrender My ULIP Policy after 2 Years?

Successful Financial Planning for Urban Women