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

Check what ULIP plans in India have to offer, how do they compare to the term plan. These are the few things that will help you get more clarity on whether to link a ULIP plan with a term plan.

  • 3,037 Views | Updated on: Jan 10, 2024

Having a simple life insurance and one wherein a part of the premium is invested in the markets might sound similar but are two completely different things. So, if you were to take the advice of most financial experts, they will generally advise you against investing in this policy. To understand this, we will need to go into details of ULIP plans in India, understand why you should invest in ULIP compared to term plans, check the features of Unit Linked Insurance Plans, look through what ULIP plans in India have to offer, and how do they compare to the term plan.

These are the few things that will help you get more clarity over the question of whether to take a ULIP plan linked with a term plan or keep both things separate according to the requirements.

Why you should invest in ULIP?

ULIP is an insurance plan that serves the purpose of both insurance and investment. Additionally, the features of Unit Linked Insurance Plans are something that lures many investors to put their money in this scheme. At times many have asked - is ULIP a traditional plan? This suggests that people have very limited knowledge about ULIP policy and hence compare it with traditional insurance like Term insurance or other financial products like Mutual Funds.

The reason why you should invest in ULIP is very straightforward. In ULIPs, you are getting insurance cover and also the opportunity to invest in the financial market products to grow at pace with the market. However, if you are looking for a term insurance plan only, it is suggested that you look for schemes that cater to your needs and avoid looking for a ULIP Policy as term plans are pure death benefit plans.

If we analyze the features of the best ULIP plans in India and pick out the main ones, they would be:

1. Taxation benefits

2. Managing investment funds

3. Partial withdrawals

4. Premium Top Ups

5. Fund Switching ability

6. Various premium payment options

7. Transparency

If you talk about the best ULIP policy in India, these features will certainly be highlighted in addition to many other small and personalized features as per the investor’s requirement, risk appetite, and company’s terms and conditions.

Here are some common FAQs about ULIP policy:

Is ULIP a traditional plan?

No, ULIP is not a traditional plan. It is an insurance plan that comes with investment opportunities, unlike the traditional plans that are dedicated to providing guaranteed maturity at low risk.

Can ULIP be linked with the term plan?

It is suggested to keep the term plan and ULIP in different categories as they serve different purposes. Term plans are generally dedicated to serving the purpose of a pure death benefit plan.

Overall, ULIPs are designed to help you achieve your major objectives, such as increasing your capital, planning for retirement, or preparing for your child’s upbringing. They also provide you with the assurance that your monthly premiums are contributing to the achievement of your long-term objectives. They are definitely worth investing in!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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

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