What is ULIP Renewal

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. 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 Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

What is ULIP Renewal?

What is ULIP Renewal?
  • 22nd Jul 2022 |
  • 2,921

ULIP, or a Unit Linked Insurance Plan, is a dual benefit plan offering policyholder financial security and providing life security. A portion of the premium is contributed to the insurance plan. At the same time, the remaining amount is invested in various funds like equity, debt, or a combination of both, depending upon the policyholder’s preference.

Do you wonder what ULIP renewal meaning is? Worry not! This article covers the details regarding ULIP renewal.

While investing in a ULIP plan, you get the option to choose your premium payment mode. You can pay the premium for the ULIP plan as a single lump-sum payment or pay your premium periodically. Depending on the premium payment frequency, which can vary from monthly, quarterly, half-yearly or annually, you are required to pay the premium every month or as per the chosen frequency. Such payments are known as renewal premiums.

Paying the premium amount on time is essential, as the delay in payment can lead to additional charges on the plan, thus reducing the ULIP benefits. There are numerous ways to make the premium payment needed to renew your ULIP. Now that you know what is ULIP renewal, keep scrolling through to see the importance and ways to pay for ULIP renewal:

Importance of ULIP Renewal

Renewing the policy at the right time is essential for several reasons, as failing to do so can affect your financial plan adversely. Here are some of the importance of ULIP renewal:

Ensures that the Policyholder Reaps Benefits in Long Run

ULIPs offer the policyholder a protective life cover to protect them and their family during any unfortunate incident. Apart from this, ULIPs also offer investment opportunities that help the policyholder with capital appreciation. By renewing your ULIP policy timely, you can continue to enjoy these benefits in the long run and keep your financial safety net intact.

Helps to Keep Life Goals on Track

The inability to pay the renewal amount on time can lead to extra charges or discontinuation of the policy, which automatically leaves you with no investment to rely on or no insurance. Therefore, it is crucial to get your ULIP renewed on time.

Enjoy the Tax Benefits

ULIPs offer tax benefits to the policyholder. As per Section 80C of the Income Tax Act, 1961, the premium paid is deductible from your total income for that year. This reduces your taxable income and, in consequence, your tax liability. Renewing your policy will help ensure you enjoy the tax deduction benefits.

Ways to Renew your ULIP Policy

The premium for the ULIP policy can either be paid online or offline mode. In addition, there are several options available for you to get your policy renewed.

Cheque Payment

Paying the ULIP renewal amount via cheque is one of the most conventional offline modes. You can either drop the renewal amount cheque in the drop box of your insurance branch, or you can submit your cheque at the Insurer’s office.

ATM Payments

It is another offline ULIP renewal mode. The policyholders can pay their renewal premium through bank ATMs that the banking partner supports.

Bank’s Auto-Debit Facility

It is an easy way of paying the premium amount without missing any premium payment. In addition, you can activate the auto-debit facility on your bank account or Credit card, from which the amount would be automatically each time your payment is due.

Online Payment

To enjoy the benefits of ULIP, you can opt to pay for online premium payments. To begin with this, you need to register on your Insurer’s web portal. Afterwards, you can go online and make the premium payment using your internet banking portal or credit card.

You can prefer to pay the renewal amount via the following methods:

Third-Party Applications

The customer can alternatively pay renewal premiums through third-party mobile applications like UPI, PayTM, Google Pay, PhonePe and Amazon Pay.

Things to Consider for Online ULIP Renewal

A policyholder must consider the following things while opting for only ULIP Renewal.

  • Know the amount of your premium and the due date. For you to complete the necessary tasks on time, businesses typically send payment reminders to your registered mobile number or email address.
  • Verify that you have enough money in your bank account or credit card to complete the transaction.
  • You could also renew your ULIP swiftly using this technique if your bank accepts mobile payments.


Is ULIP good for the long term?

Numerous advantages, including high return, tax savings, life insurance, fund switching, investment flexibility, etc., are provided by the flexible features of ULIPs. Unquestionably, ULIP is recognised as one of the lucrative investment solutions to help policyholders achieve their long-term investment objectives.

How can I renew ULIP?

You have the choice of a premium payment method when you invest in a ULIP plan. You can either pay your premium in one large sum or regularly. You are obliged to pay the premium every month or in accordance with the set frequency, which may be monthly, quarterly, half-yearly, or annually. Since it helps to renew your ULIP plan, this payment is known as a renewal premium. If you want to keep receiving the advantages of your ULIP, you must pay your premium on time.

Kotak e-Invest

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

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


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

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

Can ULIP Help in Achieving Short-Term Financial Goals?

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

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

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

Short Term and Long Term ULIP Plans for Wealth Creation

Difference Between Passive and Active Investing

Best One-Time Investment Plans in India

What is better - Guaranteed Savings Plan or Fixed Deposit?

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

Investments Options to Buy a house in India

How to Increase Net Worth Along with Family Protection

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

Safe Investment Options with High Returns for FY 2018-19

Asset Allocations in ULIP - Know the Top Benefits

How to Make Your Financial Portfolio?

What are Deferred Savings Plans?

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

ULIP Plan as a Gift

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

Things to Know Before Buying an Endowment Plan

Basics of Guaranteed Savings Plan

Complete Savings Plan for Low Income Earners

How Does an Endowment Plan Work?

Top 10 Investment Strategies to Create Wealth

What are Mutual Funds?

Customising investments to manage your wealth

How to Plan Savings from Salary?

Savings vs Investment: Know the Difference

Are Money Back Policies Helpful? A Complete Guide

Early Investing and the Power of Compounding

ULIP vs FD - Which is Better and Why?

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

Top 5 Principles That Need to be Followed for Wealth Creation

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

Important Questions You Must Ask Yourself When Buying a ULIP Plan

Importance of Portfolio Management

Why Should Parents Invest in Endowment Plan?

Difference Between Guaranteed Savings Plan and ULIP

Factors Affecting Stock Markets

Why Should You Invest in Term Insurance And ULIP?

ULIP as an Investment for Your Child

Learn About Safe Investments with High Returns in India

Investment Options for NRIs in India

Learn About Safe Investments with High Returns in India

What is a Savings Plan and What are is Benefits?

What is the Importance of Saving Money?

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

Best Investment Options in India in 2022

Top 6 Investment Plans Available in India

4 Benefits of ULIP Fund-Switching Feature

Benefits of ULIP as a Child Insurance Plan

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

How To Diversify Portfolio In 2022?

4 Important Tips to Maximize Gains with ULIP Investments

How to Fulfil Your Financial Goals in the Next 10 Years?

Building wealth through regular investing

3 Tips to Buy Guaranteed Savings Plan

Endowment Plan vs Fixed Deposit?

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

What are the Best Investment Options for Students in India?

How to Manage Inheritance Money?

How to Cancel ULIP Policy?

How To Track ULIP Performance?

Creating a second source of income with life insurance

Best Investment Options to Cover Your Child's Education

Savings Plan for Grandchildren

What are Tax-Deferred Savings Plans?

How Do One-Time Investment Plans Work?

What are Some of the Safest Investment Options in India?

How to Plan your Investment to Achieve Periodic Financial Goals?

Are Gains from ULIP Sale Taxable?

Planning Financial Goals and Objectives of Financial Planning

How to Start Saving Money in 10 Simple Ways?

Long Term Savings Plan - Best Savings Investment Plans in India

Receiving regular payouts at various stages of life

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

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

Different Types of Endowment Plans

How To Invest Money In ULIP?

Successful Financial Planning for Urban Women

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

What are the Best Investment Options for Young Adults?

Debt ULIPs vs. Debt Mutual Funds: What's the Difference?

How to Manage Your Portfolio Like a Professional?

Top 5 Investment Options in 2022 for Healthy Returns

Which is a Better Investment - Mutual Funds Or ULIP?

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

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

What are the Best Investment Options For Females?

ULIP Benefits You Can Avail from Early Investing

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

Why Should You Consider Guaranteed Savings Plan for Long-Term Investment?