There are a lot of investors and policyholders who have different criteria and requirements. So to cater to all these different people there are various type of ULIP plans that have specific methods and characteristics. So for new investor, the question may arise, “what is the best ULIP plan online?”
In this day and age of technology, you can find anything and everything on the internet. Finding the best ULIP plan is not excluded.
With the help of simple key stokes you can compare and find the perfect ULIP plan that suits your needs and future goals. You can use any search engine or; if you if to see a specific plan of a specific company, then you can go to the respective company website. You can have easy access to the plans and schemes of ULIP.
All information about the best ULIP plans is readily available for your taking. Middlemen, physically going to a branch of various companies, talking with experts and consultants are a tedious way to gather information about plans just to reflect on them later.
All insurance companies are bound to keep all information about the plans they offer open for reading and comparison by prospective investors. You can fish out the best ULIP plans in the comfort of your own home without physically exerting yourself for information.
Types Of ULIP Plans
In order to choose the best ULIP plan that is suitable to you, you must first know the different types of plans that exists. By knowing the assortment of plans and what they offer, you can choose the type that best serves your interest. We have made a list of the types of ULIP which are currently available for you to choose.
The types of ULIP plans can be classified broadly into two parts. The first being classification on the basis of purpose and the other being classification by death benefit.
Classification Depending on Purpose
- Retirement: As the name suggests this type of plan centres around retirement benefits. In this plan, you are required to pay premium within the term of your plan. This amount that you pay is collected automatically as your corpus. The money collected is utilised to buy an annual fixed sum of money after your career life has come to a rest.
- Wealth collection: The primary goal of investment is to accumulate large amounts of money for an extended period of time. This plan helps you do just that. This plan is highly recommended and is popular with the millennial who are in their early years of investment management. This allows them to have leniency to fund and financially support whatever future projects or goals they have in mind.
- Children education: There are a few ULIP plans that help you support a child’s education. In case of an unforeseen event that may hamper you child’s growth and development educationally, this plan pools in a large amount of money to enable the child to continue with his or her education. This is it make sure that your child’s life and educational progress is never in a position where they suffer monetary difficulty.
- Health benefits: Apart from the earlier mentioned types and benefits, certain ULIP plans also ensure that you have sufficient monetary support in the event of any medical emergencies to you or your loved ones.
Classification By Benefit Of Death
Under this classification, two types of ULIP plans can be found:
- Type 1- In this type of plan, the person mentioned in the policy by the deceased gets a higher amount of Sum Assured or Fund Value in this type of ULIP. If the assured individual happens to pass away during the starting years of the insurance policy, especially if the fund value is fund to be less than the sum assured, the insurer will regardless pay the assured amount to the nominees selected by the assured individual mentions in the terms of the policy. However, when the fund value is found to be greater than the sum assured, the accumulated amount in the fund turns into a death benefit.
- Type 2- Here, the nominee of the deceased claims both the sum assured and the fund value if the policyholder dies. Normally, the company does charge an extra amount for compensation from the policyholder in this type of plan.
Best ULIP Plans Of 2018
Now that you know the basic types of ULIP plan, you can choose the one which suits your needs and is within your comfort zone to chose. There are innumerable companies that offer different types of ULIP plans. The most optimal to choose the best ULIP plan for you is to compare and contrast between the most popular and beneficiary plans that are out there. Here is a list of the best ULIP plans there are as of 2018.
- HDFC Life Click2Invest – This plan by HDFC has a wide entry range of 0 to 65 years. The minimum premium ranges between one thousand rupees to a maximum of twenty-four thousand rupees. The risk in this type of investment is on the shoulder of the policyholder mentioned in the policy portfolio. The advantage is you can choose up to 8 different fund options each having multiple methods of paying the premium and ability to choose whichever policy term.
- Bajaj Allianz Future Gain– with a premium range of two thousand five hundred to twenty-five thousand, this plan has an entry range between 1 year and 60 years. This is an ULIP that assists you to accomplish your aims by acquiring benefits at the most nominal of costs. You can chose between 7 funds and enjoy limitless free switching options of funds to increase and optimise your investments according to the economic market and scenario.
- ICICI Prudential Life time Classic– ICICI prudential lifetime classic is also beneficial ULIP plan that allows you to secure and protect your close and loved ones. This is done by creating and also offering life cover, wealth formation and savings for the times ahead. With an entry range of 0 to 65 years, this plan allows you to choose from 4 different portfolio strategies on the basis of you personal needs of investments. The minimum premium range is from thirty thousand to fifty thousand.
- PNB Metlife Smart Platinum– With a minimum premium of thirty thousand to sixty thousand, PNB Metlife Smart Platinum allows you create your investment portfolio with 6 different funds to choose. Offering coverage till the age of 99 years, this plan gives the option to choose between different premium terms of 5 years and 10 years respectively. The entry age is from 7 years to 70 years.
- Max Life Fast Track Growth Fund– Allowing flexibility with investments, Max Life Fast Track Growth Fund aim to provide a safe style to invest with multiple fund possibilities present in the investment market. This plan has a minimum premium range of twenty-five thousand to one lakh. Also it has 6 fund options to choose from along with withdrawal and taxation advantages given to tax investors. The entry range is from 18 years to 50 years.
These are some of the many best ULIP plans that are popular as of 2018. You can choose from these or enquire further with the company with which you have decided to invest.
To put it in simple term, the most beneficial way to choose the best ULIP plan according to you is to:
- Know the different types of ULIP plans and what they specify in and what they offer.
- After choosing the type of ULIP plan that go in accordance with your future goal, choose from different insurance companies which offer the type of ULIP plan that you are interested in.
- After carefully choosing the type of ULIP plan you wish to invest in by the company of your choice, carefully read and understand the terms and conditions of the policy. This is a vital step so that you are well aware of the processing and methodology of the plan. You should be vividly clear of the working o the plan and what are the expectations and risks that you are undertaking.
- After care full inspection and proper clarification about the details and workings of the policy, you need to decide whether this policy is the best choice for you.
- If this policy seems ideal and beneficial to you and your goal, you can go ahead and invest in it. If you feel that the policy is unsatisfactory, you can check out other options from the popular plans that are recommended or choose one out of your own volition and judgement.
It is important to note that there is no one particular best ULIP plan. The suitability of a plan is subjective and differs to person to person and their personal situation and future goals. The plan that suits and is perfect for you may be unsatisfactory to others. So the best way to choose the best ULIP plan is to carefully inspect and compare with different plans available to you. After comparison, research and if you wish, consultation, you can opt for the plan that best suits your immediate investment opportunity and align with your future goals.