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ULIP - Unit Linked Insurance Plans
- Protection with savings
- Customisable plans
- Option for partial withdrawals
Why do you need ULIP?
ULIPs provide flexibility, transparency, and tax benefits*, making them an attractive option for those seeking long-term financial security and investment opportunities.
Note: In this policy, the investment risk in investment portfolio is borne by the policyholder. The linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception.
Dual Purpose
Get insurance and investment in one convenient package
Flexibility
Choose your own policy term, funds, and investment style
Fund Switching
Switch between different funds to realign your investment strategy
Riders
Enhance the coverage of your insurance with add-on benefits
Higher Returns
Expect to get potentially higher returns with market-linked funds
Tax Benefits*
Get tax benefits* on premiums, partial withdrawals and even death benefit
Check Your Eligibility
Eligibility
- Age 1 month to 55 years.
- Citizenship Indian citizen residing in India at the time of purchase.
- Income Varied criteria depending upon plan.
- Medical tests Underwriting of genuine medical history.
- Job profile The level of occupational risk needs to be assessed.
Documents Needed
- Proposal form
- Age proof
- Photo identity proof
- Address proof
- Medical report
- Income proof
- PAN/ Aadhaar card
Get Insured In for Ulip Plans 5 Easy Steps
Pick a plan that fits your needs
Share the required personal details
Select sum assured, riders, payment cycle, etc.
Go through the coverage and exclusions
Complete payment and submit documents
04
Go through the coverage and exclusions
05
Complete payment and submit documents
Things To Keep In Mind
As per the Income Tax Act, 1961
- Under Section 80C : Deduction on premium payments up to ₹1,50,000
- Under Section 10(10D)** : Exemption on death benefit
How to claim
- This applies to death claims as well as rider claims
- You can make a claim online or at a branch
- Suicide and self-harm
- Death due to participation in criminal activities
- Death due to racing or other dangerous sports
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Aditya Birla Sun Life Insurance Customer
Haryana, India
Aditya Birla Sun Life Insurance Customer
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Aditya Birla Sun Life Insurance Customer
Gujarat, India
Aditya Birla Sun Life Insurance Customer
Table of Contents
What is a ULIP?
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- ULIP stands for "Unit Linked Insurance Plan." It is a unique financial product that combines both insurance and investment components in a single plan. It’s best for people who want to secure their family’s future but also want to grow wealth with time.
- Insurance: A portion of your premiums in ULIP goes towards providing life cover which means it offers all the benefits of a regular life insurance plan such as financial security for the family, legacy planning, tax benefits* etc.
- Investment: The remaining portion of the premium is invested into various funds such as equity, debt or a combination of the two based on your risk appetite. You have complete control over where you want to invest and you can even switch funds later if you want to.
- Wealth creation: Since ULIP investments are mostly market-linked, they have the possibility of performing better than other life insurance products in terms of wealth creation. But it should be noted that it also comes with market-related risks and thus, you should invest based on your goals and risk appetite.
Who should invest in a ULIP?
People looking for dual benefits
If you are looking to grow your wealth while ensuring a secure future for your loved ones, this could be for you.
People investing for the long term
ULIP tends to work better when given a long investment period which makes it good for retirement planning and other long-term goals.
People with higher risk appetite
Being market-linked, ULIPs carry a level of risk. If you are okay with that, you can consider investing in it to grow your wealth.
People seeking to diversify
You can invest in equity, debt or both through ULIP so if you are looking to diversify your investment, ULIP can be a great place.
Factors to consider before investing in a ULIP
Financial goals
Consider your financial objectives, such as wealth accumulation, retirement planning, or funding education.
Risk appetite
Assess your risk tolerance and comfort with market fluctuations as they dictate the performance of the fund.
Insurance coverage
Ensure the coverage provided is adequate for your needs such as children’s education and family’s daily expenses.
Investment period
Make sure you can stay invested for long as ULIPs are designed to perform better with time.
Fund selection
Consider the type of fund you want to invest in depending on the risk, duration, and asset class.
What are the key benefits of ULIP?
Withdrawal benefits
It allows partial withdrawals once the lock-in period is over, enabling the policyholder to address financial emergencies.
Long-term investment benefits
It offers benefits by wealth accumulation and tax advantages*, while also giving life insurance coverage.
Regular savings
It helps you develop good financial habits by making you pay premiums regularly.
Death benefits
It pays the basic fund value as well as the top-up value to your family if you pass away during the policy term.
Maturity benefits
It pays the total fund value as well as the top-up value to you if you survive the policy period.
Surrender benefits
It allows you to surrender your policy at any time and get your fund value after certain deductions.
Are there risks involved in investing in a ULIP?
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- ULIP investments are market-linked so they carry the expected risks that come with all equity-related investments. If the market performs well, the fund value goes up but if the market performs poorly, the fund value can go down.
- This is why it is suggested to stay invested in ULIP for a longer period, typically 10 years or more because equity investments tend to perform better in the long run. Thanks to compounding, your earnings generate more earnings, helping you create wealth.
- But if this is not for you, or you only want a small equity exposure, ULIP also allows you to choose where you want your money invested - debt funds or even a mix of debt and equity.
- With these options and the dual benefit of insurance and investment, ULIP becomes quite an attractive option for people looking to build wealth while safeguarding their family’s future.
What are the tax benefits* of ULIP?
Tax saving on premiums
The premiums paid for ULIPs are eligible for tax deductions up to ₹1,50,000 under Section 80C.
Tax benefit on maturity
The maturity amount received if you survive the policy term is also tax-exempt in certain cases.
Tax-free death benefits
The payout to your family on your demise is tax-free under Section 10(10D)**
Tax benefits on partial withdrawal
Withdrawals less than 20% of the fund value after the lock-in period are tax-free.
What makes a ULIP so flexible?
Premiums
You can select the premium and coverage that is right for you.
Funds
You can select between different fund classes - debts, equity or both.
Riders
You can enhance the coverage with riders at a small additional cost.
Fund switching
You can switch between funds anytime to realign your investments.
What are the different types of ULIPs?
Equity ULIPs
It invests primarily in stocks for potential high returns.
Debt ULIPs
It invests in fixed-income securities for stability.
Balanced Funds ULIPs
It invests in balance stocks and bonds for moderate risk.
Liquid Funds ULIPs
It invests in low-risk, easily redeemable assets.
Cash Funds ULIPs
It holds funds in cash equivalents for short-term goals.
How to calculate returns with a ULIP Calculator?
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Investment Term
Select the period for which you plan to invest in the ULIP.
-
Investment Amount
Enter the initial amount you'll invest or annual premiums.
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Type of Fund
Choose the ULIP's fund type such as equity, debt, balanced etc.
-
Rate of Return
Estimate the expected annual return based on your fund choice.
Invest in kids' funds for secure future
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Targeted maturity for funds
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Hybrid portfolio diversifies risk
Health plans for expenses and wellness
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Variety of plans available
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Complete coverage for protection
FAQs on ULIP
ULIP, or 'Unit Linked Insurance Plan' is a market-linked insurance plan that offers both life insurance and investment opportunities. A part of the premium is used to pay a lump sum of money to your beneficiaries in case of your untimely demise during the term of the policy, and the remaining part of the premium is invested in a variety of funds, such as equity funds, debt funds, or a combination of both. You will receive the fund value when the policy matures.
Here’s a complete picture of how a ULIP works:
1. Premium payment: The policyholder pays a regular premium to the ULIP plan.
2. Fund allocation: A portion of the premium is allocated towards life insurance coverage, and the rest is invested in funds of the policyholder's choice, such as equity, debt, or a mix of both.
3. Fund performance: The performance of the funds depends on market conditions and the underlying assets.
4. Charges: ULIPs have charges such as premium allocation charges, mortality charges, fund management charges, and surrender charges.
5. Life insurance coverage: ULIPs offer life insurance coverage, providing financial security to the policyholder's family in case of their death.
6. Investment options: ULIPs offer various investment options, such as equity funds, debt funds, balanced funds, and others. The policyholder can choose the type of fund based on their risk appetite and financial goals.
7. Flexibility: Policyholders can choose the type of funds they want to invest in based on their risk appetite and financial goals. Additionally, policyholders can switch between funds according to market conditions or their financial objectives.
8. Lock-in period: ULIPs have a lock-in period of five years, which means the policyholder cannot withdraw the funds before the end of the lock-in period.
9. Partial withdrawals: Policyholders can make partial withdrawals after the completion of the lock-in period to meet any financial emergencies.
Like any other insurance plan, purchasing a ULIP comes with a few charges. They are as follows:
• Premium allocation charges: A one-time charge deducted from the premium to cover policy issuance and administration costs.
• Mortality charges: The cost of life insurance coverage deducted from the premium based on the policyholder's age, health, and life expectancy.
• Fund management charges: The cost of managing the funds invested in the ULIP plan is deducted from the fund value as a percentage of the total assets under management.
• Policy administration charges: The cost of administering the policy is deducted from the premium.
• Surrender charges: A deduction from the fund value if the policyholder surrenders the ULIP plan before the end of the lock-in period. Surrender charges are typically high in the initial years of the policy and reduce over time.
• Switching charges: A charge levied when the policyholder switches between funds.
ULIP is a great investment option for someone looking for protection and wealth creation in one plan. Here are some of its most popular features and benefits:
• Dual benefits: ULIPs offer both life insurance coverage and investment opportunities. This means that you can get financial protection for your loved ones and grow your wealth at the same time.
• Flexibility: ULIPs offer flexible investment options. You can choose the type of funds to invest in based on your risk appetite and financial goals. You can also switch between funds as needed.
• Wealth creation: ULIPs have the potential to provide higher returns than traditional insurance products due to their investment component. This makes them a good option for individuals who want to grow their wealth in the long term.
• Transparency: ULIPs offer transparency in terms of their investment performance, charges, and fees. This helps you make informed investment decisions.
• Financial discipline: ULIPs encourage financial discipline as you need to pay regular premiums towards the policy. This can help you develop the habit of saving and investing.
• Tax benefits*: ULIPs offer tax benefits* under the Income Tax Act of India. You can get a tax deduction on the premiums you pay, and the maturity or death benefit you receive is also tax-free.
Yes, partial withdrawal is generally allowed in ULIPs after the completion of the lock-in period, which is typically five years. You can withdraw a portion of the accumulated fund value while keeping the policy active. The specific rules, limits, and conditions for partial withdrawals may vary depending on the plan and the terms of the policy.
It's important to note that partial withdrawals can impact the future growth of the investment and the overall policy value. Additionally, there may be a minimum and maximum limit on the amount that can be withdrawn, and some ULIPs may impose charges or fees for partial withdrawals. You should carefully review the terms and conditions of your ULIP policy and consult with the insurance provider or advisor before making a partial withdrawal to ensure you understand the implications and available options.
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*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
**Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein
^ As per annual audited figures submitted to IRDAI for the period FY 22 – 23 for individual death claims paid.
$ As on 30th November 2023
$$ As on 31st December 2023
For more details on risk factors, terms and conditions, please read the rider sales brochure carefully before concluding the sale.
ADITYA BIRLA CAPITAL DIGITAL LIMITED is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0871 and does not underwrite the risk or act as an insurer.
Registered Address: 18th Floor, One World Center, Tower 1, Jupiter Mills Compound,841 Senapati Bapat Marg, Elphinstone Road Delisle Road, Mumbai Maharashtra 400013. Participation by the ABCD’s clients in the insurance products is purely on a voluntary basis.
The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. Tax benefits are subject to changes in tax laws.
Aditya Birla Sun Life Insurance Company Limited is only the name of the Company and does not in any way indicate the quality of the contract, its future prospects or returns.
These investments are subject to market risks and change in fundamentals such as tax rates etc. affecting the investment portfolio. The premium paid in Unit Linked Life Insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of segregated fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. There is no guarantee or assurance of returns above the guaranteed returns from the segregated funds. GST and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable. An extra premium may be charged as per then existing underwriting guidelines for substandard lives. Linked Life Insurance products are different from the traditional Life Insurance products and are subject to the risk factors. Past performance of the Unit Linked fund of the company is not necessarily indicative of the future performance of any of these Unit linked fund(s). For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Registered Office: One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
IRDAI Reg No.109 | Toll Free No. 1-800-270-7000 | Website: https://lifeinsurance.adityabirlacapital.com | CIN: U99999MH2000PLC128110 | ADV/3/23-24/3878 BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.