ULIP is an insurance policy that can help you reach your financial goals faster. It is a secure plan that acts as a combination of both a life cover and a potential investment to cater to your long-term goals. By providing a host of investment options, it also promises flexibility and ease of convenience.
There are more reasons to buy a Unit Linked Insurance plan than one. What are they? Are they helpful enough for you to meet your financial goals in the long run? Let us help you unleash information about them as you read.
1. Life Cover
ULIP provides a comprehensive cover for a combination of two goals. One is to help you make a mindful investment to serve your long-term goals. The second is to receive a life cover for your family’s financial security when you are no longer around due to your untimely demise. This duality helps individuals to receive a good life cover that can help their entire family financially, even if they are the sole breadwinner and still absent.
What is most important for you to note is that ULIPs provide a life cover that is ten times more than your annual premium amount. This way, it becomes easier to beat the inflation rate even in the long run and help your family suffice in your absence for long enough.
2. Family Goals
We spend a sufficient amount of time making sure that we can be useful to our families and help them meet their goals on time. But what happens when we are not around? Who takes care of their financial interests and requirements when you are no more due to an untimely demise? These worries are genuine, and ULIP values them.
That is why the insurance plan promises to compensate for your family’s financial goals and interests. So, even when you cannot take care of them on your own, their needs and preferences are still covered under your plan. Whether it is your child’s marriage or their education, ULIPs help provide cover for all of them under a single plan.
3. Additional Benefits
ULIPs not only provide a good life cover so you can meet your goals with ease and flexibility. It also avails a host of additional benefits to keep you invested. Loyalty bonuses and wealth boosters are some of the most well-known additional benefits under this plan.
- Wealth Booster- An amount of the yearly premium is added to the existing value. But this is done without any added charges.
- Loyalty Bonus- This is the extra money that is given to the policyholder for continuing with the plan. It is provided to the policyholders so that they can continue with the plan without the thought of giving up on it anytime soon. In this type of additional benefit, too, the policyholder receives an added fund value.
4. Flexibility With Investment Options
ULIP provides you with the opportunity to choose from a wide range of investment options. This may range from balance funds and debt funds to equity funds. Each of them has a distinctive set of features and benefits to offer. So, one can choose from them as per their risk tolerance and preference. This means Unit Linked Insurance plans have to offer something to each individual. Creating a host of investment options allows you to invest at your convenience and flexibility for a better financial future.
5. Long-term Growth
ULIP does not only encourage you to pay premiums for a long tenure. It also comes with long-term benefits for all the premiums you pay. When you invest in ULIPs, your money is invested in the market for a longer span of time. This means you have the opportunity to make better returns too. As such, there is scope for long-term growth and profitability which you can use to amplify your financial goals.
Invest In A ULIP Plan Today!
When you invest in a potential ULIP plan, make sure you consider certain important factors. The claim settlement ratio, involved charges, fund performance, your goals with the plan, and premium payment options are certain considerations to make without fail. Doing this will help you to choose a plan that suits you best and leaves you enjoying all the benefits that made you invest in the plan in the first place.