ULIP or Unit Linked Insurance Plans offer you investment as well as insurance. Therefore, you get the best of both worlds. It is a hybrid plan so that a candidate can enjoy capital appreciation and the benefit of protection. Part of the premium you pay is kept aside as life cover while the other part is invested in the market. Before you get too excited for ULIPs, you must be aware that they require you to stay and hang in there for a minimum of five years. But even after that, they are pretty amazing. Therefore, let us look at five of the best ULIP plans that you can find in India.
1. HDFC Life Click 2 Wealth Plan
In this plan, the entry age is listed at 30 days to 60 years. The minimum premium range is between INR 1000 to INR 12000. You are not supposed to pay any premium allocation charges or policy administration charges. Additionally, you get an unlimited number of free switches if you opt for this ULIP.
2. MetLife Smart Premium Plan
The entry range in this ULIP is seven years to 70 years. However, the minimum premium amount is quite high that is in the range of INR 30000 to INR 60000. Other than this, you will have to pay allocation charges that increase at the rate of 1.25% every single year. But with this ULIP, you get four free annual switches.
Also Read: Best SIP Plan to Invest in India
3. SBI Life – Smart Wealth Assure Plan
The premium charges that you have to pay for this plan is only 3% of the single premium. Additionally, you will also have to pay 45 rupees per month as the policy administration charges. The free switches that you get are two. The rate of minimum premium is INR 50000. The entry age range is eight years to 65 years. You can trust SBI with everything.
4. Max Life Fast Track Super Plan
In this plan, you only have to pay 2% allocation charges on single policies and 4% for the annual premium policies. The best thing is that you will get 12 free yearly switches if you go with this ULIP. How superb is that? If you want to know the entry age, we will mention that too for you it is – 18 years to 50 years.
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5. Bajaj Allianz Future Gain Plan
The entry age of this ULIP by Bajaj Allianz is one year to 60 years. Bajaj Allianz is a venture between two companies. Out of these, Bajaj is an Indian company while Allianz is a German Company. Their performance in the market is impressive. Additionally, their allocation charges on the premium are also 0% to 1.5%. And, you will get unlimited free switches with it.
Conclusion:
ULIPs are generally opted for the creation of wealth or as retirement plans. Therefore, you must be aware of a lot of things before you choose any of the plans given above. However, we tried to bring the basic structure of all the plans so that you get a general idea of everything before you dive into deep knowledge. Many people also opt for them as they help them in the future to get their children a good education. You should choose for a ULIP too.