Follow these easy steps buy ULIPs online today
Unit linked insurance plan is or ULIPs a market-linked Insurance product that aggregates the very best of investment and insurance into one. It is a plan which is linked to the capital and debt markets and offers flexibility to invest in equity, debt or hybrid portfolios depending upon your risk profile.
As the ULIP investments are market linked, the returns are higher than traditional policies and fixed income investments. Therefore, ULIPs are ideal product to meet you long term financial goals, some of which are given below –
Protecting your child’s future
As inflation is going up, the future cost of your child’s education will be much more than what it is today. With the equity exposure available in ULIPs, you can invest for your child’s future planning and earn higher inflation adjusted market returns.
Invest for critical financial milestones
ULIPs help you save for your future milestones like, having your own house, your child’s marriage or a long foreign vacation. All this is possible if you invest in the right ULIP plans, like an equity fund or balanced fund. While you are young, you can invest in the equity portfolio, and then gradually shift to balanced portfolio and then to the debt portfolio, if you do not want to take any risk. Switching between the funds is allowed and which helps you maintain your asset allocation.
Secure your retirement
Creating a corpus for your retirement is one of the most important financial goals. As equities are the best investment class it delivers higher return over the long run. As such ULIPs are an ideal choice that can add value to your retirement portfolio. You can accumulate a large corpus through ULIPs and you have the option of choosing the annuity by investing in a pension plan post retirement.
Why buy ULIPs online
Cost — The unique feature of buying online versus offline and through agents is the cost. For almost all insurers the premiums of online plans are much cheaper as it does not have any intermediation cost.
Steps to buy ULIPs online
Step 1: Compare the ULIP costs and plans which is available on the website of insurance aggregators. Choose a plan where the policy charges are low and suiting to your investment needs. Here premium is not important but the charges are. A low cost online ULIP plan ensures that maximum portion of your premium, after deducting the policy charges, are invested in the market.
Step 2: You must choose the plan suiting to your risk profile. If you are a high risk taker, choose the equity fund, in case you are comfortable with moderate risk, choose a balanced fund or if you do not want to take any risk, go for debt funds.
Step 3: After choosing the right ULIP plan for you, visit the website of the respective life insurance company and click on buy insurance online link
Step 4: You have to input your personal details, like father’s name, PAN and AADHAR number, qualification, age and address proof
Step 5: Fill in your complete mailing address and FATCA details
Step 6: Fill in the nominee details
Step 7: Fill in the occupation and details of other policies that you have
Step 8: Fill in the family details
Step 9: Fill in your health details and history of illness etc.
Step 10: An online quotation number will be generated and you will be directed to the payment gateway where you can pay the premium through your net banking account, debit or credit card.
Conclusion
As you can see Unit linked insurance plan are best insurance plans in terms of creating wealth for meeting your various financial goals. If you are buying the plan online by following the above easy steps, you can save lot of cost (which otherwise is paid to the agents) and earn extra return on it. As ULIPs are market linked products you are assured of superior returns with flexibility of paying limited or full term premium.
