Benefits of investing in Unit Linked Insurance Policies:
By investing in Unit Linked Insurance Policies, you can gain many incredible benefits for your future life. Some of the benefits are listed below.
- The investors have the freedom to choose their life cover, and they can choose the life cover amount that they want. All ULIP has minimum life cover, which overs ten times the annual premium amount. Depending on the insurance bank and policy, you can pick your life cover that has 40 times the annual premium or even higher.
- Unit Linked Insurance Policies have two types of funds, and you have the freedom to pick your investment option based on your risk appetite and investment goals. The investors are provided with the option switch to move the amount between debt and equity funds.
- This policy provides you with a beneficial option called partial withdrawal. This allows you to withdraw a part of the amount which was invested in your policy, and it is free of cost.
- This is meant as goal-based planning because it will help you to secure your main goals in life, such as probability for wealth growth, saving for a child's education, and retirement planning.
- By investing in this policy, you can save your tax under the Income Tax Act of 1961. At different stages of life insurance, you can gain a tax deduction while filing for your returns.