Unit Linked Insurance Plan, more popularly known as ‘ULIP’ is a life insurance product that provides insurance along with investment. Investment is offered in a variety of qualified investments such as stocks and mutual funds. ULIP has an edge over traditional insurance policies as it provides the policyholder with the opportunity to invest in a number of eligible investments along with the freedom to customize the plan according to their needs.
additional amount to your policy. The plan also offers Rising Star Benefit that ensures that your child’s financial future is secured even in your absence.
The key features of Edelweiss Tokio Life – WealthPlus are:
- Additional allocations
Every year, additional allocations (as a percentage of annualized premium) are added to the fund on every premium paid by you during the premium paying term thereby accelerating your wealth accumulation.
- Invest money based on your risk
You have an option to choose the funds you wish to invest and an investment strategy based on your profile and risk appetite
- Rising star benefit
You can opt for Rising Star Benefit to ensure that your child’s future financial needs are taken care of even in your absence. On the death of the parent, a lump sum amount will be paid immediately. All future premiums would be waived off and immediately credited to your fund value by the company plus all the applicable additional allocation will be added to the policy as and when due. Your child continues to enjoy the policy benefits.
Your premiums are exempt from tax under section 80(C) and even the maturity amount is exempt under section 10(10D).
Instead of managing two accounts with different financial products serving two different purposes, why not combine them into a ULIP, where you get a return on investment with tax exemption along with a life insurance policy.
