Which is the Best Unit Linked insurance plan in India in 2021?

ULIPs offer insurance coverage as well as the opportunity to invest in a range of investment vehicles, including stocks, bonds, and mutual funds. ULIPs are a popular financial product among clients because they offer protection as well as the freedom to pick your investment channel. We've examined ULIP plans from many providers in this post to help you find the right one.

Best Unit Linked insurance plan in India in 2021

Following are the best Unit Linked insurance plan in India in 2021: 

1. HDFC Click To Invest

The HDFC Life Click 2 Invest ULIP is a unit-linked plan that provides market-linked profits as well as essential family financial security. This plan offers you a variety of investment funds in addition to financial protection. To invest your money, you have a choice of eight fund alternatives.

 Key Features

1. Premium payment options: single-pay or recurring.
2. Eight different fund options to choose from
3. Sections 80C and 10(10D) of the Income Tax Act provide tax exemptions.
4. This plan is available with limited underwriting norms and a Short Medical Questionnaire if the requirements are met (SMQ). 

Eligibility

Entry Age: 0 Years To 65 Years

Maturity Age:18 yrs- 75 yrs

Premium Payment Frequency: Annual, Half Yearly, Quarterly, Monthly

2. Edelweiss Tokio Wealth Plus

Edelweiss Tokio Wealth Plus is a non-participating, unit-linked individual life insurance product that understands that your needs are more important than anything else. That is why, before offering any advice or an insurance solution, it makes it a point to understand your needs. Your requirements are first identified based on your priorities, then compared to your long-term objectives to ensure that we can provide you with the most appropriate solution.

It provides a variety of life insurance options, including pure term plans, savings and accumulation plans, retirement plans, and critical illness policies.

Characteristics Of The Plan

1. Benefits of Life Cover
2. Rising Star Benefit will take care of your children's financial requirements in the future, even if you are not present.
3. Additional allocation every year in addition to allocating 100% of your premiums paid during the premium paying term - Investment Methodologies
   a. Extra Allocation – added along with your premiums during the first five years of your policy.
   b. Premium Booster – added at the end of each policy year starting with the 6th policy year.
4. Two investing techniques to meet your diverse investment requirements
5. From the 6th policy year onwards, you will be able to partially withdraw your money in the event of an emergency.

Eligibility

Entry Age: 1-55 Years

Maturity Age: 18- 70 Years

Premium Payment Periods: Annual, Half-Yearly, Quarterly, and Monthly

3. Canara 4G Plan

A unit-linked individual life insurance savings plan that you can tailor to your specific goals and needs. This plan gives you complete control over your savings and insurance needs thanks to an unrivalled combination of Portfolio Management Options and flexibility. This item is a non-participating item.

Invest 4G is a unit-linked individual life insurance savings plan that you may tailor to your specific goals and needs. This plan allows you ultimate control over your savings thanks to an unrivalled combination of Portfolio Management Options and flexibility. It also includes a life insurance policy to cover your family in the event of your death.

 Key Features

1. During the policy term, as an additional allocation of units to improve your investments, Loyalty Additions and Wealth Boosters are available.
2. Option for systematic withdrawals to provide extra revenue streams over the policy's term.
3.  Option for greater liquidity at regular milestones with the Milestone Withdrawal Option.
4. Multiple Portfolio Management Options to help you maximise the policy's returns based on your investment preferences.
5. There are a total of 8 funds from which to pick.
6. The option to pay for the entire policy term, a specific number of years, or simply once.
7. Mortality Charges deducted during the Policy Term will be added to the Fund Value at maturity for Regular and Limited Premium Paying plans.
8. There are three cover options to choose from, each suited to a particular period of life.
9. Premium Funding Benefit under the Care Option ensures that your designated savings contributions are made even if you are not present.

Eligibility

Entry age : 0 years -65years

Maturity age: 18 years- 80 years

Premium Payment Mode: Yearly, Half- Yearly, Quarterly, Monthly and Single Modes.

Bharti Axa Shining Star

Individual Life Insurance Savings Plan (Non-Linked Non-Participating), This plan is a Life Insurance plan that provides life insurance coverage in the event of your untimely death, ensuring your family's financial security. The plan allows you to select from a variety of premium payment periods and policy terms, as well as the benefit payout option.The premiums are only due for a certain amount of time. The plan allows you to pick between two Maturity Payout alternatives, which you can select at the policy's commencement or at Maturity. The Maturity Benefit can be received in one lump payment at Maturity or at the end of any year throughout the Maturity payout period, or in five equal yearly payouts beginning at Maturity.

The plan gives you the option of choosing from a variety of policy terms while also limiting the amount of time you have to pay your premiums.

Key Features

1. Advantages of Maturity
2. Payout Options That Are Flexible
3. Optional annual payouts
4. Benefits Upon Death
5. Benefits from Taxes

Eligibility 

Entry Age: 18-60 Years

Maturity Age: depends on policy term

Premium Payment Mode: Annual, semi- annual, quarterly and monthly 

4. ICICI Pru Signature

ICICI Pru Signature is our newest ULIP, which combines life insurance and flexible investment possibilities in a single plan. It's a unique savings strategy that can provide you with higher returns while also protecting your loved ones with life insurance.

At maturity, your full premium is distributed to the funds of your choice, with the exception of Return of Mortality and Policy Administration Charges.
This plan allows you plenty of flexibility to invest according to your needs, with a choice of four portfolio methods and a wide range of funds.

Characteristics Of The Plan

1. Benefits of life insurance
2. Premiums are low.
3. Loyalty is rewarded with a lot of flexibility.
4. Unlimited Switches for Free
5. Withdrawals in a systematic manner
6. Benefits from Taxes

Eligibility

Minimum Entry Age: 0 years 

Maximum Entry Age: 60 years

Minimum Maturity Age: 18 years Maximum maturity age: 75 years For Whole Life option 

Maximum Maturity Age: 99 years

Premium Payment Mode: Yearly, Half-Yearly and Monthly

Endnotes

Due to the range of advantages available, ULIPs may be utilised as a multipurpose plan. The preceding article will make you familiar with these programmes and will help you select the best one for yourself.

Also read - Why Should I Buy Unit Linked Insurance Plans Online?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.