Life insurance has come a long way from the time it was viewed only as a tool of financial protection. While insurance policies still offer financial security against untimely death, they have evolved themselves to offer a saving element too. There are different types of life insurance policies which give you investment opportunities to build your wealth for your financial goals. When you combine this investment opportunity with life insurance protection, you get a potent combination that not only helps in fulfilling your financial goals but also ensures financial security in the process.
When we talk about the types of life insurance plans, there are different policies to consider. However, life insurance policies are divided into two broad headings –
Traditional life insurance plans include the whole gamut of life insurance policies like term plans, endowment plans and money back plans. On the other hand, ULIPs are a standalone category of life insurance plans which are linked to the market movements and the ULIP returns depend on market-performance. So, those of you looking to invest in the capital market can opt for ULIPs.
In simple terms, ULIPs combine market-linked investments with life insurance coverage. Unit linked insurance plans, called ULIPs in short, are life insurance policies with a unique structure. The premiums that you pay are invested in market-linked securities so that you can earn attractive returns that are in sync with the performance of the market. In the case of death, higher of the sum assured or the fund value is paid. When the policy, however, matures, you get the fund value as the maturity benefit.
ULIPs offer flexible policy features like partial withdrawals, top-up premium payments, switching, premium redirection, etc. As such, you can manage your ULIP investment as per your needs with the added protection of life insurance coverage.
When you buy a unit link insurance plan, you choose the premium that you wish to pay, the policy term, and the premium payment term. The sum assured is, then, determined as a multiple of the premium that you pay. Many plans allow you to choose a suitable multiple depending on your coverage needs while some plans allow a flat multiple of the premium as the sum assured. For example, say you pay a premium of Rs.1 lakh and the sum assured is expressed as 10 times the premium. In such a case, the sum assured would be Rs.10 lakhs. On the other hand, if the policy allows you to choose a multiple between 10 and 20 times the premium, you can choose a sum assured ranging from Rs.10 lakhs to Rs.20 lakhs.
ULIPs have different types of investment funds. Each fund has a diversified portfolio of market-linked securities and the portfolio is managed by expert fund managers. Based on your risk appetite and investment needs, you can choose from one or more funds to invest your premium.
There are some charges associated with ULIPs. These charges are deducted from the premium before the premium is invested in the chosen funds. So, when you buy the policy and choose the policy details, the charges are deducted from the premium and the premium is invested in the chosen funds.
Thereafter, as per the performance of the market, the fund performs. The invested premium and the returns earned on it are reflected in the fund value which rises or falls as per market movements. In the case of death of the insured, higher of the sum assured or the fund value is paid. On the other hand, if the term comes to an end and the plan matures, the fund value is paid.
Let’s understand how ULIPs work with suitable examples –
Mr. Sharma buys a ULIP for a period of 20 years paying a premium of Rs.50,000 every year. The sum assured is 10 times the premium and the plan has three different types of funds. Mr. Sharma chooses to invest the premium in two funds equally.
In such a case, Rs.25,000 would be invested in each of the two funds chosen by Mr. Sharma. The sum assured would be Rs.5 lakhs.Case 1 – Death during the 7th policy year
Mr. Sharma dies in the 7th policy year when the fund value has accumulated to Rs.4.25 lakhs. In such a case, since the fund value is lower than the sum assured of Rs.5 lakhs, the death benefit would be the higher amount which is Rs.5 lakhs.Case 2 – Maturity of the policy
If Mr. Sharma survives till the end of the policy tenure of 20 years, the fund value would be paid. Suppose the fund value has accumulated to Rs.16 lakhs, Mr. Sharma would get Rs.16 lakhs as the maturity benefit.
Here are some unique features of unit linked insurance plans which give them a distinctive edge –
Under ULIPs, there is a lock-in period of 5 years. During this period you cannot surrender the policy and exit from it. However, once the lock-in period of 5 years is over, you get the flexibility of partial withdrawals. Partial withdrawals allow you to withdraw a part of the fund value, whenever you need. Under many plans, a limited number of withdrawals are allowed free of cost every policy year. Some plans, however, might levy a charge on such withdrawals.
Partial withdrawals are beneficial because they allow you liquidity so that you can meet your financial needs easily.
Switching means moving your investments from one fund to another. As the market changes, some funds might perform better than others. Moreover, if your investment strategy also changes during the policy tenure, you might want to change your investment funds. This facility is allowed through switching which allows you to change the funds whenever you want to. Switching is mostly free of cost up to a specified number of switches. If, however, you make frequent switches, you might incur a charge.
Top-up means paying an additional premium under your unit linked policy. If your investment is offering attractive returns and you want to invest more, you can do so through top-up premiums. Top-up premiums are paid over and above the existing premium of the policy. Top-ups not only help you enhance your fund value with additional investments, they also enhance the sum assured. Every top-up that you do offers an additional top-up sum assured too which enhances the life cover under the policy.
Premium redirection is like switching. However, instead of transferring your existing funds, you choose to divert the future premium of the policy is a new fund. For instance, say you choose to invest in the equity fund when you bought the plan. Every premium that you pay would be directed to the equity fund, every time. However, if you choose the premium redirection option and then choose a new fund, the next premium that you pay would be directed to the new fund that you have chosen and not the equity fund.
Under the settlement option feature, instead of taking the maturity benefit in a lump sum, you can choose to take it in instalments. This allows you to remain invested in the funds even after maturity. The maturity benefit is paid in equal instalments over the next 5 years after the policy has matured.
Many unit linked plans allow readymade investment strategies wherein your premium is invested in different funds in a predefined manner. These strategies allow you the freedom to monitor and manage your investment and enjoy automated allocation. New investors with limited market knowledge or investors who do not wish to manage their portfolios hands on can opt for these strategies which offer readymade fund management.
As mentioned earlier, ULIPs have different types of funds that a ULIP scheme offers. While different plans have a different variety of fund options, basically, there are three primary type of investment funds –
Let’s understand the ULIP funds in a bit more detail.
As the name suggests, these funds invest primarily in the equity stocks or equity-oriented securities of companies. Since the equity market suffers from high volatility, equity funds have a high level of market risks. However, equity has the potential to grow exponentially with time. Thus, the return potential of equity funds is also very high.
Debt funds lie on the other end of the spectrum when compared to equity funds. Debt funds invest primarily in debt instruments. Debt instruments are those that have a fixed rate of return on the investment. Debt instruments are, therefore, not exposed to market volatility. As such, debt funds have very low investment risks. As far as returns are concerned, they are commensurate with the risks involved. Since the risks are low, returns are also on the lower side but they are stable. Even when the equity market turns volatile and falls, debt funds give positive returns.
Balanced funds lie midway. They combine equity and debt instruments in their portfolio to give you the best of both worlds. While equity investment earns attractive returns, debt investment provides stability in volatile times. As such, balanced funds reduce the risks inherent in equity funds and have a moderate risk profile. On the other hand, debt returns are enhanced due to equity exposure and the overall return potential of the portfolio is moderate.
Balanced funds can be equity-oriented or debt-oriented in nature. If the fund invests primarily in equity and a small portion in debt, the balanced fund would be called an aggressive fund. On the other hand, if the debt portion is higher than equity, the fund would be called a conservative fund.
ULIP products offer a host of benefits to policyholders some of which are mentioned below –
The first benefit that ULIPs provide is the opportunity to participate in the market. The capital market is a profitable investment avenue that can help you earn attractive returns on your investments. By choosing ULIPs, you can participate in the market and enhance the return potential of your investments.
The funds offered by ULIPs are professionally managed by experienced fund managers. These fund managers ensure that they pick quality instruments for the portfolio which have the highest profit potential. Moreover, through active fund management, the fund managers try and reduce the risks of investments. As such, you can enjoy professional fund management for your investments and leave your hard-earned money in the hands of experts.
The ULIP investment plan portfolio is a diversified mix of different securities. Equity funds have equity investments across companies of different market capitalisations and segments. Similarly, debt funds invest in a variety of debt instruments for maximum returns. This diversification spreads out the investment risk and also ensures that you get to enjoy the profitability of different instruments.
The benefits of partial withdrawals, switching, premium redirection, readymade investment strategies, etc. give you complete flexibility in managing your investments. You can change funds when the market dynamics change, withdraw during the tenure, opt to invest in a new fund altogether or even take the maturity benefit in instalments. Whatever your investment strategy, a ULIP can be customised as per your needs and requirements.
If investment wasn’t enough, you also get life insurance coverage from ULIPs. The minimum death benefit under the policy is guaranteed so that you can plan for financial security for your family in your absence. Moreover, the security of a death benefit also helps you plan for your financial goals whether or not you are around for them.
With the returns that ULIPs can give on your investments, you can create wealth for your varied financial goals. The returns are also inflation-adjusted ensuring that your money grows with the economic growth of the country and proves sufficient in meeting your needs. Moreover, ULIPs can be offered as child ULIPs or ULIP pension plans which are tailor-made plans for your child planning and retirement planning goals, respectively. So, with a ULIP, you can fulfil your financial goals with ease and surety.
Lastly, ULIPs are tax-saving avenues too. They offer tax benefits on the premium as well as the benefits that you receive from them. These tax benefits not only help in reducing your tax liability, they also create the maximum corpus for your financial goals which is not subject to tax.
ULIPs are suitable for every type of investor – new or seasoned. If you want to earn market-linked returns with the added advantage of life insurance protection, you can opt for ULIPs. ULIPs are also suitable for young parents who can choose child ULIPs to plan a corpus for their child’s future needs. Similarly, if you want to plan a retirement corpus, you can opt for pension ULIPs and create a tax-efficient and market-linked corpus for your golden years.
Moreover, the different types of unit linked funds offer a suitable fund choice for every type of investor. If you are risk-averse, you can choose debt funds and if you don’t mind taking risks, you can invest in equity funds for attractive returns.
Also, any investor who wish to take the advantage of switching from equity to debt and vice versa without any tax implications on the portfolio, must invest in a Unit Linked Insurance Plan.
However, do keep in mind that ULIPs don’t guarantee returns. If you want guaranteed returns, you might want to think again before investing in ULIPs.
To help you enhance the scope of coverage and to customise your policy, ULIPs allow you a host of riders too. While the actual riders depend on the policy, the common list of riders is as follows –
|Name of the rider||Meaning|
|Accidental death benefit ride||This is one of the most popular riders available under the policy. Under this rider, accidental death gives an additional death benefit. If the insured dies in an accident, an additional rider benefit is paid along with the death benefit|
|Accidental death and disablement benefit rider||This rider is similar to the accidental death benefit rider but with an added cover for accidental disablement. If the insured suffers accidental death or permanent disablement due to an accident, an additional rider benefit is paid|
|Critical illness rider||This rider covers critical illnesses which are specified under the policy. If the insured is diagnosed with any of the illness covered under the policy, a lump sum rider benefit is paid|
|Premium waiver rider||This rider waives off the premium if the policyholder suffers a disablement or dies during the policy tenure. The premium is paid by the insurance company on the policyholder’s behalf|
|Term rider||Term rider provides additional pay-out in the case of death. If the insured dies during the policy tenure, an additional rider benefit is paid along with the sum assured|
|Terminal illness rider||The terminal illness rider covers terminal illnesses. If the insured suffers from any terminal illness, the sum assured is advanced so that the insured can pay for the medical costs of the treatment|
|Family income benefit rider||This rider pays regular incomes after the death of the insured. This benefit creates a source of regular incomes for the family after the insured’s demise|
|Hospital cash rider||This rider pays a daily benefit if the insured is hospitalised for 24 hours or more|
|Surgical benefit rider||The surgical benefit rider pays a lump sum benefit for specified surgeries that the insured might undergo during the policy tenure|
As you might have seen, a part of the ULIP’s benefit is its tax advantage. Let’s have a look at how ULIPs can help you save taxes.
Let’s elaborate -
The premium that you pay for the policy is allowed as a tax deductible investment from your investment. The deduction is allowed under Section 80C of the Income Tax Act, 1961. The deduction is the lowest of the premium paid, 10% of the sum assured or Rs.1.5 lakhs.
Moreover, if you buy a rider which gives health-related coverage, like critical illness rider, hospital cash rider, surgical benefit rider, etc., you get an additional deduction under Section 80D. The limit of deduction is Rs.25,000. If you are aged 60 years or above, the deduction limit increases to Rs.50,000.
If you opt for partial withdrawals after 5 years, the amount that you withdraw would be tax-free.
Moreover, switching also does not attract any tax. The amount that you switch from one fund to another would be tax-free. Thus, you can switch your fund from equity to debt and vice versa without any capital gain taxation. This is the most unique feature of ULIP which is not available in any other instrument in the market. So, if you park your funds in a market downturn, you wouldn’t incur any taxes on the same.
The death benefit that is paid is completely tax-free in nature in the hands of the nominee. This ensures that your family receives a tax-free benefit in your absence.
The maturity benefit received from a unit linked policy is also tax-free provided that the premium was within 10% of the sum assured. Moreover, the premium should be within Rs.2.5 lakhs from all unit linked plans to claim the tax benefit on maturity benefit.
The tax benefit is allowed under Section 10(10D) of the Income Tax Act, 1961. If, however, the premium exceeds Rs.2.5 lakhs, the maturity benefit would attract equity or debt taxation depending on the fund that you invested in.
However, for Unit Linked Pension Plans, 60% of the fund value can be withdrawn. However, you can claim tax exemption on 1/3rd of the fund value that you withdraw. This tax benefit is allowed under Section 10(10A).
ULIP insurance plans can be brought both offline as well as online. All you have to do is follow the following simple steps to buy by a suitable ULIP plan for yourself:
Buying ULIPs online is much faster and easier in comparison to the offline mode. You can buy ULIP online through any of the following ways:
You can opt to buy ULIP through the official website of PayBima. PayBima offers you the benefit to compare plans and select one with the lowest premium but with the highest benefits. Buying ULIP through PayBima is really quick and simple. Let's see how:
By visiting the branch of the insurance company or through an intermediary.
There are certain documents which are required to be submitted to the insurance company along with the application form at the time of buying the plan. The company will validate the documents and issue the policy. The documents required are as follows:
PayBima offers a simple online platform for buying ULIPs. Here are some reasons why buying from PayBima makes sense -
If you have any queries when buying a unit linked plan, you can connect with PayBima’s executives for personalized assistance. The executives are available instantly over a call and they help in buying the best ULIP plans for your needs.
Commission charges are not included in the ULIPs available on PayBima’s platform. You can, thus, get affordable and commission-free premiums on the policy.
There are different ULIPs available in the market. To find the best plan, you need to shop around. PayBima allows you to do just that by offering the comparison facility on its platform. You can compare the ULIPs offered by leading life insurance companies and then find the best policy that matches your needs.
PayBima believes in offering both pre-sales and post-sales services to its customers. That is why it has a dedicated customer care department which is reachable 24*7 for your queries, complaints, policy related services and claims.
After you buy a suitable ULIP through PayBima, the soft copy of the policy document is instantly emailed to your registered email ID. This serves as a ready proof of coverage while the physical copy is dispatched by the insurance company in a few days.
With PayBima’s simple and easy interface, buying ULIPs cannot be easier. You can buy the policy at your own convenience and the purchase process is fully online. You don’t have to run from pillar to post and buy the policy conveniently wherever you are.
ULIPs can prove to be a valuable addition to your portfolio. However, when you buy a plan, it should be a well-thought of decision. Here are some things to keep in mind when you buy a unit linked policy –
There are various types of charges associated with ULIPs that are mentioned in the policy document of the plan. You should know these charges to understand how your premium would be invested.
So, here’s the list of charges associated with ULIPs –
|Types of ULIP Charges||Meaning|
|Premium allocation charges||Premium allocation charge is one which includes the cost of issuance of the policy, primarily the commission paid to the intermediary. It is a fixed percentage of the premium and is deducted before allocating the premium to the chosen funds. Premium allocation charge is deducted when premium payment is made. It is also deducted from renewal premiums. Premium allocation charges are higher in the initial years but reduce subsequently. There are some ULIPs offered online in which no premium allocation charge is levied.|
|Mortality charges||Mortality charge refers to the cost for life insurance coverage provided under the plan. Mortality charges depend on the age of the insured, sum assured, family history, habits, etc. These charges are deducted on proportionate basis every month from the fund value by cancelling equivalent units in the fund.|
|Fund management charges||Fund management charges are the charges which are levied to make payments to the fund managers who manage the ULIP funds. Fund management charges are deducted from the fund value on a daily basis. The charges are higher in equity funds than in the debt funds.|
|Partial withdrawal charges||Under most plans, a limited number of withdrawals are allowed free of cost. However, if the withdrawal exceeds the free limit, this charge is levied.|
|Premium redirection charges||If you choose the premium redirection option, a charge might be levied for the same|
|Switching charge||Under most ULIPs, a specified number of switches are free. However, if you switch more, the excess switches would incur a charge.|
|Policy administration charges||Policy administration charges are the charges for the administration of your policy. These charges include the cost of revival notice, premium intimation, documentation, etc.|
|Discontinuance charges||There is a lock in period of 5 years in ULIPs. If you do not pay the premium of ULIP policy during the lock-in period, discontinuation charges would be applicable during the lock-in period. Once the period is over, the charges would stop.|
|Other miscellaneous charges||There are other miscellaneous charges which are related to change in premium payment mode, or other charges incurred for any other changes made in the plan.|
The sum assured is calculated using the following parameters –
The multiple is multiplied by the premium amount to arrive at the sum assured. The multiple depends on your age. Usually, there are two age brackets based on which the multiple is allowed – up to 45 years and 46 years and above. Many plans allow 10 times the sum assured for regular and limited premium payments. For single payments, however, the sum assured ranges from 1.10 times to 10 times the premium amount.
You should check the policy document to find the sum assured that you can avail of. You can also use the ULIP calculator to find the sum assured available.
There are different ULIPs available in the market. It is, therefore, recommended that you compare the available plans and then choose the most suitable one. To compare, the following parameters should be assessed –
ULIPs can be issued as basic savings plans or specialised child or retirement oriented plans. You should, therefore, check the type of plan that you are buying and align it with your financial goals. For example, if you need a plan to plan a corpus for your child’s future, a child oriented ULIP would be better as it would be designed especially for your financial goal. Similarly, if you want a plan for your retirement, opt for pension ULIPs and build an earmarked retirement corpus.
The plan benefits not only include the maturity and death benefit but other benefits as well. Nowadays, many ULIPs offer loyalty additions, fund boosters, etc. which offer additional returns over the fund’s market-linked returns. Such plans, therefore, can offer better returns on investments. Moreover, some ULIPs offer lifelong coverage or inbuilt riders which enhance the protection. So, check the plan benefits and look for plans that offer the maximum benefits.
Assessing and comparing the charges involved with ULIPs is very important because the charges determine the returns. Higher charges negate the returns and should, therefore, be avoided. Look for plans that offer a refund of charges or have minimal charges.
Check the variety of funds offered by ULIPs. The larger the fund choice the more options you would have to invest your money in different portfolios.
Free switches and partial withdrawals not only allow flexibility, minimal or no charges ensure that you can enjoy these flexibilities without an added cost.
As mentioned earlier, many ULIPs offer readymade investment strategies. If you are a new investor or if you want to opt for such strategies, look for plans which offer them. Also, compare the strategies offered and choose a plan whose strategy suits your preferences.
Always compare the sum assured multiples offered by ULIPs. If the ULIP has a very low multiple, you would not be able to enjoy higher coverage. On the other hand, if the multiple is very high, the mortality costs would be higher. So, opt for a plan which offers suitable multiples, ideally 10 times the premium.
To understand how the ULIP funds have performed, check their historical returns. Compare these returns across plans to find plans whose funds have offered the highest and the most consistent returns over the past.
Lastly, check the riders offered by ULIPs. A suitable plan should offer a range of useful riders so that you have the flexibility of customising the coverage and the option for a comprehensive policy.
Among the hundreds of ULIPs available in the market, are you wondering which is the best ULIP plan in India? Well, here is a table showing the top ULIPs in India that you can choose for your financial goals –
|Name of the plan||Salient features|
|ICICI Pru Signature|| |
|HDFC Life Click2Inves|| |
|Aegon Life iMaximize Insurance Plan|| |
|Edelweiss Tokio Life Wealth Secure +|| |
|Edelweiss Tokio Life Wealth Plus|| |
|Edelweiss Tokio Wealth Gain +|| |
|Bharti AXA Life eFuture Invest|| |
|Bajaj Allianz Future Gain|| |
|Kotak e-Invest Plan|| |
|Max Life Online Savings Plan|| |
|ABSLI Wealth Aspire Plan|| |
A claim can occur either on maturity of the policy or on death of the policyholder. You can also make a claim for the rider benefit if the instance for which the rider was bought occurs. The claim process of a ULIP insurance plan is simple. Here’s how it goes for the different types of claims:
In the event of death of life insured during the tenure of the policy, the nominee would have to make a claim. The nominee just has to inform the insurance company, fill the claim form and submit the claim form along with claim related documents. The insurance company will check the authenticity of the documents and release the claim to the bank account of the nominee through NEFT or through a cheque.
Maturity claim is received if the insured survives till the maturity of the plan. The insurance company automatically processes the maturity claim and sends a discharge voucher before the date of maturity. You are required to fill up the discharge voucher and submit it to the insurance company along with your identity proof and policy document to receive the maturity payment. The company will credit the maturity amount through bank transfer or by issuing a cheque. You can receive the maturity payment in either of the two ways:
The process of rider claim is as same as the process of making a death claim. To make a rider claim, you will have to fill up rider claim form and submit it to the insurance company along with the policy document. A proof of rider claim is also to be submitted along with the form to enable the insurance company to check the validity of the claim.
You are required to submit certain documents to the insurance company along with the claim form. Documents which are required for making a claim are mentioned as follows:
So, understand what is ULIP insurance, how it works and its benefits. Then, invest in the best policy that matches your needs.
Yes, you can buy a ULIP life insurance plan in the name of your minor child. ULIPs allow children aged 30-90 days and above to be covered under the plan. So, check the minimum entry age and if your child fulfils the minimum entry age criterion, you can insure him/her under the plan.
Usually, ULIPs are offered for a minimum period of 5-10 years and a maximum tenure up to 40 years. However, there are ULIPs which also allow lifelong coverage and continue till you reach 99 or 100 years of age.
ULIPs have a minimum lock-in period of 5 years before which you are not allowed to surrender. If you discontinue the premium after 3 years, the fund value would be transferred to a discontinued policy fund. Discontinuation charges would be deducted from the fund for the next 2 years. Once the lock-in period is over, you would be allowed to withdraw your fund value from the discontinued fund.
Enhancement of the sum assured depends on the plan’s terms and conditions. Some ULIPs allow enhancement of the sum assured during the policy tenure while others don’t. So, read your policy document to understand if an enhancement is allowed or not.
You can claim a deduction for the premium paid up to a maximum limit of Rs.1.5 lakhs under Section 80C. However, if your premium is more than 10% of the sum assured, premium up to 10% of the sum assured would be allowed as a deduction.
Yes, there is a minimum and maximum limit on the amount of partial withdrawals that you do. This limit depends on the policy. However, almost all ULIPs ensure that after the withdrawal, your fund value should be equal to at least one annualised premium.
Yes, you can buy as many ULIPs as you want. There is no restriction on the number of ULIPs that you can buy.
Yes, an additional premium is required for the rider. However, under ULIPs, you don’t have to pay the premium. The cost of the rider is deducted from the fund value as the rider coverage charge.
Some plans allow you the flexibility to avail of the death benefit in instalments rather than in one lump sum. However, this benefit is plan specific and you should check your policy to find out if you can avail of the death benefit in instalments or not.
No, on maturity, the fund value is paid even if it is lower than the sum assured.
Yes, some ULIPs allow coverage on a joint basis. So, check for plans which allow such coverage because not all ULIPs have this feature.
ULIPs allow different types of premium payment modes. You can pay a single premium, limited premium, or regular premium for the policy if the policy allows.
Under pension ULIPs, you are allowed to withdraw up to 60% of the accumulated fund value in lump sum. The remaining fund value should, then, be used to either buy a single premium deferred annuity plan or an immediate annuity plan.
No, the returns under ULIPs are not guaranteed. They depend on the market movement.
No, you cannot lower the charges associated with ULIPs. The charge structure is designed by the company and is applicable for all policyholders. However, if you look for plans that refund some of the charges on maturity, you can lower the effective charges deducted from your fund value.
Nomination is not mandatory. However, it is advisable to nominate an individual to receive the death benefit otherwise, if the insured dies, his/her legal heirs would have to make a claim by proving their legal status as the deceased’s heirs.
Yes, a loading is applicable if you pay monthly premiums, if you have an adverse medical history, if you smoke, etc. However, no additional premium is payable for the loading. The loading is adjusted as an increase in the ULIP charges.
If you are aged above 45 years, or if you opt for a high sum assured or if you have an adverse medical condition then you would have to undergo a health check-up before buying the policy.
Usually, ULIPs allow individuals aged up to 65 years to buy the plan. In some plans, however, the maximum entry age can be up to 70 years too.
Most ULIPs allow a sum assured of 1.25 times the top-up premium if you are aged up to 45 years. For higher ages, the sum assured is calculated as 1.10 times the top-up premium.