Investment Plans 113 views September 3, 2021

A Unit-linked Insurance Plan (ULIP) helps individuals get the dual benefit of insurance and investment. With ULIPs, you can grow your wealth to achieve crucial milestones in your life and also protect your loved ones financially in case you die during the policy term. When purchasing a ULIP, you need to pay different charges during the policy term. Some of them are premium allocation, policy administration, fund management, mortality, partial withdrawal charges, etc.

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When choosing a suitable unit-linked insurance plan, people often look for ULIPs with zero premium allocation charges. These charges are deducted upfront by the insurer at the time of plan purchase and account for a definite percentage of your premium amount. Insurers include the cost of the underwriting process, medical examination, agent commission, etc. With zero premium allocation charges, you can enhance your overall fund value as the overall premium will be invested in the fund(s) of your choice.

On this page, we will talk about some of the ULIPs with zero premium allocation charges and their features so that you can make a better decision. Let’s start without any further delay!

Features and Benefits of ULIPs with Zero Premium Allocation Charges

Policyholders can choose from five ULIPs with zero premium allocation charges – Aegon Life iMaximize Insurance Plan, HDFC Life Click2Invest Plan, SBI Life eWealth Insurance Plan, Max Life Online Savings Plan and ICICI Pru eWealth Plan. We have talked about the features and benefits of these plans one after another.

Aegon Life iMaximize Insurance Plan

This plan from Aegon Life helps individuals brighten their children’s future with its Triple Benefit Option (Payouts at important life stages) even in their absence. Let’s check out its key features mentioned below.

  • Option to choose from 6 Unit Linked Funds – Blue Chip Equity Fund, Accelerator Fund, Opportunity Fund, Stable Fund, Debt Fund, and Secure Fund
  • Short premium pay options of 5 or 7 years
  • Choice of two death benefit options as per your convenience
  • Flexible policy and premium payment term options
  • Boost your fund value with a minimum top-up of INR 5,000
  • Partial withdrawal facility of after five policy years (up to 20% of overall investment)
  • No need to pay commissions
  • A minimum annualized premium of INR 24,000
  • Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  • A Free Look period of 30 days

HDFC Life Click2Invest Plan

HDFC Life Click2Invest Plan is a unit-linked non-participating life insurance plan that provides individuals market-linked returns with protection for their loved ones. It is one of the popular ULIPs with zero premium allocation charges. We are discussing its key features below that you should check.

  • Multiple Fund Options to choose from – Equity Plus Fund, Diversified Equity Fund, Blue Chip Fund, Opportunities Fund, Balanced Fund, Income Fund, Bond Fund, Conservative Fund, Discovery Fund, Equity Advantage Fund and Secure Managed Fund
  • Minimal charge structure
  • Multiple premium payment options – Single pay, 5, 7, 10 years or Regular Payment
  • Policy term ranging from 5 to 20 years
  • Multiple premium payment frequency options
  • Rider options to enhance their protection – HDFC Life Income Benefit on Accidental Disability Rider, HDFC Life Critical Illness Plus Rider
  • First 4 free premium redirection and fund switches in a year
  • Partial withdrawal facility after five policy years
  • Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961
  • A grace period of 15 or 30 days

SBI Life eWealth Insurance Plan

SBI Life eWealth Insurance Plan is an individual non-participating unit-linked life insurance product that can give you the dual benefit of life insurance cover and wealth creation. To understand this plan, check out its features mentioned below.

  • The facility of automatic asset allocation to manage your investment in a hassle-free manner
  • Flexible plan options – Growth and Balanced (Based on overall exposure to equity, debt, and money market instruments during the policy term)
  • Policy term options ranging from 10 to 30 years
  • Hassle-free buying process
  • Overall fund value as a lump sum maturity benefit
  • Multiple premium payment frequency options
  • Partial withdrawal facility from 6th policy year onwards
  • Affordable premium amount as low as INR 2,000 per month
  • A 30-day free look period
  • Tax benefits under the Income Tax Act, 1961
  • A grace period of 15 or 30 days

Max Life Online Savings Plan

Max Life Online Savings Plan is a investment-cum-insurance product that helps you add your wealth over time. This plan also offers financial protection to your family against uncertainties. We have discussed its features below.

  • Option to choose from two variants as per your future goals
  • Flexible policy and premium payment term options
  • Option to invest in five funds according to risk appetite – High Growth fund, Growth Super Fund, Growth Fund, Balanced Fund, and Secure Fund
  • Unlimited free switches in a policy year
  • The choice of dynamic fund allocation strategy
  • Zero policy administration charges
  • Multiple premium payment frequencies
  • Affordable premium as low as INR 1,000 per month
  • Partial withdrawal facility with a minimum of INR 5,000
  • Tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961

ICICI Pru Signature ULIP Plan

This plan from ICICI Prudential Life Insurance offers both life insurance and investment options. You can protect your family and secure your goals with this plan. To know more about this plan, you should check its key features mentioned below.

  • Life cover for the entire policy term
  • Multiple portfolio strategy options
  • Allocation of entire premium without any deductions in the funds of your choice
  • Option to get wealth boosters at the end of every five years (from the end of the 10th policy year)
  • Return of mortality and policy administration charges as maturity benefits
  • Flexible policy and premium payment term options
  • Affordable premium starting from INR 30,000 per annum
  • Partial withdrawal benefit after the completion of five policy years
  • Top-up premium option with a minimum of INR 2,000
  • Option to increase the policy term
  • A free look period of 15 or 30 days
  • Tax benefits under the Income Tax Act, 1961

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