Life Insurance Made Easy
How ULIPs Are Helping Millennials to
Achieve Their Life Goals
Through equity exposure and switching option, ULIPs can help millennials
build wealth for their Life Goals.
T
he ‘2017 Julius
Baer Wealth
Report: Asia’
found India
to be home to 40 crore
millennials, more than
the entire US population.
The report also found the
concept of luxury among
millennials has changed
from expensive goods,
to exclusive experiences.
Their goals go beyond
child planning and
marriage, among others.
Realising Goals
Through ULIPs
Combining insurance and
investment into a single
product, unit-linked
insurance plans (ULIPs)
are one of the most
prudent financial tools
through which millennials
can realise their financial
aspirations such as going
on an international
vacation.
Investing a majority
of the premium in the
market to earn returns
for long-term wealth
creation, here’s how ULIPs
can help millennials build
the desired corpus for
their Life Goals.
Better Returns with
Equity Exposure
ULIPs invest in various
Ulip Advantages For Millennials
Get more Triple Benefits Of Insurance, Wealth Creation And Tax Advantages
Build Your Wealth Long Term Wealth Building Through Equity Exposure
Ensure Profitability Flexibility To Switch Funds As And When Required
No Bounds Partial Withdrawal Facility After The Mandatory 5-Year Lock In Period
Fight Inflation Sizeable Corpus To Beat The Effects Of Inflation
asset classes (equities,
balanced, and debt), of
varying degrees of risk,
through different funds.
Though volatile, equities
have the potential to
generate better returns than
any other asset classes.
ULIPs allow allocation of
investments in the desired
asset class, with greater
exposure to equities
potentially entailing better
and higher returns in the
long-run.
Large Sum Assured
Coupled with Tax
Benefits
ULIPs offer millennials
a sum assured of at least
10 times the annual
premium. Also, the
premiums paid qualify
for tax deductions under
section 80C of the Income
Tax Act, 1961, thereby
providing a sizeable
corpus as well as tax sops
on the premiums paid.
Switching Option
While Nearing Goals
While nearing their
financial goals, millennials
can switch from equities to
debt funds to protect their
corpus from eroding, in
case the market turns sour.
They can switch to a
better performing fund
within the same ULIP
in case of unsatisfactory
performance. Switching
can be done anytime
during the term of the
policy and can be used to
book profits too.
Disclaimer
This is a Media Marketing Initiative and the opinion expressed in this article is not endorsed by Outlook Money Editorial.
www.outlookmoney.com April 2018 Outlook Money
67