For most of us, owning a car has been a dream that we nurture since we were toddlers. Finally, once we have bought a car, protecting it from theft and damage becomes a really high priority. Many times, we become so possessive about our set of wheels that we end up protecting it way more than our own lives. Do you know, insuring your life often costs less than half of what it costs to insure a typical sedan? No surprise then, that, a person may get his car insured for Rs 10 lakh at an annual premium of roughly Rs 35,000, but not think of insuring one’s own life for as little as Rs 5 lakh.
This has much to do with the false notions people have about life insurance. Many of us feel that life insurance is necessary for the kids or for the elderly as they are more vulnerable to health problems. What we often forget is that we are subject to a really high risk while travelling on the roads. Statistics show that there is a loss of life every four minutes in a road accident in India. One serious road accident in the country occurs every minute and 16 people die on Indian roads every hour. As many as 1214 road accidents occur every day! Do you need more numbers to give you an idea about the high risk that’s involved in road travel in our country?
Often, a typical road user is the only bread-earner of the family. Hence, he/she has many financial obligations to take care of. In a really unfortunate event of fatality, it becomes really important to ensure that the family has enough financial support to not only help them maintain the standard of living but also to ensure that the future goals of the family members are not jeopardized. This is exactly where ULIP comes in as a saviour. Unit Linked Insurance Plan (ULIP) offers a combination of protection and investment. This plan has been designed to offer a considerable degree of flexibility, making it well suited to the first time investor and market expert alike. For more details, you can look at this Insurance Investment Plan.
ULIPs have four key benefits –
1) Wealth Creation – Basically, it’s a regular investment with a long-term horizon in investment funds. Moreover, you get Loyalty Additions for Policy Term 15, 20, and 25 years. This isn’t all as you can even have Top-Ups to boost your Fund Value.
2) Investment choice as per your risk appetite
You get to select from a many as 6 Investment Funds with different risk-return propositions. You can also easily switch between any of these funds during the policy tenure.
3) You don’t need to have time or expertise to manage investment. A pre-defined strategy, which is managed by the Company, gets you the right mix of Equity and Debt investments.
4) The premiums paid and benefits received are eligible for tax benefits under Section 80(C) and Section 10(10) D.
About Aegon Life:
Aegon Life Insurance Company Limited launched its pan-India operations in July 2008 with a vision to be the most recommended new age life insurance Company. The fulfilment of this vision is based on having a complete product suite, superior technology, providing customized advice and enhancing the overall customer experience. This joint venture adopts a local approach with the power of global expertise to facilitate a direct to customer approach, leveraging digital platforms to bring transparent solutions to customers and to prioritize their needs. Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance.
A life insurance product – ULIP is a great option, if you are looking for insurance and investment. In a Unit Linked Insurance Plan, you get market-linked returns. This means you get access to an array of investment options such as stocks, bonds, mutual funds and more. Plus, you get the flexibility to manage your funds and decide the level of risk, depending on your financial objectives. A ULIP also lets you choose between active management and pre-defined strategy, as per your needs and comfort level.