If you are looking to create wealth and also enjoy the benefit of a Life Cover, ULIPs are the right instruments for you. You get the flexibility of using these plans to fund any of your long-term financial goals such as buying a house or funding your children's education. The added element of Life Cover makes a ULIP an all-round financial investment option.
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One of the most important responsibilities that you have as a parent is to ensure that your children get the best possible education. You would also like them to experience various co-curricular activities like dancing, sports, painting and much more, for their all-round development.
As a parent, you would like to ensure that your children get the best and their future is not affected due to rising costs or an unfortunate event.
ULIPs offer you a wide range of benefits for helping you secure your children’s future. Apart from the benefits mentioned above, ULIPs also offer you the following benefits:
^^An appointee is the person who receives the Life Cover amount on behalf of your children if child’s age is less than 18 years.
Retirement is the end of work life and the beginning of your golden years. This is the time for you to enjoy your life, free from responsibilities and pursue your long lost interests. However, to make this dream a reality, you must start planning early for your retirement and consider investing in the right ULIP. Here are some reasons why you should start planning for your retirement now:
*Abridged Life Tables - 2003-07 to 2006-10, as per the Ministry of Statistics and Programme Implementation (MOSPI) report 'Situation analysis of the elderly in India'
**Source: Outlook Money
*As per the MOSPI report 'Situation analysis of the elderly in India'
Retirement plans from ICICI Prudential Life Insurance ensure that regular savings grow over a period of time to provide a regular income after retirement. Usually, all Retirement plans have two major phases:
In a typical Retirement plan, you have the flexibility to make either a lump sum payment or pay the premiums over regular intervals, during your working years. These payments are then invested in funds of your choice. You can opt to receive the annuity at any time after the vesting age. Vesting age is the age at which you become eligible to receive the pension money. You can choose the vesting age at the beginning of your policy.
Most of the Unit Linked Retirement plans come with a wide range of annuity options. One of these options is the freedom to structure your post-retirement pay-outs. Also, at vesting age you are allowed to withdraw up to 33% of your accumulated kitty. This withdrawal is called commutation and is completely tax-free.
In a Unit Linked Retirement plan, you have the potential to earn higher returns with market-linked (equity, debt and balanced funds) investments. This helps you create a retirement kitty, for spending your golden years on your own terms.
For example, if you start saving Rs 1,00,000 every year, for 10 years, you would have saved Rs 10,00,000. This means that you will have a retirement kitty of Rs 19,08,373 if your money grows at 4% per annum. Similarly, your savings would be Rs 50,28,450 if your money grows at 8% per annum.
*The above mentioned illustration is for ICICI Pru Easy Retirement (UIN: 105L133V01) with 100% investment in Easy Retirement Balanced Fund (SFIN: ULIF 132 02/11/12 ERBF 105) as the chosen fund.
This shows that with a Unit Linked Retirement plan you have the potential to earn high returns and ensure a financially independent retirement.
Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values. The customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.