Universal life Insurance

An all-in-one way to protect and build your money

Universal life Insurance

Universal Life insurance is one solution that combines 2 important aspects of financial planning:

Permanent insurance protection for lifelong peace of mind, plus Investment account options that can grow your savings, tax-deferred


Flexible premium payment means you can choose to pay excess premiums to accumulate savings for all your projects and goals.


Guarantees an immediate inheritance and tax-free payment of the death benefit to your beneficiaries.


Investment options from cautious to aggressive can meet the needs of any investor and help diversify your tax-sheltered savings portfolio.

How Does It Work?

You choose a guaranteed death benefit amount that will be paid to your beneficiaries when you die. Your payments are deposited to a “policy fund” any money you deposit over and above what is required for the cost of the insurance can either be: placed into investment accounts to grow-deferred, or used to increase the value of your death benefit.

We find that universal life insurance is a popular choice for: parents and grandparents who want to maximize their estate for their children and grandchildren. Business owners looking for a tax-efficient way to protect the value of their business.

Key Takeways

  • The cost of universal life insurance is the minimum amount of a premium payment required to keep the policy active.
  • A universal life insurance policy can accumulate cash value, which earns interest based on the current market or minimum interest rate.
  • Policyholders may borrow against the accumulated cash value without tax implications.

Benefits Of Universal Life Insurance

Children’s Insurance

This rider provides low-cost term life coverage on the lives of your children. A guarantee of their insurability if they want to convert their own coverage to an eligible insurance plan when they become adults

Term Riders

Term riders add an extra layer of temporary insurance protection to your life insurance policy for a 10, 20 or 30 year term. (Term 30 riders do not include the Select Options available on our standalone Term 30 product.

Waiver of Planned Premiums

This rider waives planned premiums . If the person insured under this rider is considered totally disabled before age 65.  It will probably significantly increase a life insurance premium plans.

Critical Illness Protection

This rider is available in 4 condition or 25 condition coverage. It pays a one-time, lump-sum payment if you become critically ill with one of the Critical Illness Covered Conditions and survive the 30 day. It also includes unlimited access to Advance Medical.

Level Cost of Insurance

Level cost of insurance is fixed and guaranteed for life. Its cost is determined by the insured’s age at the time of issue.
This rider provides. That the cost of coverage is fixed and payable until age 100, one policy premium payments ,enhanced tax deferral opportunities

Payor Waiver of Monthly Deductions

Attached to a policy on the life of a child , waives the monthly deductions, which are the insurance charges and the administration charges, for the policy if the person responsible for paying the premiums dies totally disabled before age 65.

Payor Waiver of Planned Premiums

If the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived until the child is age 25.

Accidental Death & Dismemberment

Accidental Death and Dismemberment this rider provides an additional benefit in the case of dismemberment or death resulting from an accident.

Waiver of Monthly Deduction

This rider waives the payment of planned premiums (up defined maximum) if the person insured under this rider is considered totally disabled before age of 65.

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Frequently Asked Questions

How does a universal life insurance policy work?
With universal life insurance, the insured pays the premium of their life insurance as well as some additional money to “overfund the policy” and build a cash value. This cash value gains interest overtime and may be borrowed from or used to subsidize the cost of the life insurance policy in the future
Why do I need a term plan?
Assume, you earn an annual income of ₹ 7 Lakh. For your family’s financial well-being, this income should continue even when you are not around. There are a few ways that you can make this happen.
  • A bank a/c saving of ₹ 1 Crore as FD, which will at 7% generate a yearly income of ₹ 7 Lakh for your family.
  • A sizeable investment which might grow to a corpus of ₹ 1 Crore, before your death.
  • If you can’t manage to create a large saving/ investment, then a viable option is a term plan of ₹ 1 Crore. It will pay this amount to your family on your demise. Premiums for a ₹ 1 Crore life cover start at ₹ 490 per month2 only, which is less than half the cost you would pay for dinner with family at a restaurant.
When should I buy a term plan?
The earlier you buy a term plan, the better (and cheaper) it is. With time, the premiums become more expensive. For example, premiums for a 30-year-old, non-smoker male would amount to for a 30-year policy duration. The premium increases to ₹ 1428 p.m. if the policy is bought at age 40. Keep in mind the premiums get fixed at the age you purchase, for the entire policy duration.
Also, with current lifestyles and increasing instances of diseases and illnesses, it may become difficult to get a term plan later, as you grow older.
How to Choose the Best Term Plan?

While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:

Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.

How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family.
If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.
What is Critical illness benefit ?

If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.

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