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Finance

Is Investing In Ulip Plan A Wise Choice For NRIs

By Felix Stanley

ULIPs are famous plans among NRIs who wish to invest in insurance cover as well as to grow their funds. The features and the benefits that ULIPs offer makes it an interesting choice among the NRIs. Let’s check out how Ulip plans can be one of the sought after plans for NRIs to invest.

An NRI is a person who resides outside of India but holds a valid passport issued by the Government of India. NRIs have a visa issued by the Government of India for employment or business purpose. They enjoy all the benefits to invest in India, the same as the Indian Residents. One such plan where the NRIs are keen to invest in their home country is the ULIP plans.

What are ULIP plans?

ULIP plans are hybrid plans that provide you with the dual benefit of insurance cover along with investing benefit. A part of the sum is directed towards providing protection cover while the remaining part is invested in capital markets. However, ULIPs have a minimum lock-in period of 5 years during which withdrawals are restricted.

Reasons Why NRIs Should Invest In India?

  • As India is one of the fastest growing economies globally, investing in any assets in banks and financial institutions in India could bring higher returns in the future.
  • The Indian markets have a plethora of investments options where they can choose from like market-linked products to non-market linked products.
  • As ULIPs are market-linked products, NRIs can enjoy higher returns when the market is high, if they remain invested for a long run.
  • Investing In ULIPs will also help NRIs meet their financial goals or save for an emergency fund. As ULIPs include insurance cover along with wealth creation opportunities it surely is the best option to safeguard the finances of the family.
  • Other than the mentioned points NRIs can also enjoy the tax benefits by investing in ULIPs. Under Section 80C the premiums paid towards the fund is tax- free while under Section 10(10D), one can enjoy tax benefits on the claim proceeds.
  • The dual benefits of ULIP plan are of great help to those who find it difficult to maintain an insurance and investment plan separately. Also, ULIPs can be a long-term investment product who wish to stay invested for long and enjoy the benefits of high returns.

Ways to Invest in ULIP Plans:

  • The NRIs can easily invest in ULIP plans online with just a few additional charges of sending medical reports to complete few formalities.
  • In case if an NRI is residing in a major city, he or she may find an international branch of the company where they can visit and complete the documentation process.
  • The premium amount of the insurance plans is also decided based on the country the NRI resides and the profession he is in. If the country is prone to war or any other political turbulence he may have to pay a higher premium. Same is the case in the profession he is in; if the profession is life threatening, he may have to pay a higher premium for his ULIP plan.

NRIs can easily pay the premiums online through NRO bank account or their NRE/FCNR account depending on the currency they have been issued the policy.

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