Making the decision to opt for a ULIP plan and moving forward
After going through all the required details of your most suited ULIP plan, you might need some more details to get started with applying for it. Different banks and insurance companies offer services differently, and your experience with applying for a ULIP plan can be influenced by two main factors applying online or doing so offline by visiting the insurance company. You will need to carry some documents and be ready with some answers to get started on this crucial journey. After you have decided which insurance company and method to opt for, you will be on your way to answer some basic questions that will do the trick for you.
Being ready with some basic information before applying
To your satisfaction, you are expected to read through the details of the premium, returns, maturity period, other clauses, etc. You can speak to your bank or your chosen insurance company as well to get additional information. Some insurance companies now assure the steps to be as simple as requiring only three steps to open a unit-linked insurance plan or a ULIP online. You can also find forms online that do the math for you in calculating your returns based on the details entered.
Finding your way online to the website of the insurance company
There is the feature to "chat online" on most companies' websites to assist unaware or interested clients with their questions. As you reach the insurance company's official website that you want to buy the insurance plan from, you can peruse all the details of the ULIP plan and click on the "BUY ONLINE" or a similar button to get started with your application online. You can download their free to use brochures to relax and read fully to your satisfaction. There is always more information online about various questions and clauses that can offer more insight.
Applying online through the website to get a ULIP plan
Calling the insurance company’s toll-free number with questions or emailing them on the contact provided can help greatly. You can opt for the online notifications option that pops or shows while applying online to get important emails, SMS, or popup notifications about your plan details and more. Online application may require choosing the premium amount, selecting your choice of funds, making payment and waiting for your welcome kit at your residence. You may be required to produce a differing set of documents based on the insurance company and your plan like your proof of age, photo identity proof of the proposer/ life assured, address proof, medical examination reports and so on.
Applying for a ULIP plan by visiting the insurance company
It might be imperative for some people to visit the insurance company to apply for a ULIP to make an informed decision. The hesitation to get started with an online application can be dealt with by visiting and talking to the executives and agents directly. You can carry out the procedure by talking to an authorized insurance agent or visiting the insurance provider's branch office. The documents are similar to those required while buying a ULIP online, like your proof of age, photo identity proof of the proposer, address proof, medical examination reports etc., depending upon the chosen plan.
Talking to an agent or insurance company agent to find answers
Whether you are choosing a ULIP for health, education, retirement funds or anything else, being thorough with the pros and cons is a must. The executive can ask and address sensitive and complicated details like death benefits, maturity benefits, changing plans midway, opting-out, etc. If you cannot make a decision, then you can be guided in the right direction to the best ULIP plan for you and your family. They will guide you with the documents required for specific plans like if you are applying for a term insurance plan, you will have to submit your income proof as it helps the insurance company gauge and understand the risk factor and sum assured in insuring the applicant.
Don’t forget to use the online ULIP calculator regardless of how you are applying to make the calculations easier. The calculator can fetch accurate information regarding the amount of cover and corpus you need, investment amount, investment frequency and the number of years you want to make an investment for. It can help you with details like the future value of an investment and the percentage post-tax annual rate of return earned on investments. Furthermore, it can help you decide which investment may bring better results for your specific needs.
