There are many Unit linked Insurance plans in LIC of India and choosing among them can be a difficult task. Based on your needs you can choose from plans like Bima Plus, Jeevan Plus, Future plus, Money plus, market plus, Fortune plus, health plus, profit plus, Gratuity plus, Money plus –I, Market plus-I, Child fortune plus, Health protection plus and Jeevan saathi.
One good factor in choosing a ULIP plan is by seeing the unit’s NAV or Net Asset Value.
As ULIP plans participate in Equity markets, their NAV values may vary every day. So while choosing a plan, one must see the past record of the plan (note that past performances may not be reflected in the future) and enter into the plan when the NAV value is close to its lowest value.
Once you choose the plan, the allocation of your premium amount into different funds also needs to be done carefully and this entirely depends on your risk appetite.
If you feel, you can afford high risks, you can put your majority of your funds into equity markets (this may vary according to different plans). If you cannot afford any risk considering your age and financial situation, you can allocate funds to Bond, Debt markets.
Also according your needs, you can either choose Bond fund, Income fund, Secured fund, balanced fund or Growth fund.
You can visit this LIC page to keep track of the latest NAV values of different ULIP plans.
A common complaint or rather a problem that a ULIP investers faces is that the NAV value decreases during the end days of the policy term. If you are afraid of such cases or can’t afford to take such risks, you can choose plans like Aegon Religare’s Star child or similar to your needs, which will gradually, shift the funds into a secured domain during the final stages of your policy term.