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Unit Linked Insurance Plans

A Unit-Linked Insurance Plan, or commonly known as ULIP Policy is a complete package of investment and insurance cover that helps in wealth enhancement. Usually, ULIPs are transparent and flexible, allowing a person to customize his/her plan as per the requirement. It offers you insurance coverage and allows you to invest a part of your premium in qualified investment options that include stocks, bonds, mutual funds, and much more. Investors in ULIP Insurance can also swap their investments from debt to equity and vice versa without having to run from pillar to post or worry about getting penalised.

ULIP plans were first introduced in 1971 by Unit Trust Of India and since then these plans have been appreciated by the Indian insurance market.

Today, more providers have tapped into the game of ULIP plans and are successfully satisfying the needs of their customers by offering such plans with new-age features at minimal charges. All major insurance companies including ICICI Prudential, Bajaj Life, HDFC, and many more offer myriads of ULIP plans to Indian consumers.

Let's get a detailed understanding of ULIP Plans before making a buying decision.

What is ULIP?

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Best ULIP Plans in India

Best ULIP Plans in India

What is The Importance of ULIP Plans?

ULIP plans allow you to invest early, at 18 years of age. When a policyholder pays the regular premiums for the ULIP plan, the insurer uses a portion of it for the life insurance cover. The remaining amount is used for the different debt and equity investments, thus accumulating enough wealth to financially support your post-retirement life. The most essential part of such plans is that a policyholder can determine the policy's tenure and exit at any time after the lock-in period. ULIP offers the flexibility to decide when to retire and start enjoying life after retirement.

Here is an example for a better understanding of ULIP plans.

Kamal, 30 years old, wants to retire at the age of 60 years with sufficient money to travel with his wife. He is well aware of regular and possible expenses such as household essentials, medical bills, damage, and repair, etc. Thus, he estimated that approximately RS. 5 Crores should be required to lead an independent and comfortable life after retirement. Kamal can now opt for a ULIP plan with a monthly premium of about Rs. 15,000. Upon 60 years of age at his retirement, he can decide to get the returns either as a regular income or lump sum depending on his requirements. ULIP plans work by investing your premiums into the type of fund of your choice while offering you life cover protection.

How Do ULIP Plans Work?

The premium you pay for a unit-linked insurance plan is used to build wealth and life cover. In the starting years of the plan, a large amount of the premium is used for the plan expenses. Later on, the premium is divided into two different segments- investment and insurance.

Units are issued for the amount invested in a fund of your choice; it can be debt, equity, or a combination of both. The allocation of the units relies on the performance of the original fund. In the initial 2 to 3 plan years, because of the deduction of high expenses, the value of the fund would stay low. Moreover, the mortality charges will also get deducted monthly. It is the sum assured for offering a life cover to a person and will change as the fund value that you have selected. For the maintenance of these funds, an amount that is referred to as fund management charges will be deducted.

ULIP Plans vs Traditional Plans vs Mutual Funds

People often get confused among traditional investment plans, ULIP Insurance & Mutual funds. To help you out from this confusion, we have compared all three investment plans. Take a look and have a better understanding.

FactorsULIPsTraditional PlansMutual Funds
TypeInvestment cum insurance planInsurance PlanInvestment Plan
InvestmentAs per the investor's decision, the money is invested in hybrid, debt, or equity funds.As per the investor's decision, the money is invested in debt & equity instruments.As per the investor's decision, the money is invested in debt, equity funds, & money market instruments.
RiskModerateLowHigh
LiquidityOnly if the lock-in period of 5 years is over.Locked till maturityNo lock-in period

Ulip Plans Companies

Invest and secure your life goals by choosing any of the below-mentioned ULIP plans as per your requirements.

Benefits of ULIP Plans

Life Protection, Savings, and Investment - ULIP plans inculcate the habits of saving and investing at the same time, both of them are important elements for building long-term wealth. ULIP plans offer double benefits of savings at market-linked returns as well as life insurance cover. With this plan, a policyholder can invest in a number of market funds to earn a high rate of returns, thus providing a feeling of security. However, always keep in mind that having a thorough understanding of the pros & cons makes the decision of choosing ULIP Policy simple. If you are fully aware, you will be able to find a better fit based on personal requirements if the characteristics are understood well.

Below-mentioned are some of the benefits of ULIP Benefits. Have a look:

  1. Market Linked Returns

    It allows you to earn market-linked returns where a part of the premium is invested in market-linked funds that are invested in different forms of investment options such as debt and equity in varying proportions.

  2. Death Benefits

    ULIP plans offer death benefits in case of the death of a policyholder during the policy term.

  3. Investment and Insurance Benefits

    Unit-Linked Plans also offer the option of triple benefits of tax savings, life cover, and investments. An assured person gets a benefit from a comprehensive life cover based on his/her requirements, budget, and market-linked returns.

  4. Maturity Benefits

    ULIP plans come along with maturity benefits in case the policyholder meets the maturity period of the plan. This benefit is provided to the beneficiary in the form of a lump sum of the fund value.

  5. Tax Benefits

    By the grace of the Income Tax Act, 1961, you will be happily stuck in a win-win situation that saves tax, offers coverage, and good returns.

  6. Partial Withdrawals

    Once you cross the lock-in period of 5 years, you can proudly withdraw some amount of money to fight off an emergency.

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Best ULIP Plans In India 2022

Here is a quick list to get you well-versed with the different criterion of some of the major insurance providers in the market:

Company NamePlan NamesEntry AgeMinimum Premium
Life Insurance Corporation of IndiaLIC Endowment Plus90 days-50 yearsRs. 3000
HDFC Life InsuranceHDFC Life ProGrowth Plus14-65 yearsRs 2500
HDFC Life InsuranceHDFC Click 2 Wealth30 days - yearsRs. 3000
SBI Life InsuranceSBI Life Wealth Assure8-60 yearsRs 4,166
ICICI Life InsuranceICICI Pru Signature0 (30 days) - 60 yearsRs. 5,000
BajajAllianz Life InsuranceBajaj Allianz Future Gain1-60 yearsRs. 2,500

Premium Comparison of Different ULIP Plans

Premium Comparison of Different ULIP Plans
  1. LIC New Endowment Plus

    LIC New Endowment Plus is a Unit-linked, Non participating, regular premium, which offers investment and insurance coverage during the policy term.

    Key Features:

    • Flexibility: If offers the option to choose from investment fund options
    • Death Benefits: An amount equal to the unit fund value shall be payable on the death of the life assured before the date of commencement of risk.
    • Maturity Benefit: An amount equal to the unit fund shall be payable to the life assured on surviving the set date of maturity.
    • Tax Benefit: Get the tax benefit on paid premiums under sections 80 (C) and 80(D) of the Income Tax Act, 1961.

    Eligibility:

    Minimum Entry Age90 days
    Maximum Entry Age50 years
    Minimum Maturity Age18 years
    Maximum Maturity Age60 years
    Policy Term10 to 20 years
  2. HDFC Life ProGrowth Plus Plan

    HDFC Life ProGrowth Plus is a unit-linked insurance and regular premium plan where the premium is invested in the market, thus providing good returns along with various benefits. This plan offers the flexibility to choose investment funds and regular premiums.

    Key Features:

    • The policy offers the flexibility to plan your investment strategy based on return requirements.
    • The payment-paying process is quite convenient and smooth. It offers access to multiple modes such as credit cards, cheques, internet banking, and auto-debit facility.
    • Tax benefit on the premiums paid under section 80(C) and 80(D) of the Income Tax Act, 1961
    • Partial withdrawals to meet unplanned expenses
    • The plan offers the flexibility to choose from Life and Extra Life option:
    • Life Option: Death Benefit
    • Extra Life Option: Death Benefit + Accidental Death Benefit
    • Assured is allowed to change the frequency of premium payment anytime

    Eligibility:

    ParametersMinimumMaximum
    Entry Age (Life Option)14 years*65 years
    Entry Age (Extra Life Option)18 years55 years
    Maturity Age (Life Option)-75 years
    Maturity Age (Extra Life Option)-70 years
    PremiumsAnnualRs. 24,000Rs. 1,00,000
    Half-yearlyRs. 10,000Rs. 50,000
    MonthlyRs. 2,500Rs. 8,333
    Policy Term10 years30 years
    Premium Payment Term10 years30 years
  3. HDFC Life Click 2 Wealth

    It is a non-participating unit-linked life insurance plan that offers market-linked returns and provides valuable financial protection for you and your family at minimal charges.

    Key Features:

    • The plan offers 1% of Annualized premiums to the policyholder's fund value.
    • Insured can choose out of 10 fund options with unlimited free switching
    • Flexibility in premium payment options i.e., Single pay, Limited, and Regular pay
    • Get the advantage of Rupee Cost Averaging using Systematic Transfer Plan Strategy
    • Three option under this plan helps to maximize the benefits:
    • Invest Plus Option: Provides you the option of accumulating Fund Value upon vesting of the policy. All the mortality charges will be returned by the insurer.
    • Premium Waiver Option: Waives off all future payments in case of any unfortunate event like the death of the assured person.
    • Golden Years Benefit Option: The accumulated Fund Value and other mortality charges received at the end of the policy (maturity) will be added to the fund value when the policyholder turns 70 years.

    Eligibility:

    ParametersInvest PlusPremium Waiver OptionGolden Years Benefit Option
    Entry AgeLife Assured: 0 years (30 days) to 60 yearsLife Assured: 0 years (30 days) to 60 years
    Proposer: 18 years to 65 years
    Life Assured: 0 years (30 days) to 60 years
    Maturity Age18 years to 75 years18 years to 75 years99 years
    Policy Tenure10 to 40 years99 minus Age at Entry
  4. SBI Smart Wealth Assure

    It is an individual, Unit Linked, Non-participating, Life Insurance Product. It is a single premium product where you are required to pay a premium only one time.

    Key Features:

    • Flexibility to invest in Return Guarantee Fund for a 10 years
    • Option to choose from a range of funds offering market-linked returns
    • The plan allows the policyholder to only pay once and enjoy the benefits throughout the policy term
    • Liquidity through Partial withdrawals after 5 years of policy
    • Get the Accidental death benefit using the rider option
    • Flexibility to choose the product with the Accidental Death benefit option

    Eligibility:

    Entry AgeMinimum : 8 yearsMaximum : 60 years
    Maturity AgeMinimum : 70 years
    Premium ModeSingle premium
    Policy TermMinimum: 10 yearsMaximum: 30 years
  5. ICICI Pru Signature

    This special savings plan can help you get better returns to protect your loved ones with life cover. The plan comes with systematic withdrawals, where you can make regular withdrawals from the policy.

    Key Features:

    • No premium allocation charges are included under this plan.
    • Get the tax benefits on the paid premiums under sections 80(C) and 10(10D) of the Income Tax Act. 1961.
    • Offers wealth boosters at the end of every 5 years, starting from the end of the 10th policy year.
    • Offers the option of life cover till the age of 99 years.

    Eligibility:

    Entry Age0 (30 days ) - 60 years
    Policy Term10 years to 30 years
    Maximum Maturity Age18 - 75 years
    For Whole Life Cover: 99 years
  6. Bajaj Allianz Future Gain

    Bajaj Allianz Future Gain is a unit-linked endowment insurance plan that allows maximum allocation of funds towards investments that assist you with huge returns. The plan provides the flexibility of unlimited switches.

    Key Features:

    • Offers high insurance cover
    • Provides the option to choose from multiple policy terms
    • The plan comes out with the flexibility of two portfolio strategies that you can choose as per your needs.
    • Offers the option to reduce regular premiums as per your requirements
    • Provides seven fund options. You are free to choose the desired fund option at your convenience.
    • Premium payment mode is quite easy and smooth. The plan offers the option to take death and maturity benefits in installments.
    • The plan offers the option to receive the death/maturity benefit in installments payable on a monthly, quarterly, half-yearly, or yearly basis.

    Eligibility:

    Entry AgeMinimum Age: 1 Year, Maximum Age: 60 Years
    Maturity AgeMinimum Age: 18 years, Maximum Age: 70 years
    Premium Paying Term5 - 30 years

Types of ULIP Plans in India

In India, life insurance companies offer different forms of ULIPs. These ULIP Investment are divided into 3 categories such as:

1 Classification By Purpose

ULIP for Retirement

Under this plan, you have to make the payment for a specific period with your employer that is automatically collected as a corpus amount. As an insured, you will get it in the form of annuities after your retirement.

ULIPs for Wealth Collection

It accumulates your wealth for a specific period. This is best suited for those people who are in their late twenties and early thirties. By investing in this plan, they will get the flexibility to fund their financial goal.

ULIP for Child Education

There is no doubt in saying that as a parent you want to secure your child's future from an unforeseen event that can ruin their career. In such cases, choose a ULIP for your child that can help him in different stages of his life.

2 Classification By Death Benefit

Type 1 ULIP Plans

If an insured dies due to an unfortunate incident, the nominee will receive a higher fund value/sum assured as a death benefit. But if the death occurs at the start of the policy (when the sum assured > fund value), the insurance provider will pay the amount to the nominee.

Type 2 ULIP Plans

In this plan, if the policyholder suffers an unfortunate death, the nominee will receive both- sum assured & fund value as a death benefit.

3 Funds of ULIP Plans To Invest In

Cash Funds

These come under the category of 'Safe Funds'. By investing in them, you will get a selected amount of returns upon their maturity.

Equity Funds

They top the list of 'Riskiest ULIP Investment' but offer the highest returns. The company's stock & equities are its domain of investment.

Fixed Interest & Bond Funds

Such funds are famous for giving timely returns and are chosen by those who prefer close to medium risk with prompt rewards. In other words, these funds are a perfect combination of unsecured & secured investments.

Balanced Funds

Such funds are renowned to offer medium risks with decent returns. The amount that you pay via premiums is invested in the stock market & corporate bonds.

Key Features of ULIP Plans

ULIP Policy has a number of features to assist investors in ensuring financial security against any potential future adversities. Take a look at the below-mentioned features of ULIP Plans:

  • Choice of Systematic Investment: Apart from insurance coverage, it is also good at systematic investment planning. It allows you to choose your investment and get good benefits in return.
  • Transparency: One of the best things about investing in ULIP plans is its power of transparency. You will get timely updates about your investments in different funds without breaking a sweat.
  • Flexibility: It does not force you into investing as it provides complete freedom to choose your investment option as per your risk profile. Also, you can swiftly switch between several fund options offered under the umbrella of a ULIP plan.
  • Child's Future Protection: ULIP plans offer the ability to invest in market-linked funds to earn a good amount of market-linked type returns. The funds can be used further for the child's education, marriage, and to keep your child's future protected and secured.

What Are The Different Types Of ULIP Plan Riders?

ULIP Plan riders are additional benefits that you can add to your existing policy by paying a small premium. Here is a list of ULIP Plan riders:

Waiver of Premium Benefit Rider

Waiver of Premium Benefit Rider

If in case, your regular income is impacted because of some reason such as permanent disability, or not being able to work, or a critical illness, then a waiver of premium rider ensures that all the premiums in the future for your ULIP plan get waived and your investment and life cover will continue without any interference.

Accidental Death Benefit Rider

Accidental Death Benefit Rider

The nominee gets an additional benefit of the rider sum assured along with the death benefits of the base ULIP plan.

Accidental Permanent Total/Partial Disability Benefit Rider

Accidental Permanent Total/Partial Disability Benefit Rider

In case when the life assured is suffered from total or partial disability due to an accident, this rider pays out a lump sum amount.

Critical Illness Benefit Rider

Critical Illness Benefit Rider

When a serious critical illness mentioned in the policy brochures strikes, policyholders need financial support to get the best possible treatment. Adding a critical illness rider to a ULIP plan helps the insured to get a lump sum amount in case any one of the critical illnesses happens during the policy period.

Family Income Benefit Rider

Family Income Benefit Rider

In case of death of the life assured, accidental permanent total disability or total disability or first diagnosis of any of the specified critical illness, 1% of the rider sum assured is paid monthly under this rider for a minimum of 10 years.

What Should You Consider Before Finalizing a ULIP Plan?

Like any other investment, the ULIP plan will require your utmost attention and of course, a portion of your hard-earned money via premiums. So, it is important to make the right call where looking back is a no-go for you. To do that, you should go through the following factors and spend some time on them. They are as follows:-

  • All the charges will be levied on the entry/exit of the policy.
  • Take a look at the plan's performance in the past 3-4 years. You will understand its highs and lows.
  • You need to understand how a ULIP works. Every single detail should be in your head.
  • Evaluate & compare every plan in the market based on cost structure, premium payments, returns, etc.

How to Choose The Best ULIP Plans For a Good Investment?

The most important aspect to be taken into consideration is receiving the best possible returns for any investment purpose. ULIP Investment can be an ideal choice for investors of any risk profile and at any life stage. Given are the points to keep in mind while choosing the most suitable ULIP plans.

  • Determine your personal investment goals - It is always recommended for every investor to check their long-term financial goals before choosing a ULIP plan.
  • Decide on insurance plan - Always decide on insurance objectives and then select a ULIP plan that suits all your requirements.
  • Select Investment Objectives - Investment goals vary ranging from higher education planning of children to large funds for the child's marriage, or post-retirement requirements.
  • Compare ULIP plans - Compare the features and benefits of every ULIP Plan thoroughly. You should consider Premium rates, returns, the maturity amount, etc. for comparison.
  • Choose funds accordingly - Two most important factors to consider while choosing funds are Policy tenure flexibility and Investment flexibility.
  • Evaluate risk profile and different charges levied - Understand the charges levied on a ULIP plan that include initial charges, premium allocation fee, fund management fee, surrender charges, mortality charges, and admin and service charges.
  • Check the performance plan - Get insights into a ULIP Plan by analysing its performance for the last 3-4 years.
  • Solvency ratio and Claim Settlement Process - Use IRDAI Annual Report to check these factors of an insurer offering ULIP plans.
Choose The Best ULIP Plans For a Good Investment

Why Buy ULIP Plans from PolicyX.com?

PolicyX.com helps you find a suitable ULIP policy within a few minutes. You can instantly compare different ULIP plans, evaluate their features according to your needs and find the best one for yourself. With the help of the ULIP calculator, we offer you a list of companies with their charts of premiums, returns, etc.

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How to buy ULIP plans from PolicyX.com

Buying ULIP plans from PolicyX.com is an easy & hassle-free process. All you need to do is follow the below process and be ready to gain ULIP Returns:

  • Step 1:Scroll up to the top-right corner of this page and find 'Free Quotes From Top Companies
  • Step 2:Enter the required details and click on 'Continue'.
  • Step 3:Submit your income, city, and click on the 'Proceed' tab.
  • Step 4:The next page will show various ULIP plans offered by different insurance providers. You can check out the features and benefits of each of them.
  • Step 5:Buy a suitable plan by clicking the 'Buy' tab.
  • Step 6:Make the payment and you will receive the soft copy of your policy on your registered email id.
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How To File A ULIP Plan Claim?

Filing a claim under the ULIP Plan is not a difficult task. Follow the below-mentioned steps to submit your claim request:

  • Visit Company’s Website:Inform the insurance company about the crisis by visiting the official website of the company or its nearest branch office.
  • Submit details:Submit the claim form and other details of the policy such as the date, cause of the crisis, the name of the nominee, etc.
  • Analysis of documents:The company will now appoint an assessor to analyze the documents.
  • Transference of claim Benefit:If it gets approved, and no further investigation is needed, the claim benefit will get transferred within 30 days to the registered account.
  • Rejection of claim form:In case of rejection, you will receive the reason behind the same via call, SMS, Email, or post.
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File A ULIP Plan Claim

Documents Required To Buy ULIP Plan

Address Proof:

Driving License, Aadhar card, Voting card, passport, etc.

ID Proof:

PAN Card, Aadhar card, voting card, etc.

Income Proof:

Salary slips, Income tax returns, bank statements, etc.

Age Proof:

Aadhar card, voting card, passport, driving license, etc.

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Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

ULIP: FAQs

1. How much tax benefit will I get by investing in a ULIP plan?

As per section 80C/80CCC, you can receive a tax deduction of up to Rs.1,50,000.

2. Can I take a loan against my ULIP?

No, that's not possible. The new IRDA rules forbid it.

3. Can NRIs buy a ULIP plan?

Yes, they can buy a ULIP plan.

4. What do you mean by ULIP NAV?

The below formula will help you to understand 'Net Asset Value' in a better manner.

NAV- (Market value of investments held + value of current assets)- (Value of current provision and liabilities)/Total no. of outstanding units till date.

5. Is it possible to revive a ULIP plan?

Yes. All insurance companies provide 2 years (at least) to revive a lapsed ULIP plan. If the insured pays all the premiums during this period, the discontinuance charges will be reversed and the policy will be revived.

6. What is the right time to invest in a ULIP?

There is no right time. It is recommended to start as early as possible to enjoy the best returns.

7. What are the different charges levied on the ULIP Plan?

  • Surrender Charges:These charges are deducted for partial/full withdrawal of premature units of ULIP documents.
  • Premium Charges:To avail of the benefits of a ULIP, you have to pay a premium. These charges depend on your payment cycle (monthly, quarterly, half-yearly & annually).
  • Administration Charges:These charges are systematically deducted to compensate for the expenses that are paid by the insurance company for maintaining a life insurance policy.
  • Fund Switching Charges:Every unit-linked insurance plan has different fund options in its arsenal. The insurance company allows investors to switch between funds in return for a fee.
  • Partial Withdrawal Charges:Once the lock-in period is over, investors are allowed to take out a small amount of money to meet their needs. However, they have to pay a charge for it.

8. Are ULIPs suitable for long-term investments?

Almost every ULIP plan in India provides prospects for long-term wealth growth. ULIP plans allow you to safeguard your loved ones with an insurance cover during your working years while also delivering considerable market-linked returns to support your objectives and life after retirement.

9. When will I be able to withdraw my ULIP?

All ULIP plans have a 5-year initial lock-in period during which your investment is subject to all ULIP policy expenses. Following the end of the lock-in period, you can opt to make a certain number of partial withdrawals from your ULIP plan in a particular financial year, subject to the plan's terms and conditions.

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