- About Coverfox
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Everything you need to know
If you are looking for market linked investment opportunities to meet your future financial goals, then a Unit Linked Insurance Plan is the smartest way to do so. ULIP provides a life cover to the insured and market linked investment opportunities as per the investor's choice. ULIP is a comprehensive insurance package with investment openings in the capital markets. ULIP assures you financial security when you are spending quality time with your family and also in the case of an unfortunate eventuality.
After the lock-in period ends, you can make a partial withdrawal.
On maturity of the policy, the policyholder receives the Fund Value. Get tax-free maturity benefit payout under section 10 (10D).
In case the life assured dies during the policy duration, the nominee receives the death benefit, which will be higher of fund value or sum assured. Get tax-free death benefit payout under section 10 (10D).
Protect your family financially and secure their future.
Create wealth and build a corpus fund to meet your financial goals.
Additional growth through a top-up with a one-time lump sum investment.
The premium paid towards ULIP is tax exempted. You get tax exemption up to a maximum of Rs.1.5 lakh under section 80C of the Income Tax Act, 1961.
Is ULIP a good option for investment?
Yes, it is a good option as an investment.
A Unit Linked Insurance Plan (ULIP) is a complete combo package of investment, life cover and tax benefits.
By investing in ULIP, you can build a corpus fund over a period to meet your financial goals like child's education, retirement planning, home loan, etc.
The best part of investing in ULIP is you can invest as per your risk appetite. If you have a low risk appetite, invest in debt and if you have a high risk appetite, you can invest in equity based funds.
Moreover, you have can make a partial withdrawal after the lock-in period ends.
One can exit from the plan anytime he wishes, but the monies are paid after completion of the 5 year lock-in period. It is advisable not to exit ULIP even after lock-in period ends. Here's what you must keep in mind, that ULIP is designed as a long-term investment product. Invest only with a horizon for at least 10 years.
Can I use ULIP as a good liquid instrument in case of an emergency?
Yes, you can use ULIP as a liquid instrument in case of an emergency. ULIP is a completely transparent investment product. In case of an emergency, you can always make a partial withdrawal after the lock-in period ends. Funds received as a partial withdrawal can be used as a financial aid in the case of need. Moreover, even after a partial withdrawal, you still have to continue investing as per the policy tenure.
How to reap the maximum benefit of investment in ULIP?
Always invest in ULIP keeping in mind long-term goals.
Do not surrender ULIP even after lock-in period ends.
Invest the surplus amount as Top-up to increase life coverage and investment fund. Top-up is a one-time lump sum investment provision for you as an investor which can be used during your policy tenure.
Make partial withdrawal only if necessary.
There's no better way to put this, but the real answer is 'no'. With regulated pricing and premiums set by the IRDA, the prices you see here are the ones you see everywhere (lower prices elsewhere usually mean there's a possibility of hidden charges). The only difference? At Coverfox, we don't look for the cheapest price, we look for the right one.
Online payments can be a major hassle, but not with Coverfox. This is why you don’t need a Credit Card; you can make payments through just Net Banking or your ATM/Debit Card. Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do allow for card-on-delivery payment though. But this only works in the case of customers with expired car insurance, where an inspection is required.
You'd get your policy before you finish reading this answer. It's THAT fast. Once you choose your product and make your payment, it’s sent to your inboxes right away . No hard copies, because we are also secret environmentalists. If by any chance there is a delay due to a medical check or an expired vehicle inspection, we promise that you’ll be informed in advance.
With our excellent Customer Service, we make sure that you never have to deal with the insurer personally. We make it that convenient. Our relationship with insurance companies ensures our dedication to every customer! In fact, we offer free claim assistance during emergencies to even those who may not have bought insurance policy from us. After all, Coverfox is simply a phone call away for anyone in need.
Here, we don’t take any sides (apart from yours) when it comes to insurers – in fact, we don’t even ask you for your contact details for comparing various products until you are convinced. You can say that we are always looking out for you – like the friend you call at 4 am - whether it’s finding you the perfect policy or making sure you get only the best deals, we are on your side. As an IRDA approved organization, we are as genuine as they can get.