ULIPs
Part of the premium buys cover, and the rest goes into funds you choose.
Who does this suit?
Typically people with long horizons and a tolerance for variability.
Market-linked upside, with the flexibility to switch funds.
What is the catch?
You bear the investment risk entirely, and there is no liquidity for the first five years — no surrender or withdrawal, full or partial, until year five ends. This is a regulatory feature of every unit-linked product, not a quirk of any one insurer's plan.
The lock-in is worth sitting with before you go further. Five years is a long time to have no access to money, and the people who regret buying a unit-linked plan are almost always the ones who needed that money in year three.
Every category on this site has its catch stated next to what it does, not further down some other page. If a product appears to have no downside, it has not been explained properly.
How does underwriting work for this?
Noticeably lighter. An abbreviated set of medical questions rather than the full grid, plus a few lifestyle questions. You are also asked how you want the investment side managed, which no other category asks.
This is worth knowing before you start, because it decides how long the application takes and what you will be asked to disclose. It is also the thing most people are surprised by — the depth of questioning varies far more between categories than between insurers.
Which plans are in this category?
These are the plans available through this practice in this category. Names only — no plan's premium, return or benefit amount appears anywhere on this site, because those are set by the insurer at underwriting rather than by us.
- Kotak e-Invest Plus
- Kotak T.U.L.I.P
- Kotak T-ULIP NXT
- Kotak Platinum
- Kotak Invest Maxima
- Kotak Wealth Optima
- Kotak Single Invest Advantage
Which of these fits depends on the term you want, how long you want to pay for, and what the underwriter comes back with. That is a conversation, not a dropdown.
What documents will you need?
Not at the start — nothing here is needed to begin an application. These come after you have seen what the insurer is offering.
| Document | Why |
|---|---|
| Identity | PAN, or Form 60 where you do not hold one. |
| Address | Aadhaar or another accepted address proof. |
| Age | A document confirming date of birth. |
| Photograph | A recent passport-style photograph. |
| Income proof | Form 16, an income tax return, or recent salary slips. Required once the total premium across your policies passes a threshold the insurer sets, and always where the cover asked for is large relative to income. |
| Bank details | For premium collection and, more importantly, for claim settlement — claims are paid only to the account recorded on the policy. |
Questions people ask
What does the five-year lock-in actually mean?
No surrender and no withdrawal, full or partial, until the fifth year ends. Not a penalty for early exit — no access at all. This is a regulatory feature of every unit-linked product rather than a term set by any one insurer, and it is the single most important thing to be sure about before buying one.
Who carries the investment risk?
You do, entirely. The funds move with the market, and the value of your units moves with them. That is the trade for the potential upside, and it is why this category suits people with long horizons and a tolerance for variability.
Why are there fewer health questions than for term cover?
Because a unit-linked plan is a different mix of investment and cover, and it attracts a different proposal form with an abbreviated set of medical questions. You will also be asked how you want the investment side managed, which no other category asks.
Can I change funds later?
Switching between funds is a normal feature of unit-linked plans, and the specific rules are in the plan document. It is one of the genuine advantages of the category over a fixed savings plan.
Is a ULIP a good investment?
That is not a question this site answers, and it would be a different kind of question for every reader. What we can tell you is the mechanism: part of the premium buys cover, the rest goes into funds you pick, you carry the market risk, and there is no liquidity for five years. Whether that suits your situation is your decision, and a licensed adviser can help with it.
Not sure this is the right category?
Then do not start here. The four categories solve genuinely different problems, and they are not ranked against each other anywhere on this site.
- Term insurance — Cheapest cover — pays your family if you die during the term, nothing back if you don't.
- Savings plans — Costs more, but returns money at maturity whether or not anything happens.
- Retirement plans — You pay once, and it pays you an income for life.
Starting an application
The application asks what an underwriter needs and nothing else. You will not be shown a premium at the end — that comes from the insurer once it has assessed the case, and any figure quoted before then would be a guess.
You can stop at any point and come back. Nothing is submitted until you confirm a summary of every answer.
Last reviewed: 31 August 2026