Unit Linked Insurance Plans(ULIP) go beyond the traditional mandate of insurance plans - they provide a combination of financial protection against uncertainties along with the chance to grow your wealth. A part of the premiums paid in these plans goes towards funding insurance coverage, while the rest is put into various investment funds managed by professionals.

Here are some of the ULIPs offered by Generali Central Life Insurance that help people save on taxes while expanding their wealth:

• Generali Central Wealth Protect Plan (UIN 133L036V03):The premiums paid towards funding this ULIP are eligible for deductions under Section 80C of the Income Tax Act, 1961. Moreover, ULIPs are E-E-E (Exempt Exempt Exempt) plans . That is, the premium paid, the maturity fund accumulated, and the partial withdrawals from the fund all qualify for tax benefits. Besides the tax benefits, this plan allows the policyholder to grow his/her wealth by investing in an assorted range of funds. These funds vary by risk profile and profit potential - a person is free to choose the funds where his money is invested. This plan further allows you to redirect your premiums when your risk appetite or financial goals change.
• Generali Central Big Dreams Plan (UIN 133L081V02):The premiums paid towards funding this ULIP are eligible for deductions under Section 80C of the Income Tax Act. The payout sum received upon the maturity is also exempted from taxes under Section 10(10)D of the Income Tax Act. Further, the Big Dreams ULIP adjusts to your end goals and allows for the custom allocation of your money. Whether you want to buy your own house, start a business or retire early, this ULIP helps you grow the wealth you need to do that.
• Generali Central Dhan Vridhi Plan (UIN 133L050V03):The premiums paid towards funding this ULIP are eligible for deductions under Section 80C of the Income Tax Act. This ULIP puts a portion of your premium into different funds that you can choose from. Some funds put together an investment profile of low-risk options, while other funds offer the possibility of rewards with high-risk options. Policyholders are free to switch up funds if they sense a market opportunity - a flexibility that allows them to grow their wealth at every chance.

Unit Linked Insurance Plans are the only market-linked investment products that remain outside the ambit of the Long Term Capital Gains tax, which gives them a unique advantage in terms of their post-tax returns.