September month has flooded with launchings new ULIPs products. Insurance companies have launched more than 50 products in September. Reason is the issuance of new guidelines for ULIP by IRDA.
Bajaj Allianz Life Insurance and Birla SunLife Insurance are not exception. They have also came up with their new plans. Bajaj’s Wealth Insure and Birla’s Classic Endowment product launched as per new guidelines. This helps to reduce the cost and commission and to improve returns to the policyholders.
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Bajaj- Wealth Insure
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Birla- Classic Endowment
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1) It is a single premium product which eliminates worries about due dates, renewals, and constant phone calls.
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1) It is not single premium product but it offers flexibility in premium amount and policy term.
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2) It offers 7 fund options to invest in and it also provides systematic switching option to manage your investment.
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2) It offers Self Managed fund option to invest in 10 funds which gives complete access on how to invest premium and full freedom to switch investment funds.
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3) It offers flexibility to pay unlimited top-up premiums and to make partial withdrawal.
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3) It offers top-up premium option to increase investment anytime during policy term except last 5 yrs prior to maturity.
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4) This plan gives option to decrease the Sum Assured if you want.
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4) It offers option to increase Sum Assured but not to decrease it.
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5) This plan provides maturity benefits with flexible maturity proceeds as settlement option.
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5) Plan offers Maturity Benefits which will give you fund value at the time of maturity.
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6) Plan offers various additional riders to increase your protection.
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6) Additional 5 riders such as critical illness, Accident cover, hospital- surgical care and wavier of premium rider.
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7) Wealth Insure also provide loyalty addition up to 7% on single premium at end of 5th year.
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7) Classic Endowment plan does not offer any loyalty additions.
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8 ) Min entry age is 7 yrs and maximum is 65yrs.
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8 ) 1 year to 65 years, subject to minimum age of 18 on Savings Date.
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9) Policy Term- Whole Life Plan with Policy Term of (75 minus at
entry)
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9) Policy Term- 10, 15, 20, 25 and 30 years.
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Bajaj’s-Wealth Insure is one of the Single Premium product among other new launchings which helps to ease your investment. Birla’s Classic Endowment Plan offers Self Managed Fund option which gives complete control on how to invest premium and full freedom to switch investment funds. Each plan has their own specialties, coverage’s to attract customers. So identify your needs exactly and then choose product which will suits you accordingly.
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