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Wealth Premier from DLF Pramerica is a unit linked endowment insurance plan that gives both sum assured and the fund value to the beneficiary in the unfortunate event of the death of the policyholder. Alternatively, the fund value is paid out on maturity of policy. The scheme also allows to extend the investment period by a maximum duration of five years after maturity to take advantage of market conditions.
Even as DLF Pramerica offers both insurance cover and market-linked investment returns under a single product, we believe that a pure term plan for life insurance and investment in equity mutual funds for market gains would be a better option, both in terms of returns and cost
Unique Feature
The policy term can be 15 to 25 years, but premiums are payable for five years. The sum assured ranges between 10 to 50 times the annual premium, depending on policy term and policyholder's age. Higher cover means higher mortality charges
For Existing Customers
Given the high premium allocation charges in the earlier years, those already invested should continue to stay invested as an early exit would imply loss of capital. Also, IRDA regulations forbid investors from exiting any unit-linked scheme before the completion of five years
For Those Looking to Invest
The scheme offers all the features that an investor could expect from a ULIP. But we feel the policy administration charges are on a higher side although capped at Rs 500 per month. Its investment funds have performed at par with the broader market and is probably the reason for anyone looking to invest in this scheme
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