A constant gripe of investors is that they have to shell out mortality charges under Ulips even if their sole objective is investment. With a product that 'returns' the mortality charges at maturity, Bajaj Allianz Life's Goal Assure would appeal to such investors. The Ulip does not impose any premium allocation charges, though policy administration charges are levied (see table). Like most new-age Ulips, this one too sets out to reward policyholders for a long-term commitment.
Return of mortality charges apart, investors staying the course will benefit from fund boosters (20-60% of annual premiums for 10-20 year tenures) and loyalty additions (0.5-1-1.5% of annual premiums for 10-20 year tenures) that will enhance the total corpus.
However, the requirement of staying put for at least 10 years means that those who have to surrender in the medium-term due to liquidity needs or an emergency will lose out on key benefits of this product.
The Ulip offers a life cover of 10-20 times the annual premium. Therefore, those looking at this product to meet both insurance and investment needs will have to pay a much higher premium to get adequate life cover, which should ideally be 10-times one's annual income. Alternatively, policyholders could consider adding a pure risk term insurance policy to their protection portfolio to meet life cover requirements. This, again, means an additional premium outgo.
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