Many of the ULIP information seekers have been asking for a comparative article on the existing ULIPs with Guaranteed NAV in the market. In this article you will find the most comprehensive comparison of Unit Linked Insurance Plans offered by various insurers like LIC, SBI Life, Birla SunLife, Bajaj Allianz, Reliance and ICICI Prudential. One of my blog reader Sumanth has been kind enough to do all the preliminary investigation to gather the information provided in this article, many thanks to him.
| Insurer | LIC | SBI Life | Birla Sunlife | Allianz Bajaj | Reliance Life | ICICI Pru |
| ULIP | Wealth Plus | Smart ULIP | Platinum Premier | Max Gain | NAV Guarantee | Pinnacle |
| Entry Age | 10-65 Yrs | 8-60 Yrs | 8-70 Yrs | 8-60 Yrs | 30 days to 65 | 8-65 Yrs |
| Term | 8 Yrs | 10 Yrs | 10 Yrs | 10 Yrs | 10 Yrs | 10 Yrs |
| PPT | Single or 3 | 3 or 5 | 10 | 7 | Single or 10 | 3 |
| Maturity Age | 73 Yrs | 70 Yrs | 80 Yrs | 70 Yrs | 75 Yrs | 75 Yrs |
| Mode | Single, Yly, Hly, Qly, ECS Monthly |
Yly, Hly, QLY, ECS Monthly |
Yly, Hly, ECS Qly, ECS Monthly |
Yly, Hly, QLY, ECS Monthly |
Single, Annual |
Annual |
| Risk Cover | SP 1.25-5 Times; Annual 5-10 Times |
5 Times of Annual Premium |
5 Times of Annual Premium |
5 Times of Annual Premium |
SP 1.1-6 Times; Annual 5 – 30 Times |
5 Times of Annual Premium |
| Death Cover |
SA + Fund Value |
SA or Bid Value |
SA or Bid Value |
SA or Fund Value | SA + Fund Value | SA or Fund Value |
| Extended Cover |
Yes | No | No | No | No | No |
| DAB | Yes | – | No | – | Riders | No |
| Premium | SP 40000; Yly 20000 Hly 10000 Qly 5000 ECS 2000 |
Yly 50000 Hly 25000 Qly 15000 ECS |
Yly 25000 Hly 15000 ECS, Qly 7500 Mly 5000 |
Yly 25000 Hly 15000 Qly 8000 ECS 3000 |
SP 30000; Annualised Premium 20000 |
50000 PA |
| Fund Type | One – Wealth Plus Fund |
Two | Ten – only 1 is guaranteed |
One | One | One |
| NAV Guarantee | 7 Yr, Term End | 7 Yr 2 Dates | 7Y3M, Term End | Full | Full | 7 Yrs |
| Allocation Charges [1st Year] |
11.25-12.00% | 15% | 10% | 15.00- 20.00% |
20% | 14% |
| Allocation Charges [Later] |
2.50% for PPT | 5% for PPT | 5% for PPT | 3.00-6.00% | 3% (2,3) 2% (4,5) 1% |
4% (2) 2% (3) |
| Allocation Charges [SP] |
4.00-4.50% | NA | NA | NA | 2% | NA |
| Partial Withdraw |
3 Yrs | 5 Yrs | 3 Yrs | 3 Yrs | 3 Yrs | 3 Yrs |
| Surrender | 3 Yrs | 3 Yrs | 3 Yrs | 3 Yrs | 3 Yrs | 3 Yrs |
| Surrender Charges |
NIL | 3rd Yr 9% 4th Yr 2% 5th Yr Nil |
Within 3 Yr 40% 4 Yr 20% 5 Yr 10% |
Within 3 Yr 20% 4 Yr 10% |
Applicable, No mention in brochure |
3rd Yr 4% 4th Yr 2% 5th Yr NIL |
| Policy Admn Charge |
1st Yr 60 PM; 2nd Yr 25 PM Escalation @ 3% |
Flat 60 PM + INR 5 per thousand SA (3 Yr) |
0.24% PM of first 25000 and 0.40% of annual premium (3 Yr) |
1.26% of First Year SA |
40 PM (thru) | 0.40-0.60% of Annual Premium PM for 3 Yrs |
| FMC | 1% | 1% | 1.5% | 1.25% | 1.35% | 1.35% |
| Guarantee Charges |
0.35% | 0.5% | Included in FMC | 0.25% | 0.15% | 0.10% |
Peak NAV Guarantee ULIP : Illustration of charges for the first 3 years:
For illustrative calculation, the following are considered:
Mode – Yearly premium; Premium – 1 Lac; Sum Assured 5 Lac;
| ULIP | Wealth Plus |
Smart ULIP |
Platinum Premier |
Max Gain |
NAV Guarantee |
Pinnacle |
| 1st Yr Alloc Charge |
12000 | 15000 | 10000 | 20000 | 20000 | 14000 |
| Policy Admn Charges |
720 | 720+2500 | 60+400 PM |
6300 | 480 | 4800 OR 7200 PM |
| Total 1st Year | 12720 | 18220 | 15520 | 26300 | 20480 | 18800 |
| 2nd Yr Alloc Charge |
2500 | 5000 | 5000 | 6000 | 3000 | 4000 |
| Total 2nd Year | 2800 | 8320 | 10520 | 12300 | 3480 | 8800 |
| 3rd Yr Alloc Charge |
2500 | 5000 | 5000 | 0 | 3000 | 2000 |
| Total 3rd Year | 2800 | 8320 | 10520 | 6300 | 3480 | 6800 |
| TOTAL IN 3 YEARS |
18320 | 34860 | 36560 | 44900 | 27440 | 34400 |
| Total 3 Yr Premium |
3 Lac | 3 Lac | 3 Lac | 3 Lac | 3 Lac | 3 Lac |
| Allocated (nearest 000) |
2.82 lac | 2.65 lac | 2.63 lac | 2.55 lac | 2.73 lac | 2.66 lac |
| Surrender Charges |
Nil | Yes | Yes | Nil | Yes | Yes |
Disclaimer : This comparison is arrived at by going through various ULIP plans as provided by each of the insurer on their respective product at the time of publishing. Readers are suggested to check their respective sites/brochures for more detailed information, publisher doesn’t bear any responsibility for misrepresentation if any on the data provided.
Atul says
I can never trust ULIPs. If I have to invest, why would I buy insurance.