Launched in 2015, eWealth Assurance is one of the cheapest Ulips available in this space as it does not come with premium allocation or policy administration charges. With a minimum yearly premium of just ₹10,000, it is also within the reach of customers looking to make small, but regular investments.
On the flipside, however, the maximum premium under the product is capped at ₹1 lakh – a dampener for those with higher investible surplus. It offers two plans – growth and balanced – with the former investing largely in equities (maximum 80%) in the initial policy years. The latter is meant for more conservative investors as the allocation in equities is relatively lower (maximum 75%). However, policyholders are also likely to be constrained by the limited choice—once selected, the policyholder is not allowed to switch between plans. Thus, it could be better suited for investors who are conservative and yet want to partake of marketlinked returns or do not mind letting the fund manager take charge of their asset allocation strategies. It also works for individuals who are looking for simple products.
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