I have personally gone through Pension plans of various life insurance companies and found the lowest charge ULIP. One is Bajaj Allianz Retirement Advantage SP(Single Premium) and Second is LIC Market Plus
Main Advantage of Bajaj Allianz is Online switching option through internet is there and also Unlimited switches are free. Trust me no insurance company is giving Unlimited free switches. Also policy administration charges are levied for first four policy years only.
Although Being a single premium policy for both LIC and Bajaj Allianz, you can invest with unlimited topups with just 1% allocation charges.
Charges Under Bajaj Allianz Retirement Advantage SP
! Policy Administration Charges will be chargeable for the first four
policy years only, by monthly cancellation of units. It will be 1.2% of
the single premium subject to a maximum of Rs. 600/- per annum
at the inception of the policy. The charge will inflate at 5% per
annum at every policy anniversary.
! Fund Management Charge will be 1.35% per annum of the net
assets value for Equity Growth Pension Fund, Accelerator Mid-Cap
Pension Fund and Pure Stock Pension Fund, 1.25% p.a. of the NAV
for Equity Index Pension Fund II and Asset Allocation Pension Fund
0.95% p.a. of the NAV for Bond Pension Fund and 0.95% p.a. of NAV
for Liquid Pension Fund will be charged.
! Switching Charges: Unlimited free switches would be allowed
under the plan.
! Allocation Rate: The allocation to your fund will be 98% of single
premium & 99% of top up premium.
! Surrender Charge: Nil
! Miscellaneous Charge: The miscellaneous charge would be
charged at the rate of Rs.100/- per transaction in respect of
reinstatement, alteration of premium mode, increase in regular
premium or issuance of copy of policy document.
The above charges are subject to applicable service tax.
