BIRLA CLASSIC LIFE PLAN Vs ICICI LIFE STAGE II

[deep]

Pls consider the charges of Birla Classic Product
A premium allocation charge is levied on the Basic Premium when received: 7.50% of the Basic Premium received in the first policy year6.50% of the Basic Premium received in the second policy year 5.00% of the Basic Premium received from the third year on wards A premium allocation charge of 2% is levied on any top-up premium when paid. There is nopremium allocation charge on Enhanced SA Premium.The daily unit price of the investment fund is adjusted to reflect the fund management charge. 1.00% p.a. for Income Advantage, Assure, Protector and Builder1.25% p.a. for Enhancer and Creator1.35% p.a. for Magnifier, Maximiser, Multiplier and Super 20
The policy administration charge is Rs. 20 per month for the first five policy years. It shallincrease to Rs. 25 per month in the sixth year and inflate at 5% p.a. thereafter. This chargeis levied monthly by canceling units proportionately from each investment fund you have at that time
The ICICI PRU WEALTH STAGE II
PREMIUM ALLOCATION 2%
POLICY ADMIN- 0.47% IN FIRST YR & 0.1% FROM SUBSEQUENT YR
FMC- 1% - 1.35% DEPENDING ON THE FUND SELECTED
i have not given the mortality charges.
Comparing the 2 charges structures i feel the charges of Birla Sunlife is high especially premium allocation 7% - 5% Vs 2% & Nil
Also the FMC is 3.55% Vs 1.35 because anyone will mostly end up in selecting all the 3 types of funds

What is your view of this Product since i have been told that however the portfolio managers manage the funds, the growth is very good
Is it ok to take such a policy with high premium allocation charge?
Am mainly looking for this plan from investment perspective

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[Madhura]

I have a view that insurance main purpose is to provide coverage, so I would recommand buying term only plan. And invest the remaining money in MFs.

[Master]

What is your view of this Product since i have been told that however the portfolio managers manage the funds, the growth is very good

Don't believe in anybodys words go on the insurer website and checkout yourself.

Is it ok to take such a policy with high premium allocation charge?

Now a days there are many product where total changes are less than 2%, so I would recommand those products. It matters most in 30 years time.

Am mainly looking for this plan from investment perspective

Don't mix insurance with investment.