IDBI Fortis Wealthsurance: Review

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IDBI Fortis Life Insurance Wealthsurance is ULIP plan with two nice features
1) No allocation charge.
2) Addition allocation if premium > Rs. 50,000
No Allocation charge means 100% of your premium gets invested, unlike most of the ULIP where 10%-20% of premium amount is deducted which indirectly leads to lower return in the long term.
Please visit the ULIP charges link to understand how allocation charge plays critical role while building the long term corpus.
Although many products are now available with NILL allocation charges (like ICICI PRU ACE), however this product stand out from all of them as if you pay premium in access of Rs. 50,000 then additional amounted will be allocated …
Premium Amount (Rs)
Regular
Premium Plans
Rs 50,000 - Rs 99,999
0.5%
Rs 1,00,000 - Rs 4,99,999
1.5%
Rs 5,00,000 and above
2.5%
For eg if you pay Rs. 50,000 then Rs. 50,250 is allocated to buy units.
Apart from the above feature it has all the regular features that an ULIP plan requires.
1) Single and regular premium option
2) Life cover, Critical illness cover (amount is deducted out of you’re a/c)
3) No surrender charge after 5th year and partial withdrawal from 4th year.

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