The biggest positive point of this plan is; as there is no middle man here one saves a lot in term of allocation charge as there is no distribution charge and hence more money is invested in your chosen fund.
How it works:
1) You choose premium amount.
The other benefit is it is fast and convenient. It accepts all major visa and master card credit cards and so you can pay premium in a matter of minute.
Premium amount would be based on the amount of risk cover you have chosen.
Gain calculator will help you in choosing risk cover.
2) Fill up the form.
You need to fill up the form.
Now here is a catch which makes iGain not entirely online.
The catch is if there is a need of medical exam then you have to go through it and then comes the tedious paper work. But iGain investment officer will help you to make it as fast as possible.
3) Pay your premium.
The minimum entry age is 18 years.
From the 11th year onwards, iGain increases the allocation of units by 2% to enhance your investments. So while you pay a 100% premium, 102% of it is invested.
Fund types and investment strategy:
There is two ways you can select your strategy.
Investor Selectable Portfolio Strategy –
For the investment savvy guy who knows the tricks of the trade. You can choose the funds you want to invest in•
Wheel Of Life Portfolio Strategy –
Here their investment officers will select and invest in the appropriate funds to balance and safeguard your investment.
Total of seven funds available depending on your risk taking capacity.
Partial withdrawal is allowed after 4th year.
For more go to https://buyigain.com/igain/igain/igain_queries.jsp
Things need to be review before buying:
1) Check out for surrender charges.
2) Check out for partial withdrawal charges.
3) Understand other charges like allocation, fund mngt.
4) What are death and maturity benefits?