Smart ULIP V/S Invest Assure Apex.
Please refer to previous post on
Traditionally ULIP plans do not offer guaranteed returns however these two plans are a bit different from other traditional ulip plans.
Both the ULIP policy has the same feature of guaranteed maturity benefit based on highest NAV.
Let us compare both the products based on different criteria.
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SBI Life Smart ULIP
TATA AIG IA Apex
Min./ Max. Entry age.
Max. maturity age
3 or 5 year/10 years
3 years/10 years
Rs. 90,000 yearly
Min/Max Sum Assured.
5 times yearly premium
5/60 times yearly prm.
In SBI Life Smart ULIP Premium payment term either 3 or 5 years while Tata AIG
Invest Assure Apex has Premium payment term 3 years, both the policy has term of 10 years.
The biggest difference here is minimum premium which is too high in case of Tata AIG IA Apex, however one can reduce it from second year on wards and most importantly it does not reduce risk cover.
Risk cover is fixed in case of Smart ULIP while Invest Assure apex gives flexibility to choose Risk cover.
The main highlight og both the policy is maturity value based on guaranteed highest NAV.
The plus point of TATA AIG Invest Assure apex is that highest NAV is calculated for entire term of 10 years however SBI Smart ULIP calculates highest NAV for first 7 years.
Smart ULIP scores over IA Apex in term f reset dates as total of 168 reset dates throughout the term with two reset dates per month. In case of IA Apex 10th of every month is reset dates and so only total of 100 reset dates available.
TATA AIG Invest assure apex deducts only 9.5% of your premium in first year while SBI Smart Ulip deducts as high as 15% of your premium.
Even for subsequent years Smart ULIP charges 5% of premium while IA apex charges only 4%.. As PPT is only 5 years in SBI there would be no allocation charge after 5th year but
As far as allocation charges are concerned TATA AIG invest Assure Apex allows maximum premium investment.
Here also Invest Assure apex scores.
Smart ULIP charges flat Rs. 60 per month but for first 3 policy years it charges additional Rs. 500 per 1 Lac SA.
Invest Assure apex charges Rs. 937.5 for first Rs. 1000 SA every year but additional charges Rs..100 per 1 Lac SA. For first 3 years.
If a person with risk covers of Rs. 1 Lac opt for both the policy
SBI Smart ULIP at the end of 3 years would have deducted (Rs. 60 * 36) + Rs. 500 * 3
Which comes to Rs. 3660.
In case of Invest Assure apex it would be Rs. 3112.
Fund mang. Charges:
It is 1.50% in Smart ULIP and 1.45% in Invest Assure apex.
Only after 6th year one can withdraw money withot any deduction in TATA AIG Invest Assure apex while Smart ULIP allows full withdrawal after 5th year.
Premium paid in both the plans are eligible for tax deduction as well as maturity amount is tax free.
Go for TATA AIG Invest Assure apex because of Low charge structure and highest NAV is calculated for entire term, because rupee saved is rupee earned. Only negative point is high premium but one can reduce it from second year.