With policy administration charges of 5.5-5.6% per annum, Mera Wealth is not the cheapest new-age Ulip in the market today given that many of its peers have completely done away with this charge.

The product, however, offers several customisation options. Policyholders can choose a limited premium pay term of five or 10 years, and also the option to receive the maturity proceeds in instalments. This could be of help for a nominee who may not be financially savvy and hence not capable of deploying the huge lump sum judiciously. It offers loyalty additions from the sixth year as an incentive to policyholders to stay invested over the long term. In-built options apart, a Ulip is not as flexible as a combination of mutual fund and term plan as it provides no scope to switch in case the fund options underperform. Also, a plethora of variants could end up confusing, rather than aiding, an investor who is looking for easy-to-understand products.

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