Article

Plan Switch (Insurance)
June 07 , 2012

In investment-cum-insurance policies, a part of your premium goes to give you life cover. The rest, after deduction of myriad charges, goes into a fund that is invested in stocks or bonds. Depending on how the market goes, this can give you returns over the long term. A plan switch is what allows you to choose which type of fund your money goes to, and to move between one fund and another. On one extreme, you can go for an extremely safe but low-yielding government bond. On the other hand, you can opt for risky equities. There may also be intermediate hybrid options for you to choose from.

Most insurance policies offer about four free switches a year. In practice, however, it is rare you will want to micro-manage your fund so much. So in effect, the Plan Switch is a useless feature of life insurance plans.

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