We have toyed with the idea for a long time. Should we rank the unit-linked insurance plans (Ulips) in the market? The idea is exciting simply because it has never been done in India before.
The idea is good because it allows an investor a handle with which to hold the product. Also, the idea is very daunting because comparing insurance policies is like trying to unravel a noodle soup. The more you stir, the more complicated it looks.
After discussing with the regulator, some industry leaders and those close to the insurance sector, Outlook Money decided to bite the bullet and get on with the ranking.
This is where we realised what an overwhelming task we had taken on. Just comparing the return figure, as given by net asset value data, would be incorrect since a financial product is a function of cost and return. The minute we bring in costs, comparisons became almost impossible to carry out.
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