7 year Folly. 7 year NAV Guarantee

3 major schemes (all of them Insurance plans) are generating a lot of interest in my friends minds. There are 2 sets of friends :
1. The guys planning to invest
2. The guys / brokers making money out of the investment.

First for some basic questions :
IRDA (Insurance Regulator) rules do not allow cos to gaurantee returns in any Mutual Fund related scheme.
While these are Insurance cos investing in Mutual funds, No Mutual Fund is independently offering such a scheme....

So where is the catch ??? Is there a catch ??

http://insurance.birlasunlife.com/ProductsSolutions/IndividualSolutions/WealthwithProtectionSolutions/BSLIPlatinumPremierPlan/tabid/376/Default.aspx
http://www.licindia.in/wealth_plus_feature.html