Friday, 22 October 2010

LIC of India Launched a new unit linked endowment plan

Life Insurance Corporation of India launched a new Unit Linked Insurance Plan Named LIC Endowment plus under Table No. 802 on 20th September, 2010. This is Unit Linked Endowment plan offers investment cum insurance when you are under the term of the policy. According to the mode and amount of premium you can choose the level of cover within the limit. The policy covers Critical Illness Benefit, Accident Benefit, allow Partial withdrawal and Loan.

Maturity Benefit and Death Benefit

On maturity the policy holder gets an amount equal to his/her fund value. The nominee shall receive the higher of Sum assured under the basic plan and the policy holder’s Fund value as at the date of booking the liability at the death of the policy holder. You can avail accident benefit as optional rider by paying Rs.0.50 for every Rs. 1000/- But the for accident rider the minimum sum assured is Rs. 25000 and maximum sum assured for accident cover is Rs. 50, 00,000 (This maximum cover including all accidental cover of the insurer with LIC and other insurance companies includes personal and group insurance schemes)

Available Schemes

The policy is available in for schemes named Bond Fund, Secured Fund, Balanced Fund and Growth Fund. You can choose any of the schemes as per the risk you can bear.

Minimum and Maximum Premium and mode of payment

Premium can be paid monthly on ECS, half yearly or yearly and a minimum yearly premium is Rs. 20000 or Rs. 1750 on monthly ECS mode. You can pay a single premium also by a minimum onetime payment of Rs. 30000. The Maximum regular premium is Rs. 100000 per year and there is no maximum limit for the single premium mode. In Annual premium mode the premium can be multiple of Rs. 1000 and in monthly ECS mode it the multiple of Rs. 250.

Minimum and maximum age of entry and Term of policy

One can join with the scheme if he or she completed 7 years of age and the maximum age of entry is 70 years. Policy term is 10 years to 20 years and the minimum maturity age is 18 years and the maximum maturity age is 70 years.

Fund Switching, Partial withdrawal and Loan

You can switch over the Fund 4 times within the policy year without any additional charge. No Top up premium is allowed. A policy holder can make partial withdrawal after the fifth year of the policy, but there should not be any dues payment of premium. Loan also can be taken after the third year of policy, only if there is no any dues payment of premium, up to 30% of the fund value and not partial withdrawal is allowed during the loan period. If the fund value is less than or equal to loan outstanding, the policy will be terminated compulsorily. The rate of interest of loan is determined by the LIC time to time and at present it is 9% per year and can be paid half yearly.

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