LIC launched a new unit-linked insurance plan (Ulip) toady, 19 months after its earlier product was withdrawn from the market.
LIC had earlier launched a Ulip plan in January 2013 after a gap of two years.
After the new norms for traditional products kicked in from January 1, 2014, life insurance companies had to stop selling existing products and introduce new ones.
In September 2010 new regulations had made minimum lock-in term for Ulips as five years compared to three years earlier. Product structures including NAV disclsoures were also made very transparent in order to curb misselling of these products.
New Endowment Plus (Ulip) Plan, this product will be an insurance-cum-investment plan.
ELIGIBILITY CONDITIONS AND FEATURES:
For Basic Plan
For LIC’s Linked Accident Benefit Rider
Officials said that the premium allocation charges would range from 7.5% of premium paid in the first year to 3% from the sixth year onwards.
It is anticipated that the new plan would have four funds namely Bond Fund, Secured Fund, Balanced Fund and Growth Fund. The premiums paid by the policyholder would be subject to premium allocation charge and would be used to purchase units in the desired fund.
The basic sum assured would be higher of 10 times the annualised premium and 105% of the total premiums paid. At the time of maturity, the policyholder would get an amount equal to their fund value.
Know More about New Endowment Plus Plan 835
LIC had earlier launched a Ulip plan in January 2013 after a gap of two years.
After the new norms for traditional products kicked in from January 1, 2014, life insurance companies had to stop selling existing products and introduce new ones.
In September 2010 new regulations had made minimum lock-in term for Ulips as five years compared to three years earlier. Product structures including NAV disclsoures were also made very transparent in order to curb misselling of these products.
New Endowment Plus (Ulip) Plan, this product will be an insurance-cum-investment plan.
ELIGIBILITY CONDITIONS AND FEATURES:
For Basic Plan
- a) Basic Sum Assured: (10* Annualized Premium) or (105% of the total premiums paid), whichever is higher.
- b) Minimum Premium: Mode Amount Yearly Rs. [20,000] Half-Yearly Rs. [13,000] Quarterly Rs. [8,000] Monthly (ECS) Rs. [3,000]
- c) Maximum Premium: No limit Annualized Premiums shall be payable in multiple of Rs. 1,000 for all modes other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-
- d) Minimum Entry Age: [90] Days (completed)
- e) Maximum Entry Age: [50] years (nearest birthday)
- f) Policy Term : [10 to 20] years
- g) Premium Paying Term: Same as Policy Term
- h) Minimum Maturity Age: [18] years (completed)
- i) Maximum Maturity Age: [60] years (nearest birthday) Age at entry for the policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 90 days.
For LIC’s Linked Accident Benefit Rider
- a) Minimum Entry Age: [18] years (completed)
- b) Maximum Entry Age: [55] years (nearest birthday)
- c) Maximum Maturity Age: [60] years (nearest birthday)
- d) Minimum Accident Benefit Sum Assured: Rs.10, 000/-
- e) Maximum Accident Benefit Sum Assured: 10 times of Annualized Premium subject to the maximum aggregate limit of Accident Benefit Sum Assured under all policies including policies with in-built Accident Benefit taken with Life Insurance Corporation of India under individual policies as well as group policies on the same life shall not in any event exceed Rs.100 lakhs of Accident Benefit Sum Assured
Accident Benefit Sum Assured shall be in multiples of Rs. 5000/- only
Officials said that the premium allocation charges would range from 7.5% of premium paid in the first year to 3% from the sixth year onwards.
It is anticipated that the new plan would have four funds namely Bond Fund, Secured Fund, Balanced Fund and Growth Fund. The premiums paid by the policyholder would be subject to premium allocation charge and would be used to purchase units in the desired fund.
The basic sum assured would be higher of 10 times the annualised premium and 105% of the total premiums paid. At the time of maturity, the policyholder would get an amount equal to their fund value.
Know More about New Endowment Plus Plan 835
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