Amidst market volatility, the life insurance giant of country, Life Insurance Corporation (LIC), has introduced new LIC wealth Plus plan.
The LIC Wealth Plus plan will be available for a limited period, according to the LIC statement.
The LIC claims that the new unit linked plan will protect policy holders during fluctuations in the market.
According to the scheme, the LIC Wealth Plus Plan guarantees highest NAV on a daily basis. In the first 7 years of the policy, subject to a minimum of Rs.10. This means the payment at the end of the policy term will be based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy, or the NAV as applicable on the end of the policy term, whichever is higher. The guarantee will be applicable only for payment made at the end of the policy term irrespective of any partial withdrawals made during the policy term. The period of 7 years starts from the date of commencement of policy.
For this scheme, the minimum age is 10 year while maximum age is 65 year. The policy has extended two years life cover after the eight years of mature.
The policyholder has four options for premium payment, yearly, half-yearly or quarterly or monthly. Minimum Premium for 3 years Premium Paying policies is Rs [20,000] p.a. whereas for Single premium policies it is Rs. [40,000] p.a. For Monthly (ECS) mode the minimum premium is Rs [2,000] p.m.
For further details kindly contact LIC agents or its website.
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