LIC Wealth Plus Unit Linked Insurance Plan
The new Unit linked Insurance plan (ULIP) from LIC, Wealth Plus aims to protect the investment from market fluctuations. The plan is available for sale from the 9th of February 2010. It guarantees highest NAV recorded in the first seven years of policy, which is indeed new when it comes to ULIP policies in India. Its table Number (Table No.) is 801 and UIN: 512L259V01. Here is LIC Wealth Plus review about this plan and what you can expect from it.
At the end of policy term for LIC Wealth Plus, the payment will be based on the highest NAV (net asset value) recorded in the 7 years of policy or the NAV which is applicable then, whichever will be higher. The seven year period starts from the date of commencement of policy. The premiums can be made either in lump sum at one time or for 3 years at yearly, half yearly, quarterly or monthly basis.
In case the holder dies during the policy term, as a death benefit the nominee will get the Basic Sum Assured and Policyholder’s Fund Value. In case of death of life insured after the policy term, but before expiry of extended period, the nominee will be liable to receive Basic Sum Assured. The plan also offers an extended life cover of two years after the policy term of 8 year ends.
Some features of LIC Wealth Plus Insurance Plan are:
- Unit linked insurance plan
- 8 years of policy term
- Guaranteed return of highest NAV of 7 years or NAV of 8th year, whichever is higher
- Age limit: minimum and maximum age limit to enter the plan is 10 and 65 years respectively.
- Either 3 years payment term or one time single premium
- Minimum single payment of 40,000 and minimum yearly payment of 20000; for ECS mode, minimum premium is 2000 per month.
- Partial withdrawal allowed after 3 years. Two partial withdrawals are allowed in a policy year but on certain conditions.
- Extended risk cover for 2 years after the term ends
- Accident Benefit Raider allowed at a charge of 0.50 per 1000
- Policy can be surrendered only during the policy term.
- This policy is available only for limited period.
Wealth Plus is indeed one of a kind ULIP policy from LIC of India. The other ULIP plans of LIC being Market Plus I, Money Plus I, Child Fortune Plus, Profit Plus, and Jeevan Saathi Plus.
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if any urgency is come for money , can we redeem the policy in easy way. and there are so many charges made for anything