LIC Wealth Plus New Launching ULIP Plan of 2010

LIC’s Wealth Plus Plan which is closed ended plan will be introduced on 9th February 2010. Salient features of thes policy (plan No. 801) are as follows:

• Unit Linked Plan with Policy Term of 8 Years.
• Free Insurance Cover for 2 years after maturity.
• Amount payable on maturity will be based on Highest NAV in the 1st 7 years or the NAV at the end of 8 years whichever is higher.
• Accicent benefit upto 50 lacs is available.
• Mode of Payment- Single or for 3 Years. For 3 years premium paying term, premium can be paid monthly, ECS, Quarterly, Half Yearly or Yearly.
• Minimum premium Rs. 2,000/- p.m. for monthly (ECS) mode. Rs. 20,000/- p.a. for 3 year term & Rs. 40,000/- for single premium. Maximum Premium: No Limits.
• Minimum age of entry 10 years and maximum 65 Years.
• Minimum Sum Assured: 5 times the annualized premium and 1.25 times single premium.
• No top up is allowed.
• Partial withdrwal is allowed twice in a policy year after premium paying term.
• Charges: Premium allocation charge 5% for premium upto Rs.4 lacs & 4.5% for above 4 lacs.  For 3 years premium paying term, Policy allocation Charge in the 1st year ranges ranging from 12% to 11.5% & thereafter every year @ 2.5%.
• Level mortality charge based on age at entry.

Unique features:

1. 1st Guaranteed NAV Product of LIC
2. Instead of increacing mortality premium, this plan offers level premium.
3. Allocation Charge and other charges are extremely low.
4. 2 Years extended life cover after the maturity.
5. Partial withdrwal is allowed.
6. Lowest cost among all plan available in the market of such types of plans.

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Profit & Loss of All Insurers

Here is the Financial Figures: Profit & Loss of All Insurers

Income Tax Benefits

Tax Saving Chart & Income Tax Benefits
The rates of income tax applicable under the Finance Act, for the financial year 2007-2008 and 2008-2009 in the case of an individual are given below

Previous Rates of Income Tax:

In case of Senior Citizens:

In case of women employees below 65 years of age:

Surcharge on Income Tax:
The amount of Income Tax so computed shall be increased
by a surcharge at the rate of 10% where the taxable income exceeds Rs. 10 lakh

An additional surcharge called the Education Cess is levied
at the rate of 2% on the amount of tax payable inclusive of surcharge.

Qualifying Investment Eligible for Rebate:
Section 80C(1): In computing the total income of an assessee, being an individual or a Hindu Undivided Family, in accordance with and subject to the provisions of this Section, the whole of the amount paid or deposited in the previous year out of his income chargeable to tax being the aggregate of the sums specified in the Section as does not exceed Rs. 1,00,000 shall be deducted from his income.