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

LIC Marriage/ Education Annuity

LIC  Marraige/Educational Annuity Plan Table No 90.

Premium Ceasing Age : 70 Premium Ceasing Term : 0

Plan Highlights

Features

The Marriage Endowment/ Educational annuity plan provides a sum assured to be kept aside for the expenses of marriage or higher education of the policyholder’s children. Premiums under this plan are payable for a selected term or till death of the life Assured. Benefits will be given only after the selected term.

Special Features

With the help of this policy one can earmark money exclusively for marriage or higher education of his children. Under this plan the policy monies and bonus are paid only at the end of the selected term, irrespective of whether the policy holder survives till the term or not, i.e. the survival or death benefit is payable at the same time. Unlike in the case of other endowment policies, the policy benefits in the case of Marriage Endowment / Student Educational Annuity Plan are not released to the policy holder’s family in case of his premature death, but retained by LIC and released only at the end of the originally selected term. In case the policy holder were to die during the term of the policy, no further premiums are payable but the bonus continues to accrue for the full-term of the policy. The sum assured, plus the accumulated bonus for the full term, are then paid to the family at the end of the policy’s term. Further, one can opt to receive the money either in one lump sum, or in ten half-yearly instalments, the former may be suitable if the policy is bought essentially for the purpose of a child marriage and the latter if it is a provision for higher education. In case, the Double Accident Benefit is availed, then an additional sum equal to the basic Sum Assured becomes payable immediately on death due to accident during the policy term.

Benefits

Survival Benefits:

Sum Assured + Lumpsum Bonus Or Maturity Amount in 10 half-yearly instalments.

Death Benefits:

Sum Assured + Lumpsum Bonus.

Natural:

Payment of future premiums cease immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus becomes payable on the date previously selected, if eligible.

Accidental:

Payment of future premiums ceases immediately. An amount equivalent to Sum Assured paid immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus, if eligible becomes payable on the maturity date.