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LIC expected to launch their new ULIP policy soon

LIC expected to launch their new ULIP policy soon
Last Updated: Aug 20, 2015 | 385 Views
India’s biggest life insurer LIC will soon launch its new ULIP plan called New Endowment Plus. LIC New Endowment Plus Plan will be a blend of insurance and investment. For almost 18 months now, LIC has not launched any unit-linked insurance plans. 

New Endowment Plus Plan at a glance:-
 

Particulars

Minimum

Maximum

Entry Age (in years)

90 days

50 years

Annual Premium (in Rs.)

20,000

No limit

Policy Term (in years)

10/20

Sum Assured

higher of 10 times the annualized premium and 105% of the total premiums paid

Maturity Benefit

an amount equal to the fund value

Death Benefit

Lump sum amount

Lock In period

5 years

Premium Allocation Charges

7.5% of premium paid in the first year to 3% from the sixth year onwards

Investment Fund options

Bond Fund, Secured Fund, Balanced Fund and Growth Fund

Switches

first four switches would be free of cost in a year

Additional Benefit/Features

Linked Accidental Death Benefit Rider


Currently, ULIPs do not contribute significantly to the total product mix of LIC. Hence LIC prioritized efforts in introducing traditional plans. LIC Children Money Back Plan was the recently launched plan from LIC. 
 

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