Unit Linked Insurance Plan Revised

Unit Linked Insurance Plan (ULIP) Revised Terms:

From September 01, 2010 all ULIP Plans will have following features:

Term:
The Minimum term for ULIP plan would be 10 years.

Locking Period for Top Up:
All Top-up premium lock in period would be 3 years. Also, Top up premium not allowed in during last 3 years of maturity.

Compulsory Insurance:
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.

Pension ULIP:
Withdrawals will not be not allowed before maturity in case of Pension Plan.

Assignments and Loan:
Assignments and loans are not available in ULIP Plan.

Top Up Premium:
Risk cover is mandatory for top up premium and will be treated as single premium for each time you top up.

Surrender:
Surrender before 6 year will attract penalty.

ULIP Surrender Charges
Term Surrender Duration Charges
Less then 10 yrs 1st year 12.5%
2nd year 10%
3rd year 7.5%
4th year 5%
5th year 2.5%
6th year Nil
More than 10 yrs 1st year 15%
2nd year 12.5%
3rd year 10%
4th year 7.5%
5th year 5%
6th year 2.5%

If you want to buy LIC ULIP policy then visit : http://www.lifeinsuranceindiaonline.com/ulip-plans/

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Child Fortune Plus (Plan No.194)

Child Fortune Plus (Plan No.194)

Child Fortune Plus Plan No.194 Summary:

All of us wish to ensure the best possible future for our children. With the cost of education sky rocketing, it is all the more important that an early provision is made to ensure that your sweet child get a good head start in this competitive life.  LIC’s Child Fortune Plus is a total solution to your child’s education and other needs. The plan is a unit linked (ULIP) one offering the prospects of long term capital appreciation.

Who is Eligible?

Child Fortune Plus Plan No.194 is a unit linked plan (ULIP) which will be allowed to the parents who have a child upto the age of 17 years last birthday. The risk cover under the plan will be on the life of the parent who will be the life assured. There will be no insurance coverage on the life of the child, but the policy will be allowed based on the age of the child. The policy will continue till the child attains the age of 25 years last birthday or till the life assured attains the age of 75 years nearest birthday, whichever is earlier. The purpose of the plan is to meet the educational and other needs of the child named as nominee in the policy.

Child Fortune Plus Plan No.194

Features:

Switching of funds:

The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

Partial Withdrawals:

The policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:

1. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
2.
Under regular premium policies where premiums have been paid for less than 3 years’ and further premiums are not paid, the partial withdrawal shall not be allowed.
3.
Under regular premium policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.
4.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/-in the Policyholder’s Fund or 10% of single premium, whichever is higher.
5.
Partial withdrawal from Policyholder’s Fund pertaining to top-up premiums shall be allowed only after completion of three years from the date of allocation of that top-up premium. This condition will not apply if the top-up premiums are paid during the last three years of the policy term..
6.
After the death of life assured during the policy term, partial withdrawal may be made by the child named in the policy if he/she is major i.e. after completion of 18 years of age or by the appointee if the child is a minor subject to an undertaking by the appointee that the partial withdrawal is solely for the benefit of the named child.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments. The minimum Annualized Premium (other than monthly through ECS) will be Rs. 10,000/-increasing thereafter in multiples of Rs. 1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.

Single premium:

Single premium can be paid subject to a minimum of Rs. 25,000 and thereafter in multiples of Rs.1,000.

Investment Options:

The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

BENEFITS:
a) Benefits payable on death:
On death of Life Assured, if the child is alive. In case of death of the Life Assured within the policy term, when the cover is in full force and the child is alive, Sum Assured shall be payable to the nominee. Also, in case of regular premium policy, when the cover is in full force, payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy on the date of notification of death. The policy shall continue. If less than 3 years’ premiums have been paid and the policy is in lapsed condition, then the Policyholder’s Fund Value shall become payable to the nominee and the policy will terminate.

On death of the Life Assured, after the death of the child:

In case of death of the Life Assured during the policy term, after the death of the child, Sum Assured plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be payable to the nominee/ legal heir, as the case may be, at that time and the policy shall terminate. This shall also be applicable in case of simultaneous death of life assured and the child nominee.

On death of child before life assured’s death: The policy will continue till maturity or till the life assured survives, whichever is earlier.

On death of child after life assured’s death: An amount equal to the Fund Value of units shall be payable to the legal heir of life assured and the policy shall terminate.

b) Benefits payable on maturity: On the life assured or the child nominee surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

Eligibility Conditions And Restrictions for Child Fortune Plus:

1. Minimum Age at entry for child: 0 (age last birthday)
2. Maximum Age at entry for child: 17 years (last birthday)
3. Minimum Age at entry for Life Assured: 18 years (last birthday)
4. Maximum Age at entry for Life Assured: 55 years (nearest birthday)
5. Policy Term: (25 – age last birthday at entry of life assured’s child) or (75 -age nearest birthday at entry of life assured), whichever is lower Maximum Policy Term: 30 years
6. Maximum Maturity Age: [25] last birthday of child or [75] nearest birthday of life assured, whichever is earlier.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LICs Child Fortune Plus plan is 512L251V01.

How to Apply for Child Fortune Plus policy?


Update: Child Fortune Plus Table No.194 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Money Plus 1

Money Plus 1

Money Plus 1 Summary:
LIC Money Plus 1 plan no. 193 is a unit linked (ULIP) Endowment plan with regular premium paying term which offers investment cum insurance during the term of the policy. You can choose the level of cover within the limits, which will depend on the level of premium you agree to pay. Four types of investment Funds are offered in Money Plus 1. The Policyholder has the option to choose any ONE out of the following 4 funds.  Bond, Secured, Balanced and Growth.

LIC Money Plus 1

Features:

Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the term of the policy. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-. The minimum monthly (ECS) premium will be Rs. 1000/- increasing thereafter in multiples of Rs. 250/-.

Partial Withdrawals:
You may encash the units partially after the third policy anniversary subject to the following conditions.

1. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
2. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
3. For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
4. Under Regular Premium policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
5. Under Regular Premium policies where at least 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.

Switching of funds:
You are allowed to switch from one fund to another i.e. Bond funds to Growth fund. 4 switches will be allowed free of charge, subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.

Discontinuance of premiums and lapse policy:
If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

Eligibility Conditions And Restrictions for Money Plus-1:
1. Minimum Age at entry: 0 (age last birthday)
2. Maximum Age at entry: 65 years (age nearer birthday)
3. Minimum Maturity Age: 18 years (completed)
4. Maximum Maturity Age: 75 years (age nearer birthday)
5. Minimum Policy Term: 5 years
6. Maximum Policy Term: 30 years
7. Minimum Premium: Rs.5,000 p.a.
8. Sum Assured under the Basic Plan:
a) Minimum Sum Assured :
5 times the annualized premium
b) Maximum Sum Assured :
i) 30 times of the annualized premium if age at entry is upto 45 years
ii) 20 times of the annualized premium if age at entry is 46 to 60 years
iii) 10 times of the annualized premium if age at entry is 61 years and above

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.


Update: Money Plus 1 has been discontinued. Please check other ULIP Plans.


 

Fortune Plus – ULIP Plan

Fortune Plus – ULIP Plan

Summary:
LIC Fortune Plus plan no. 187 is a Unit Linked Plan (ULIP) where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy. Fortune Plus serves the purpose of insurance-cum-investment. Four types of investment Funds are offered in Fortune Plus. The Policyholder has the option to choose any ONE out of the following 4 funds.  Bond, Secured, Balanced and Growth.

Fortune Plus Features:

Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals for 5 years. The minimum First year premium will be Rs.20,000/- and you may pay any amount exceeding it. From second year onwards each year’s premium will be 25% of the first year premium.

lic fortune plus

Partial Withdrawals:
You may encash the units partially after the third policy anniversary subject to certain conditions.

Switching of funds:
You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any.

Discontinuance of premiums:
If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

Settlement Option:
When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in installments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of installment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.

Looking for Child Fortune Plus Plan? Click here:

Eligibility Conditions and Restrictions for Fortune Plus:

1. Minimum Age at entry: 12 years (age last birthday)
2. Maximum Age at entry: 60 years (age nearer birthday)
3. Minimum Maturity Age: 18 years (completed)
4. Maximum Maturity Age: 65 years (age nearer birthday)
5. Minimum Policy Term: 5 years
6. Maximum Policy Term: 20 years
7. Minimum Premium: Rs.20,000/- for first Premium
8. Sum Assured under the Basic Plan: Higher of 5 times the first year’s annualized premium or half of the policy term times the first year’s annualized premium.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC within 15 days.

How to Apply for LIC Fortune Plus policy?


Update: LIC Fortune Plus Table No.187 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Market Plus 1

Market Plus 1

Market Plus 1 Summary:

Market Plus 1 (Table No 191) is a unit linked pension scheme (ULIP).  Policy holder can choose the plan with or without risk cover. This investment plan is divided in four types of investment Funds namely Bond, Secured, Balanced and Growth Fund. Market Plus 1 is primarily a Pension policy and the plan has many attractive features and options that make it an ideal Retirement solution for your future.

 

Market Plus 1

Features:

  • 1. Option to pay one time premium
    2. Critical illness benefit minimum Rs 50,000 and the maximum Rs 10 lakh
    3. Accident benefit from Rs 25,000 upto a maximum of Rs 50 lakh.
    4. Switch from one type of fund to another upto four times a year.
    5. Premium top up.
    6. Policy can be taken with or without risk cover.
    6. Net Asset Value (NAV) declared on a daily basis.

 

  • Fund Types:
    1. Bond Fund
    2. Secured Fund
    3. Balanced Fund
    4. Growth Fund

Benefits:

  • A)- On Vesting:
    On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.
  • B) On Death:
    In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any,  will be payable in a lump sum or as a pension.

Market Plus 1 Eligibility Conditions and Restrictions:

For Basic Plan without Life Cover (Investment plan)

a) Minimum Sum Assured : Nil
b) Maximum Sum Assured : Nil
c) Minimum Premium     : Rs.5,000 p.a. for Regular premium, thereafter in multiples of Rs. 1,000
Rs. 1,000 p.m. for monthly (ECS), increasing thereafter in multiples of Rs. 250.
d) Maximum Premium     : No Limit.
e) Minimum Entry Age   : 18 years last birthday.
f) Maximum Entry Age   : 74 years nearest birthday.
g) Minimum Deferment Team : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 79 years completed.

 

Update for Minimum Premium without life cover for Market Plus 1 :

Regular premium (other than monthly (ECS) mode):
Rs. 5,000 p.a. for deferment term 20 years and above
Rs. 10,000 p.a.  for deferment term 15 to 19 years
Rs. 15,000 p.a.  for deferment term 10 to 14 years

Regular premium (for monthly (ECS) mode):
Rs. 1,000 p.m.  for deferment term 15 years and above
Rs. 1,500 p.m.  for deferment term 10 to 14 years
Single premium:  Rs. 30,000  for deferment term 5 years and above

Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

For Basic Plan with Life Cover (Investment cum Insurance Plan)

a) Minimum Sum Assured : 30,000/-
b) Maximum Sum Assured : Nil
c) Minimum Premium     : Rs.5,000 p.a. for Regular premium, in multiples of Rs. 1,000
Or Rs. 25,000 for Single premium.
d) Maximum Premium    :  No Limit
e) Minimum Entry Age  : 18 years last birthday.
f) Maximum Entry Age  : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum Life Cover Ceasing Age : 75 years nearest age.

For Accident Benefit:

a) Minimum Sum Assured  : Rs. 25000
b) Maximum Sum Assured  : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium  :  No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age :  65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.

For Critical Illness Rider Benefit:

a) Minimum Sum Assured  : Rs. 50000
b) Maximum Sum Assured  : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration. The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium  :  No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age :  50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.

Modes of Premium Payment :
One time Premium, monthly(ECS), quarterly, half-yearly and yearly modes are available.

The minimum yearly Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will be no mode specific charges/ rebates.

Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000.

Single premium:  Rs. 30,000  for deferment term 5 years and above

Top-Up (Additional Premium)
The policy holder can pay additional premium in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.

Revival:
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.

Change in Fund Type:
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.

How to Apply for Market Plus 1 policy?


Update: Market Plus 1 (Table No 191) Has Been Discontinued.