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.
