Siddhartha Mohanty, chairperson, Life Insurance Corporation launched a new unit linked plan- Index Plus- on Monday
The new product is a Regular Premium, Individual Life Insurance Plan which offers life insurance cover cum savings throughout the term of the policy, said LIC
Mumbai:
Siddhartha Mohanty, chairperson, Life Insurance Corporation launched a new unit linked plan- Index Plus- on Monday.
Earlier, during the last two months, the corporation had launched two non unit linked, non-participatory plans.
The new product is a Regular Premium, Individual Life Insurance Plan which offers life insurance cover cum savings throughout the term of the policy, said LIC.
For the Index Plus, minimum premium ranges from Rs. 30000(yearly), Rs15000(half yearly ), Rs 7500(quaterly), Rs 2500(monthly) depending upon the mode/premium payment frequency. There is no limit for maximum premium subject to underwriting decision, said LIC.
Guaranteed additions as a percentage of annualised premium will be added to the unit fund on completion of specific duration of policy years under an in-force policy and shall be utilized to purchase units.
There is an option to choose any one of the two funds to invest premiums initially and at the time of switching, i.e. Flexi Growth Fund and Flexi Smart Growth Fund wherein investment will be primarily in selected stocks which are a part of NSE NIFTY 100 index or NSE NIFTY50 index respectively.
For a prospective policyholder Index Plus, minimum age at entry is 90 days (completed). Maximum age at entry is 50 or 60 years (nearer birthday) depending on the basic sum assured. Basic sum assured is 7 to 10 times of annualized premium for age at entry 90 days (completed) to 50 years (nearer birthday) and 7 times of Annualized premium for age at entry 51 years to 60 years (nearer birthday).
Also, minimum age at maturity is 18 years (completed) and maximum age at maturity is 75 or 85 years (nearer birthday) depending on the basic sum assured.
Minimum policy term is 10 or 15 years depending on annualised premium and maximum term is 25 years.