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| LIC launches two new schemes | | |
Early Times Reporter
Jammu Aug 23
The LIC launches its two unit linked plans ‘profit’ and ‘fortune plus’, both the plans are unit linked endowment plans combining insurance cover with market related return.
Under profit plus- Premium can be paid to one installment or in installment of 3,4 or 5 years. The premium allocated to purchase units under the plan will be invested according to the investment pattern chosen from among the four different fund types bond, secured, balanced and growth. Optional riders like critical illness benefit and accident benefit are also available and the premium paid by the policyholder after deduction of administrative charges, fund in the fund type chosen. The minimum premium paying term policies. The plan is available for persons aged 0 to 65 years.
For fortune plus- the premium payment is limited to 5years and the premium payable in the first year is four times the premium payable in subsequent years. The plan is available for persons in the age group of 12 to 60 years. The minimum premium payable is Rs.20.000 for the first year.
According to press release common features of both plans- there is no bid offer spread i.e. the sale and purchase of the units will be same as the NAV declared on day basis. There will be option to switch over from one fund to another fund. Within a given policy year four switches will be allowed free of charge. Partial withdraw are allowed after the third policy anniversary after atleast three years premia have been paid. Higher of the sum assured or the policyholders fund value shall be available as death benefit. On maturity an amount equal to the policyholders fund value is payable.
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