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| LIC offers ‘Money Plus’ | | | Early Times Reporter
Jammu | May 23
LIC has launched a new unit linked endowmnet plan – ‘Money Plus-1’ which offers dual benefits of investment & insurance. The plan offers fours investment option: Bond Fund, Secured Fund, Balanced Fund & Growth Fund. The plan has attractive features like enhanced limits for investment in equity market for secured & balanced type of funds lower fund management charges, enhanced limits for critical illness coverage and liberalized conditions for continuance of the policy after lapsation.
Speaking on the occasion Sham Singh Sr. Divisional Manager told that the minimum sum assured is five times the annualized premium and the maximum sum assured can go up to 30 times the annualized premium, depending on age at entry. The entry age can be between 0 to 65 years with the policy term ranging from 5 to 30 years. Premium can be paid in yearly, half yearly, quarterly or monthly (ECS) modes and one fund to other fund with four free switches per year. The maximum cover for critical illness rider benefit will be Rs. 10 lakhs.
Singh told that policy holder can partially withdraw the units at any time after the third policy anniversary subject to certain conditions. On the maturity date an amount equal to the policy holders fund value is payable. In the unfortunate event of death, the nominee will be eligible to get higher sum assured under the basic plan or the policy holder’s fund value provided the insurance cover is in full force. |
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