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| LIC launches new unit linked plan | | | Early Times Reporter
Jammu | June 17
LIC has today launched its new Unit linked Deferred Pension Plan – Market Plus 1. The plan offers four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund. One of the highlights of the plan is the enhanced limit for investment in the Equity market for Secured and Balanced types of funds. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future.
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. 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.
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. The minimum amount of Critical Illness Benefit is Rs. 50000, while the maximum is Rs.10 Lakh. Accident Benefit can be taken from Rs. 25000, upto a maximum of Rs.50 Lakh (as per conditions). The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.
Another attractive feature of the plan is that provided that 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, without interest and evidence of health regarding continued insurability.
Premiums can be paid in a lump sum (single premium) and also by monthly, quarterly, half-yearly and yearly modes. The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge. There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. |
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