LIC’s Endowment Plus Plan No 802

LIC’s Endowment Plus is a unit linked endowment plan. The features of the plan are mentioned below:
• Double benefits of Insurance and Investment.
•Funds available under this plan are -Bond, Secured, Balanced and Growth fund.
•A policyholder can partially withdraw the units at any time after five policy years.
•Loan can be availed after completion of 3 policy years.
•Policy can be surrendered after completion of 5 years with no surrender charge.
•Premiums can be paid in yearly, half-yearly, quarterly and in monthly (ECS) installment OR in single
installment.
•Policyholder can switch between any fund types during the policy term. 4 switches will be allowed free in a policy year.
•Policyholder has a option to enhance the risk cover by choosing the Double Accident benefit.
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LIC Wealth Plus ULIP 7 Years Highest NAV Guaranteed Return Plan

LIC’s Wealth Plus Plan which is closed ended plan will be introduced on 9th February 2010. Salient features of thes policy (plan No. 801) are as follows:


•Unit Linked Plan with Policy Term of 8 Years.
•Free Insurance Cover for 2 years after maturity.
•Amount payable on maturity will be based on Highest NAV in the 1st 7 years or the NAV at the end of 8 years whichever is higher.
•Accicent benefit upto 50 lacs is available.
•Mode of Payment- Single or for 3 Years. For 3 years premium paying term, premium can be paid monthly, ECS, Quarterly, Half Yearly or Yearly.
•Minimum premium Rs. 2,000/- p.m. for monthly (ECS) mode. Rs. 20,000/- p.a. for 3 year term & Rs. 40,000/- for single premium. Maximum Premium: No Limits.
•Minimum age of entry 10 years and maximum 65 Years.
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LIC plans to alter ULIP polices terms

(PTI) Life Insurance Corporation of India (LIC) was planning to raise minimum premium from Rs 25,000 to Rs 40,000 and increase the lock in period from five years to 10 years for ULIP products. "We may have to raise minimum premium from Rs 25,000 to Rs 40,000 and increase the lock in period from five years to 10 years so that commissions can be kept intact.
The actuaries are presently working on it," LIC Chairman T S Vijayan said last evening. This is to keep agents'' commissions for unit linked policies (ULIP) intact post new norms on expenses directive by Insurance Regulatory Development Authority (IRDA) from January 2010.
"From January 2010 the cap on expenses for ULIPS will be applicable. We have asked our actuaries to restructure some of our products and asked to cut expenses like manager''s charges but not to alter agents commissions or development officer''s incentives so that commissions can be kept intact," he said.
The step is seen as LIC''s move not to loose sales force in wake of growing competition from the expanding private sector life players.

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