Life Insurance Corporation (LIC), country's largest insurer, launched Market Plus-1, a unit linked endowment plan, as a follow up of their previous Market Plus policy. The zonal manager stated the response is encouraging.
LIC has already sold around 8,287 policies under this plan, where the total premium amounted to Rs 19.18 crore within the first 7 days from its launch.
Consequently, LIC was targeting growth 50 per cent in the first year premium income (FYP) on the back of the new products like money plus and MP-1. During 2007-08, FYP stood at Rs 4,102 crore out of the total premium income of Rs 13,128 crore in the Eastern region.
The surplus of LIC from the zone surged to Rs 6193 crore, up 30 percent from Rs 4740 crore reported in 2006-07. LIC is targeting 50 per cent increase in the surplus in the current fiscal.
LIC is planning to launch 2-3 new plans this year including a pension plan.
LIC emphasized that they need to focus more on the traditional products like Jeevan tarang, Jeevan Anand and Jeevan Saathi, some of the conventional products which assures stable income in the long run compared to ULIP products.
LIC will be revamping these traditional products, popularizing them and giving them better publicity to achieve the target 70:30 mix between unit-linked and conventional plans. This is in tandem with their decision to balance their product portfolio with more conventional policies.
The corporation has also granted a loan of Rs 1,583.26 crore, against government securities to the government of West Bengal for state development, which is the second highest amount granted by LIC, after Maharashtra where the total loan amounted to Rs 1,622.58 crore.
Avdhoot Investment
May 27, 2008
LIC launches Money plus-1 a Unit linked Endowment Plan
LIC has today launched its new Unit linked Endowment Plan - Money Plus 1 which offers dual benefits of investment and insurance. The plan offers four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund. The plan has attractive features like enhanced limits for investment in the Equity market for Secured and Balanced types of funds, lower Fund Management Charges, enhanced limits for Critical Illness coverage and liberalized conditions for continuance of the policy after lapsation.
The minimum Sum Assured is five times the annualized premium and the maximum Sum Assured can go upto 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 the minimum annualized premium is Rs 5000/-. There will be option to switch over from one fund to another fund with four free switches per year. The maximum cover for Critical Illness Rider Benefit will be Rs 10 lakhs.
In case the policy is lapsed, it can be revived within a period of 2 years (Revival Period), from the date of First Unpaid Premium. If the premiums have been paid for a minimum period of three years, the Life cover, Accident benefit and Critical Illness riders will continue during the Revival Period. One of the features of the plan is that a policyholder can opt for continuation of cover even beyond the Revival Period, without reviving the policy or paying any further premiums by exercising the option at least one month prior to the completion of the Revival Period. The policy cover continues by deduction of relevant charges from the policy fund till the fund value reaches one annualized premium.
A Policyholder 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 Policyholder's Fund Value is payable. In the unfortunate event of death, the nominee will be eligible to get higher of Sum Assured under the Basic Plan or the Policyholder's Fund Value provided the insurance cover is in full force .
Avdhoot Investment
The minimum Sum Assured is five times the annualized premium and the maximum Sum Assured can go upto 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 the minimum annualized premium is Rs 5000/-. There will be option to switch over from one fund to another fund with four free switches per year. The maximum cover for Critical Illness Rider Benefit will be Rs 10 lakhs.
In case the policy is lapsed, it can be revived within a period of 2 years (Revival Period), from the date of First Unpaid Premium. If the premiums have been paid for a minimum period of three years, the Life cover, Accident benefit and Critical Illness riders will continue during the Revival Period. One of the features of the plan is that a policyholder can opt for continuation of cover even beyond the Revival Period, without reviving the policy or paying any further premiums by exercising the option at least one month prior to the completion of the Revival Period. The policy cover continues by deduction of relevant charges from the policy fund till the fund value reaches one annualized premium.
A Policyholder 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 Policyholder's Fund Value is payable. In the unfortunate event of death, the nominee will be eligible to get higher of Sum Assured under the Basic Plan or the Policyholder's Fund Value provided the insurance cover is in full force .
Avdhoot Investment
May 24, 2008
Inflation for week ending May 10 stays at 7.82 percent
Inflation for week ending May 10 stays at 7.82 percent vs 7.83 percent just less by .01 percent , For the week ending march 15th the inflation as been revised to 8.02 vs 6.68 percent.
Avdhoot Investment
Avdhoot Investment
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