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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Dec 2, 2009
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.
For more Detail Visit Avdhoot Investment
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.
For more Detail Visit Avdhoot Investment
Nov 2, 2009
LIC's New Jeevan Nischay Single Premium Guarnteed Return Plan no 199
Details of the Plan 199 are as follows: It has been decided to introduce 'LIC's JEEVAN NISCHAY, (Plan No. 199) a closed ended plan which would be open for sale from 29th October 2009 till 31st March 2010. This plan shall be offered only to our existing policyholders.
Benefits:
LIC's Jeevan Nischay is a single premium assurance plan with Loyalty Additions, if any. It shall be offered, without any medical examination, only to the existing policyholders of the Corporation whose previous policies have been accepted at standard rates and have at least one policy inforce.
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Benefits:
LIC's Jeevan Nischay is a single premium assurance plan with Loyalty Additions, if any. It shall be offered, without any medical examination, only to the existing policyholders of the Corporation whose previous policies have been accepted at standard rates and have at least one policy inforce.
For more Detail Visit Avdhoot Investment
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