LIC Unit Linked Insurance Plan – ULIP
LIC Endowment plus is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay.
You have a choice of investing your premiums in one of the four types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.
Eligibility Conditions And Other Restrictions:
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
(a) Minimum Age at entry – 7 (age last birthday)
(b) Maximum Age at entry – 60 years (age nearer birthday)
(c) Minimum Maturity Age – 18 years (completed)
(d) Maximum Maturity Age – 70 years (age nearer birthday)
(e) Policy Term – 10 to 20 years
Regular premium (other than monthly (ECS) mode): Rs. 20,000/- p.a.
Regular premium (for monthly (ECS) mode): Rs. 1,750/- p.m.
Minimum Sum Assured:
Regular Premium policies: (Policy Term +1) times the annualized premium
For age at entry of below 45 years: 1.25 times of the single premium
For age at entry of 45 years and above: 1.10 times of the single premium
Maximum Sum Assured:
Regular Premium policies:
30 times of the annualized premium if age at entry is upto 45 years
25 times of the annualized premium if age at entry is 46 to 60 years
Investment of Funds:
The premiums allocated to purchase units will be strictly invested according to the investment pattern committed in various fund types.
Various types of fund and their investment pattern will be as under:
|Fund Type||Investment in Government / Government Guaranteed Securities / Corporate Debt||Short-term investments such as money market instruments||Investment in Listed Equity Shares|
|Bond Fund||Not less than 60%||Not more than 40%||Nil|
|Secured Fund||Not less than 45%||Not more than 40%||Not less than 15% &
Not more than 55%
|Balanced Fund||Not less than 30%||Not more than 40%||Not less than 30% & Not more than 70%|
|Growth Fund||Not less than 20%||Not more than 40%||Not less than 40% &
Not more than 80%