Now ULIPs are available from LIC too. New Endowment Plus (835) launched

Life Insurance corporation of India, on 19/08/2015, Wednesday, launching the ULIP plan after a gap of 20 months. It is the first of its kind from LIC after December, 2013.

• This plan, new Endowment plus, offers investment-cum-insurance during the term of the policy.
• Plan for your kids education or marriage with this plan.
• Policyholder has the option to choose anyone from below 4 funds to invest premiums initially and at the time of switching:

Fund Type	Investment in Government / Government Guaranteed Securities / Corporate Debt	Short-term investments such as money market instruments	Investment in Listed Equity Shares	Details and objective of the fund for risk /return
Bond Fund	Not less than 60%	Fund Not more than 40%	Nil	Low Risk
Secured Fund	Not less than 45%	Not more than 40%	Not less than 15% & Not more than 55%	Steady Income -Lower to Medium risk
Balanced Fund	Not less than 30%	Not more than 40%	Not less than 30% & Not more than 70%	Balanced Income and growth – Medium risk
Growth Fund	Not less than 20%	Not more than 40%	Not less than 40% & Not more than 80%	Long term Capital growth – High risk

• Following are the eligibility criteria:

Basic Sum Assure (SA)	Higher of 10 times of Annualized Premium; or 105% of total premiums paid
Minimum Premium	Minimum Premium is based on the interval of payment: Yearly : Rs.20,000 Half-Yearly : Rs.13,000 Quarterly: Rs.8,000 Monthly: Rs.3,000
Maximum Premium	No Limit.
Minimum Entry Age	90 days Completed
Maximum Entry Age	50 years (nearest birthday)
Policy Term	10 years to 20 years
Premium Paying Term	Same as policy term
Minimum Maturity Age	18 years Completed
Maximum Maturity Age	60 years (nearest birthday)

• Maturity value
• Maturity amount an amount equal to the policyholder’s fund value (No. of Units X NAV)
• Partial withdrawal:
• You can withdraw amount partially after completing 5 years.
• Death Benefit:
• An amount equal to the higher of
• Basic sum assured (i.e. higher of 10 X Annualized Premium or 105% of total premiums paid); or
• Policyholder’s Fund Value
• Tax Benefit:
• Under section 80C, and maturity amount is totally tax free U/s 10(10D).

Need more information on this plan? Feel free to contact us.