LIC Wealth Plus Plan | Wealth Plus-LIC of India
LIC’s Wealth Plus Highlights
1. Highest NAV of 7 year guaranteed.
2. Very Attractive Returns.
3. Life cover.
4. The minimum premium for policies where premium is paid in 3 years is Rs 20,000 per annum whereas for single premium policies it is Rs 40,000 per annum.
5. Tax Exemption.
6. Limited Period Offer (Only for three months).
The plan guarantees the highest Net Asset Value (NAV) recorded on a daily basis, in the first 7 years of the policy. This means the payment at the end of the policy term will be based on highest NAV recorded over the first 7 years, or the NAV at the end of the policy term, whichever is higher, LIC said in a press release.
Guarantee will be applicable only for payment to be made at the end of the policy terms – 8 years. There will be an extended life cover for 2 years after completion of policy term.
Premium payment under this plan is limited to single or 3 years. With this plan accident benefit facility is also available. In case of death of policy holder during policy term, and the policy is in full force, the nominee shall get the sum assured under the basic plan along with the policyholders fund value.
After the policy term but before the expiring of the extended life cover period, in case of death, the nominee will receive the sum assured under the basic plan. 3 years will be the locking period and it can be surrendered only during the policy terms after completion of third year.
Accident Benefit Option equal to the amount of life cover subject to minimum of Rs. 50,000 and maximum of Rs. 50 lakh is available subject to certain limits and conditions. Accident Benefit charge at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year will be levied every month.
Two Partial withdrawals are allowed in a policy year subject to certain conditions. Top ups are not allowed.
If the policyholder is not satisfied with the “Terms and Conditions” of the policy, he may return the policy to LIC within the Cooling off period of 15 days.
The minimum age at entry is 10 years while the maximum age of entry is 65 years. The plan also offers an extended life cover for 2 years after the completion of the policy term of 8 years.
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plz help me what is single premium for 08 years as a whole annually.
whethere rs 40000 to be paid once instead of 20000 per annuam for three years for the total policy or rs40000 tobe paid annually for the 08 years.