LIC launched its first ULIP plan. Lets know about its features :-
- LIC launched its Maiden ULIP product on August 19, 2015.
- The name of the plan is 'New Endowment Plus (ULIP) which will be an insurance-cum-investment plan.
- Unit Linked Endowment Plus is LIC's First capital Market based product after IRDA's new product regulations ( in February, 2013).
- New plan would have Four funds namely 1. Bond Fund, 2. Secured Fund, 3. Balanced Fund, 4. Growth Fund.
- The premiums paid by the policyholder would be subject to Premium Allocation Charge and would be used to purchase units in desired funds.
- The product will available only offline
- Minimum age entry for this product would be 90 days and maximum age entry for this product would be 50 years.
- The policy term would be 10-20 Years.
- Minimum annual premium would be Rs. 20,000 with no limit on the maximum premium payable annually.
- Officials of LIC said that premium allocation charges would range from 7.5% of premium paid in first year to 3% from the sixth years onward.
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