LIC's Launched it's First ULIP Plan

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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