LIC launches ULIPs products offering dual benefitsProfit Plus and Fortune Plus are the two Unit Linked Insurance Plans launched by LIC which will combine insurance with market related returns.
Apnainsurance.com Research Bureau
24 Aug 2007
Profit Plus, a unit-linked endowment plan has 4 fund options-Bond, Secured, Balanced and Growth. Optional riders such as critical illness benefit and accident benefit are also offered with the policy. The minimum single premium is Rs 20,000 and Rs 10,000 per annum for limited premium paying term policies. The insurance premium can be paid in a single installment or in installments paid over 3-5 years. The policy can be availed by individuals up to the age of 65 years.Under Fortune Plus, the unit-linked endowment plan, the premium payment is limited to 5 years and the premium payable in the first year is four times the premium payable in subsequent years. The minimum premium payable is Rs 20,000 for the first year. The plan is available to individuals in the age group of 12 to 60 years.
Under both plans, policy-holders have the option to switch over from one fund to another fund. In a given policy year, four switches will be allowed free of charge. Partial withdrawals are permissible after the third year of the policy being in effect. On maturity, an amount equivalent to the policyholder's fund value is payable. As death benefit, the policyholder's fund value or the sum assured, whichever is higher, will be payable.