Life Insurance Corporation launches Wealth Plus
On sale for a limited period, this product offers a guarantee of the highest Net Asset Value (NAV) recorded on a daily basis in the first seven years of the policy subject to a minimum of Rs 10. This means that the payment at the end of the policy term will be based on the highest NAV recorded over the first seven years of the policy or the NAV as applicable at the end of the policy term, whichever is higher.
The guarantee is applicable only for payment made at the end of the policy term, irrespective of any partial withdrawals made during the policy term.
The plan offers an extended life cover for two years after the completion of policy term of eight years. The policy holder can choose the level of cover within the limits, which will depend on holder's age whether the policy is a single premium or limited premium contract and on the level of premium he/she agrees to pay.
In case of death during the policy term, the nominee shall receive sum assured under the basic plan together with the policyholder's fund value as death benefit. In case of death of the life assured after the policy term, but before the expiry of extended period, the nominee shall receive the sum assured under the basic plan.
The premium can be paid either a lump sum or for three years regularly at yearly, half-yearly, quarterly or monthly intervals.
The minimum premium amount for three years premium payment is Rs 20,000 whereas for single premium payment, it is Rs 40,000 per annum. A unique feature of this plan is the extended life cover for two years after the completion of the policy term of eight years.
Source: India Syndicate