Life Insurance Corporation has launched maiden unit linked insurance plan (ULIP) product.The (ULIP) product which is also called as the ‘New Endowment Plus’ offers investment cum insurance provision during the term of policy providing dual benefit for the policy members.
Specifications of ULIP:
- It provides the dual benefits of risk cover and the investment opportunity in market to the policy members and also provides the option of partial withdrawal under this plan.
- (ULIP) provides 4 funds options to policy members in form of bond fund, balance fund, secured fund, and growth fund.
- The policy holder can switch over according to their conveniences.
- Policy members can switch over among the fund option for 4 times in a given policy for free of cost.
- (ULIP) provides double death benefit .For example: it gives assured amount equal to the higher of basic sum assured or policy members funds value on death before and after the date of commencement of risk.
- It also provides accident death benefit. to rider which provides for an additional amount equal to accident death benefit sum assured on death due to accident.
- The basic sum assured under the (ULIP) is higher by Ten times.
- The annualised premium and 105 percent of the total premiums paid,minimum lock in period for (ULIP) product plan is for 5 years and if surrender before that an additional charge is levied.
Life Insurance Corporation launches maiden unit linked insurance plan (ULIP)
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