LICs Unit Linked Plans-lic-india-ulip-plans

The Life Insurance Corporation of India currently offers one type of Unit Linked Plan which promises good returns through market linked growth and also the facility of life insurance coverage. Let us take a look at the insurance plan offered by the company in details. LICs New Endowment Plus Plan A unit linked insurance plan which gives the dual benefit of capital appreciation and insurance protection. The plan has the following features and benefits. The premiums under the plan have to be paid for the entire duration of the plan The premiums paid net of charges are invested in a fund chosen by the policyholder as per his risk appetite. The company provides a choice of four funds to the policyholder to choose from. The funds available are: – Bond Fund – Secured Fund – Balanced Fund – Growth Fund For children aged less than 8 years, there is a deferment period. The risk cover will begin one day before the completion of 2 years of the policy commencement or one day before the policy anniversary which coincides with or follows the completion of 8 years of age. The policy will vest in the name of the child who is the life assured and will then become the policyholder on the policy anniversary following the completion of 18 years of age In case of death of the insured during the deferment period, i.e. when the risk has not begun, only the available fund value is paid Partial withdrawals are allowed under the plan Switching is allowed to change from one fund to another. 4 free switches are allowed every year exceeding which a charge will be levied On maturity, the Fund Value is payable which can be taken as a lump sum or availed in instalments over a period of 5 years post maturity under the Settlement Option feature In case of death of the insured during the tenure of the plan and after the commencement of risk, higher of the Sum Assured or the available Fund Value is payable to the nominee LICs Linked Accidental Death Benefit Rider can be availed under the plan which promises payment of an additional benefit in case the insured meets with an accidental death during the tenure of the plan The amount of premiums paid and the amount of claim received are both exempted from tax. While premiums paid are exempted under Section 80C, claim received is exempted under Section 10(10D) Eligibility Details Applying For ULIPs through PolicyBazaar On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan. You may also like to read :Best 5 LIC Policies To Invest in 2016