LIC’sUnit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don’t have consistent income.
LIC’s Endowment Plus (802) is a unit linked endowment plan. The features of the plan are mentioned below:
Double benefits of Insurance and Investment.
Funds available under this plan are -Bond, Secured, Balanced and Growth fund.
A policyholder can partially withdraw the units at any time after five policy years.
Loan can be availed after completion of 3 policy years.
Policy can be surrendered after completion of 5 years with no surrender charge.
Premiums can be paid in yearly, half-yearly, quarterly and in monthly (ECS) installment OR in single installment.
Policyholder can switch between any fund types during the policy term. 4 switches will be allowed free in a policy year.
Policyholder has a option to enhance the risk cover by choosing the Double Accident benefit rider and the Critical Illness Rider.
On death of the policyholder, the nominee will be eligible to get higher of Sum assured (minus partial withdrawal if any done during last two years) or the Fund value of units.
In case of maturity the policyholder will get amount equal to the Fund value of the units.
Maturity returns can be amplified by exercising ‘Settlement Option’, through which returns can be taken in installments.
Enjoy tax benefit under section 80CCE.
Unit Plans: LIC’s Unit Linked Insurance Plans have lots of option to withdrwal your money after complition of three full years. You can partially or fully withdrw your money during the whole insurance terms. LIC is giving the best and highest return on this kind of plans. This plans have 4 free swithching options to Bond Fund, Secure Fund, Growth Fund, Balanced Fund etc. Totally NAV based like mutual funds & Stock Market Related investment in this kind of new latest ULIP Plans.