LIC LIFE INSURANCE POLICY

Today I thought of posting something new in my blog so thought i should go about posting one of the LIC policy which i like the most so here goes below

MONEY PLUS INSURANCE POLICY BY LIC

Features of plan: Money plus unit limited endowment plan which offers investment-cum-insurance during the term of the policy. The policyholder can choose the level of cover within the limits, which will depend on the term chosen. Mode and amount of premium he desires to pay. The allocated premium will be utilized to purchase units as per the selected fund type. Units will be allotted and cancelled basic on the net asset value (NAV) of the respective fund applicable to the date of allotment/cancellation. No bid-offer spread (both the bid price and offer price of units will be equal to the NAV)

The NAV will be computed on daily basic and will be based on the investment performance, fund management charge (FMC) and whether fund is expanding or contracting under each fund type. Other details of this plan are as follows
The premium allocated to purchase units will be invested according to the investment pattern prescribed for different fund types.

•* Min. S.A for regular premium: higher of 5 time the annualized premium of half of the policy term times the single premium
•** Max S.A. for regular premium: 20 time the annualized premium if age upto 65 years. Up to 55 yr. & 10 time of annualized premium if age at entry if 56 yrs & above max. S.A for S.P: if critical illness benefit rider is opted for
5 times the single premium if age at maturity is up to 55 years.
3 times the single premium if age at maturity is 56 to 60 years.
If critical illness benefit is not opted for:
5 times the single premium if age at maturity is upto 65 years.
3 times the single premium if age at maturity is 66 to 7c years .
2.5 times the single premium if age if at maturity is 71 years and above