LIC announces Endowment Plus Policy
Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime, following the launch of its Pension Plus which is the first Unit-linked Pension Plan under the new regime.
Endowment Plus is LIC’s 14th plan approved and the Corporation’s performance in all the ULIP plans to date has been commendable. Most of its policy holders have got handsome rewards on their investments through ULIPs besides its credible performance in Pension and Insurance.
Endowment Plus is a unit-linked product that offers investment-cum-insurance during the term of the policy. The Policy is available for people aged 7 years to 60 years for a policy term between 10 years and 20 years. The minimum annual premium under the policy is Rs 20,000 for regular modes.
Under ECS mode it is Rs 1,750 per annum and minimum single premium is Rs 30,000. The plan offers a risk cover of upto 11-30 times of annualized premium or 1.25 times of single premium. Critical illness and accident benefit riders are also the benefits available with this policy.
The policy holder has the option to choose any of the 4 funds namely:
* Bond Fund
* Secured Fund
* Balanced Fund
* Growth Fund