| Wealth Plus
Introduction :
Benefits
Eligibility Conditions And Features:
Additional Features:
Introduction :
LIC's Wealth Plus (Plan No. 801) a close ended plan which would be open for sale from 9th February, 2010 for a maximum period of 3 months.
i) Guaranteed Highest NAV:
This is a unit linked plan with a policy term of 8 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 7 years of the policy or the NAV as applicable at the end of the policy term, whichever is higher. This Guarantee will be applicable only for payment to be made at the end of the policy term (i.e. 8 years).There will be an extended life cover for 2 years after the completion of policy term.The premium payment is limited to single or 3 years.
ii) Mortality Charge:
Mortality Charge is the cost of life insurance cover and this level charge will be taken every month by canceling appropriate number of units out of the Policyholder's Fund Value.
A level Mortality charge, based on the age at entry under the policy, shall be taken every month during the policy term (i.e. during first 8 years of the policy) by canceling the Policyholder's Fund Value appropriately. The Mortality charge shall depend upon the Sum Assured under the Basic plan. Further, the charges will also depend on the underwriting decision at entry or subsequent revival of the policy.
At the time of revival (under a lapsed policy), the mortality charge thereafter shall be based on the age nearest birthday as on the date of revival.
iii) Charges for optional rider cover:
Accident Benefit Charge:
Charges for Accident Benefit rider, if any, will be taken every month by canceling appropriate number of units out of the Policyholder's Fund Value as per the rate prevalent at the time of policy issue.
A level charge, at present, is at the rate of Rs.0.50 per thousand Accident Benefit Sum Assured per policy year and will be made for Accident Benefit cover by cancellation of appropriate number of units out of the Policyholder's Fund Value every month along with the Mortality charges. Charges for Accident Benefit rider shall be deducted only if this rider has been opted for.
Benefits
a) Benefits payable on death:
In case of death of the policyholder within the policy term, when the cover is in full force, the nominee shall get the Sum Assured under the Basic Plan together with the Policyholder's Fund Value.
In case of death of the policyholder after the policy term, but before the expiry of extended life cover period, the nominee shall get the Sum Assured under the Basic Plan.
If less than 3 years' premiums have been paid and the policy is in lapsed condition, then Policyholder's Fund Value shall become payable to the nominee.
The Policyholder's Fund on death shall be determined at the prevailing NAV as on the date of booking the liability. The liability shall be booked after receipt of intimation along with death certificate.
b) Benefits payable at the end of Policy term:
On the policyholder surviving at the end of policy term an amount equal to the Policyholder's Fund Value based on the highest NAV over the first 7 years of the policy or the NAV as applicable at the end of the policy term, whichever is higher, shall be payable.
Eligibility Conditions And Features:
For Basic Plan
a) Minimum Sum Assured:
3 years Premium Paying Term policies: 5 times the annualized premium
Single Premium Policies: 1.25 times the single premium.
b) Maximum Sum Assured:
3 years Premium Paying Term policies:
10 times the annualized premium if age at entry is upto 50 years
5 times the annualized premium if age at entry is 51 years and above
Single Premium Policies:
5 times the Single premium if age at entry is upto 40 years.
2.5 times the Single premium if age at entry is 41 to 50 years.
1.25 times the Single premium if age at entry is 51 years and above.
The Sum Assured shall be available in multiples of Rs. 5,000/-. Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000 and the maximum sum assured condition shall be relaxed to this extent.
c) Minimum Premium:
" Rs. 20,000 p.a. for 3 years Premium Paying Term policies (other than monthly (ECS) mode).
" Rs. 2,000 p.m. for monthly (ECS) mode
" Rs. 40,000 for Single premium
Both Single and Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 500/-.
d) Maximum Premium: No Limit
e) Premium Paying Term: {3} years or Single premium
f) Minimum Entry Age: 10 years last birthday
g) Maximum Entry Age: 65 years nearest birthday
h) Policy Term: 8 years
i) Extended Life Cover: 2 years after completion of policy term
Age at entry for the life assured is to be taken as age nearest birthday except for the minimum age at entry i.e. 10 years.
For Accident Benefit
a) Minimum Sum Assured: Rs. 50,000
b) Maximum Sum Assured: Rs. 50,00,000
c) Minimum / Maximum Premium: No separate Limit
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 62 years nearest birthday
f) Policy Term: 8 years
Sum Assured shall be available in multiples of Rs. 5,000
Additional Features:
a) Top-up:
No Top-up shall be allowed under the plan.
b) Increase / Decrease in Benefits:
No increase or decrease in benefit will be allowed under the plan.
c) Partial withdrawals:
A Policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:
i. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
ii. Partial withdrawals will be allowed twice in a policy year.
iii. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of Rs. 2000/-.
iv. Under 3 years Premium Paying Term policies where less than 3 years' premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
v. Under 3 years Premium Paying Term policies where all the premiums have been paid, partial withdrawal will be allowed subject to Policyholder's Fund Value being at least one annualized premium.
vi. Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder's Fund Value.
No loan shall be granted under this plan.
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