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Wealth Plus 801 from Lic of India
A close ended plan - Open for sale from 9th February, 2010 for
a maximum period of 3 months. Contact us for new policy
Features:
- Unit linked plan with a policy term of 8
years
- 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).
- Extended life cover for 2 years after the
completion of policy term.
- The premium payment under this plan : single
or 3 years.
- The policyholder can choose the level of
cover within the limits,
Eligibility Conditions
And Features
Premium Paying Term: 3 years or Single
premium
Minimum Entry Age: 10 years last birthday
Maximum Entry Age: 65 years nearest birthday
Policy Term: 8 years
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. 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
Maximum Premium: No Limit
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/-.
Minimum Sum Assured:
3 years Premium Paying Term policies: 5 times the annualized premium
Single Premium Policies: 1.25 times the single premium.
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.
| Fund Type |
Investment in Govt / Govt Guaranteed Securities
/ Corporate Debt |
Short-term investments such as money market
instruments |
Investment in Listed Equity Shares |
Details and objective of the fund for risk
/return |
| Wealth Plus Fund |
0% to 100% |
0% to 100% |
0% to 100% |
Medium risk |
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* In the period during which this product is
open for sale, all premiums received shall be invested in Money
Market instruments of applicable duration
CHARGES AND FREQUENCY OF
CHARGES:
Premium Allocation Charge
Single premium policies:
Up to 4,00,000 5.00%
4,00,001 and above 4.50%
| 3 years Premium Paying Term policies:
|
First year |
Thereafter |
| 20,000 to 2,00,000 |
12.00% |
2.50% |
| 2,00,001 to 4,00,000 |
11.75% |
2.50% |
| 4,00,001 to 7,00,000 |
11.50% |
2.50% |
| 7,00,001 and above |
11.25% |
2.50% |
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Mortality Charge
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
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.
Charges for optional rider cover:
- Accident Benefit Charge: Rs.0.50 per thousand Accident
Benefit Sum Assured per policy year
- POLICY ADMINISTRATION CHARGE - Rs. 60/- per month
during the first policy year, Rs 25/- per month during the second
year and thereafter, from the third year on wards till the end
of the policy term Rs. 25/- per month escalating at 3% p.a. These
charges will be deducted on monthly basis by canceling appropriate
number of units out of Policyholder's Fund Value.
- FUND MANAGEMENT CHARGE - Fund Management Charges
(FMC) are deductible on the date of computation of NAV at 1.00%
p.a. of Fund Value. The NAV, thus declared, will be net of FMC
and Guarantee charge as mentioned in c) below.
- GUARANTEE CHARGES - Guarantee Charge are deductible
on the date of computation of NAV at 0.35% of Fund Value for the
cost of investment guarantee. The NAV, thus declared, will be
net of Guarantee Charge and FMC.
- MISCELLANEOUS CHARGE -Charge levied for revival
and alteration , such as change in mode of payment to higher frequency
, grant of accident benefit .
- The flat charges for revival shall be Rs. 500/-
and for alteration shall be Rs. 250/- which will be deducted by
canceling the Policyholder's Fund Value appropriately and the
deduction shall be made on the date of revival/alteration in the
policy.
- The alteration will be effective from the policy
anniversary coincident with or following the alteration.
- SERVICE TAX CHARGE - A service tax charge, if any,
shall be levied on the following charges :
i) Policy Administration, Mortality and Accident Benefit rider,
if any - by canceling appropriate number of units out of the Policyholder's
Fund Value on a monthly basis as and when the corresponding Policy
Administration, Mortality and Accident Benefit rider charges are
deducted.
ii) Premium allocation - at the time of allocation.
iii) Fund Management - at the time of deduction of Fund Management
Charge.
iv) Guarantee - at the time of deduction of Guarantee Charge.
v) Miscellaneous charge - on the date of alteration/revival in
the policy.
The level of this charge will be as per the rate of service tax
as applicable from time to time. Currently, the rate of service
tax is 10% with an educational cess at the rate of 3% thereon
and hence effective rate is 10.3%.
- All the above charges shall be deducted only during
the policy term.
BENEFITS:
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.
MATURITY BENEFIT………
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.
SURRENDER VALUE
- Only during the policy term.
- Payable only after completion
of the third policy anniversary both
under Single and 3 years Premium Paying Term
- Once a policy is surrendered
it cannot be reinstated.
- The guaranteed NAV will not apply in such
a case.
Partial withdrawals
Policyholder can partially withdraw the units
at any time after the third policy anniversary subject to the following:
- 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).
- Partial withdrawals will be allowed twice
in a policy year.
- 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/-.
- 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.
- 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.
- 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.
Contact Us
1) If you want to Buy New Insurance Policies than call 9820934872
(Mumbai)
2) If you need a detailed quotation from us as to how much insurance
you should really go for. Click
here
3) If you have a previous life insurance policy and want servicing
for the same. Click here
4) Contact us on email: uniglobalindia@gmail.com
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