LIC Wealth Plus
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
LIC's Wealth Plus is a unit linked deferred pension plan. You can take the plan with or without life cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.
Product Description
- LIC’s Wealth Plus is a unit linked plan
- You may pay premiums regularly at yearly, half-yearly, quarterly or monthly
- No loan will be available under this plan.
- Assignment will be allowed under this plan.
COMPARE & BUY SIMILAR PLANS
Unique Features
LIC's Wealth Plus is unit linked endowment plan with fixed term of 8 years and premium paying term of 3 years.
On maturity, the plan provides fund value @highest NAV recorded in the initial 7 years of the plan or at the current NAV whichever is higher.
The life cover can be extended for 2 years after the completion of policy term (i.e. 8 years).
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Age at entry | 10 (age last birthday) | 65 years (age nearer birthday) | |||
| Policy Term | 8 years | ||||
| Extended Life Cover | 2 years after the completion of policy term (e) Minimum Premium: |
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| 3 years Premium Paying policies | Rs. 20,000 p.a. | ||||
| Monthly (ECS) mode | Rs. 2,000 p.m. | ||||
| Single premium policies | Rs. 40,000 p.a. | ||||
| Regular premium (other than monthly (ECS) mode) | Rs. 5,000 p.a. for deferment term 20 years and above | ||||
| Rs. 10,000 p.a. for deferment term 15 to 19 years | |||||
| Rs. 15,000 p.a. for deferment term 10 to 14 years | |||||
| Sum Assured under the Basic Plan | |||||
| 3 years Premium Paying Term | Rs. 1,000 p.m. for deferment term 15 years and above | ||||
| Rs. 1,500 p.m. for deferment term 10 to 14 years | |||||
| Single Premium | 1.25 times the single premium. | ||||
| 3 years Premium Paying Term | 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 | 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. | |||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
Fund Value based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy
- Death Benefit:
- During the Policy Term-Sum Assured plus fund value
- During the extended period-Sum Assured
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Investment Funds Available | ||||||
| Fund Type | Govt Securities/Debt Instruments | Money Market Instruments | Listed Equity | |||
| Wealth Plus Fund | 0% to 100% | 0% to 100% | 0% to 100% | |||
| Partial Withdrawals | Partial withdrawals will be allowed twice in a policy year. | |||||
| 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 | ||||||
| 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 | ||||||
| Increase / Decrease of risk covers | No increase or decrease of benefits will be allowed. | |||||
| Discontinuance of premiums | ||||||
| In case of Death | The Policyholder’s Fund Value | |||||
| In case of death due to accident | Only, the amount as under A above. | |||||
| In case of Surrender (including Compulsory Surrender) | No amount shall be payable within 3 years from the date of commencement of policy. | |||||
| In case of Partial withdrawal: | Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period. | |||||
| Surrender | If you apply for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s fund value of units shall be converted into monetary terms. No charges shall be deducted thereafter and this monetary value shall be paid on completion of 3 years from the date of commencement of policy. | |||||
| If within initial 3 policy years, then the fund value is converted into monetary terms, which is paid after the completion of the 3rd policy year.No charges are deducted in the this period | ||||||
| In case of death of life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on the completion of 3 years shall be payable to the nominee/ legal heir immediately on death | ||||||
| The policy shall be surrendered compulsorily in following cases: | ||||||
| i) where the policy is not revived during the period of revival, the policy shall be terminated after completion of 3 years from the date of commencement of the policy or on expiry of revival period, whichever is later. | ||||||
| ii) where single premium has been paid or premiums have been paid for less than 3 years and the policy is in force and the balance in policyholder’s fund value is not sufficient to recover the relevant charges; | ||||||
| iii) where 3 full years’ premium are paid and the balance in policyholder’s fund value falls below 50% of one annualized premium. | ||||||
| Revival | The policy may be revived within two years from the due date of first unpaid premium. | |||||
| The mortality charge thereafter shall be based on the age nearest birthday as on the date of revival. | ||||||
| There will be a charge of Rs. 500/- at the time of revival. | ||||||
Add-ons
Accident Benefit
If you are between 18 and 62 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 50,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers).
In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | Single Premium | ||||
| Premium Band | Allocation Charge | ||||
| Up to 4,00,000 | 5.00% | ||||
| 4,00,001 and above | 4.50% | ||||
| 3 years Premium Paying Term | |||||
| Premium Band (per annum) |
Allocation charge | ||||
| 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% | |||
| Mortality Charges | A level mortality charge based on the age at entry will be taken every month during the policy term by canceling the Policyholder’s Fund Value appropriately | ||||
| The level charges per Rs. 1000/- Basic Sum Assured for some of the ages in respect of a healthy life are as under: | |||||
| Age | Rs. | ||||
| 25 | 1.65 | ||||
| 35 | 2.75 | ||||
| 45 | 6.85 | ||||
| 55 | 17.25 | ||||
| Notes: - Accident Benefit charge - It is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year. |
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| Policy Administration charge | Rs. 60 per month in the 1st policy year,Rs. 25 per month increasing @3% per annum till end of policy year | ||||
| Fund Management Charge | 1% p.a.of the fund value | ||||
| Guarantee Charge | A charge of 0.35% p.a. of the Fund Value shall be levied for the cost of investment guarantee. | ||||
| Surrender Charge | Nil | ||||
| Miscellaneous Charge | 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. | ||||
Exclusions
Exclusion in LIC's Wealth Plus Plan:- If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Wealth Plus Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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