Request received - loud & clear!
Returning you to where you were...
The Wealth Plus Plan from the Life Insurance Corporation of India (LIC) is a unit-linked insurance plan that will protect one’s investments during volatile times. This plan provides a guaranteed NAV at the end of the policy term. In addition, the policy also provides other payouts such as a death benefit, maturity benefit, etc. as per the eventuality.
The minimum premium payable for this plan is Rs.2,000 under the monthly mode of premium payment. Policyholders between the ages of 18 years and 62 years can also opt for an additional Accident Benefit, which will provide their nominees an added payout in case one meets with an accident. Policyholders can avail tax benefits as per prevailing tax laws under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans. Listed below is the eligibility criteria for the Wealth Plus Plan from LIC.
|Parameters||Criteria for eligibility|
|Minimum age at entry||10 years|
|Maximum age at entry||65 years|
|Maximum age at maturity||73 years|
The sum assured is the basic amount of money which is guaranteed by the insurer in case the life assured passes away during the policy tenure. The policy buyer will have to opt for the sum assured at the time of purchasing the policy.
|Minimum Sum Assured||
|Maximum Sum Assured||
The premium is a nominal sum of money that the policyholder pays to the insurer in order to enjoy the coverage offered by the policy.
|Policy Term||8 Years|
|Premium Payment Mode||
|Minimum Single Premium Amount||
*Premiums vary based on age, location, plan term and other factors.
|Death Benefit||In the event of the life assured’s death, the nominee will receive the sum assured along with the fund value as part of the death benefit.|
|Maturity Benefit||At the end of the policy tenure, the policyholder’s fund value as per the highest NAV (Net Asset Value) that was recorded over the first 7 policy years or the NAV as applicable at the end of the policy tenure will be paid, based on whichever is the highest of the two.|
Riders/Add-On Plans – Additional coverage under LIC’s Wealth Plus Plan
Policyholders who are between the ages of 18 and 62 years can purchase the Accident Benefit rider, equal to the sum assured offered under the base policy provided it is between Rs.50,000 and Rs.50 lakh. Thus, in case the policyholder meets with an accidental death, an additional accident benefit will be paid to the nominee.
Exclusions - What LIC’s Wealth Plus Plan doesn’t cover?
In case the policyholder commit suicide within 12 months of purchasing the plan, no death benefit will be paid. However, the policyholder’s fund value will be given to the nominee.
|Free-Look Period||The free-look period is 15 days for this policy. Policies can be returned during the free-look period if they do not satisfy the policy buyer.|
|Loan||Policyholders can’t opt for a loan against this policy.|
|Policy Revival||Policies that are lapsed can be revived within a period of 2 years.|
|Partial Withdrawals||Post completion of the third policy year, units may be encashed partially.|
|Surrender Benefit||Policies can be surrendered after 3 policy years. Surrender value payable will be equal to the policyholder’s fund value.|
|Assignment||Assignment facility is provided under this policy.|
Policyholders can claim tax benefits under section 80C and Section 10(10D) of the Income Tax Act, 1961 for premiums paid and benefits received.
The Wealth Plus Plan from LIC offers a range of benefits to policyholders at an affordable cost. Further, the insurer also allows policyholders to make partial withdrawals in case they are in need of emergency liquidity. These benefits make this policy an attractive choice to customers looking for a protection cum investment option.
Life Insurance Corporation of India (LIC) is one of the best insurance firms in the country. The insurer has reported a high claim settlement ratio (CSR) for the past financial years, with a CSR of 98.33% for FY15-16. The insurer also has a varied product portfolio that is guaranteed to meet the varying demands of their customers.
*This policy has been withdrawn by LIC.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.