LIFE INSURANCE Corporation of India (LIC) launched its unit linked endowment plan – ‘Money Plus’ on Wednesday. The new plan available for individuals up to 65 years of age, combines benefits of market related investment returns and insurance cover.
The minimum premium is Rs 5,000 per annum under regular modes and Rs 10,000 under single premium, whereas, maximum premium is correlated with income of an individual.
“The unique feature of the plan is the choice of level of cover, which is up to five times of single premium and up to 20 times of annualised premium in case of YLH/HLY mode,” LIC’s regional manager (Marketing) Babu Ram said at a press conference.
Claiming that the new tailor-made policy would prove to be a popular one among customers, he said the maturity benefit is equal to the values of units in the fund selected on the date of maturity. “On death prior to expiry of policy term, sum assured or value of the units in the fund selected, whichever is higher is payable,” he said