Wealth Plus - Guaranteed NAV - High Return Policy from LIC of India

Wealth Plus

Wealth Plus – Guaranteed NAV – High Return Policy from LIC of India

LIC’s Wealth Plus is a unit linked plan that safeguards your investment from market fluctuations, so that your investments are protected in financially volatile times. This plan offers payment of Fund Value at the end of policy term, based on 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. NAV of the fund will be subject to a minimum of Rs. 10/-. The policy term is 8 years with an extended life cover for 2 years after the completion of policy term. This plan will be available for sale for a limited period.

You can pay the premium either in a single lump sum or for 3 years. You can choose the level of cover within the limits, which will depend on your age whether the policy is a Single premium or Limited premium contract and on the level of premium you agree to pay.

Premiums paid after allocation charge will purchase units of the Fund. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

LIC of India’s Wealth Plus Features
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the 3 years premium paying term. Alternatively, a Single premium can be paid.
2. Guaranteed NAV: In this product there is a guarantee of the highest NAV recorded on a daily basis, in the first 7 years of the policy, subject to a minimum of Rs. 10. This means the payment at the end of the policy term will be based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy, or the NAV as applicable on the end of the policy term, whichever is higher. The guarantee will be applicable only for payment made at the end of the policy term irrespective of any partial withdrawals made during the policy term. The period of 7 years starts from the date of commencement of policy.
3. Minimum Age 10 -  Maximum Age 65
3 years Premium Paying policies  – Rs. [20,000] p.a.
(Other than monthly (ECS) mode)
Monthly (ECS) mode                   -           Rs. [2,000] p.m.
Single premium policies               -           Rs. [40,000] p.a.
(f) Sum Assured under the Basic Plan  -
3 years Premium Paying Term: 5 times the annualized premium
4. Other Features of Wealth Plus :

i) Partial Withdrawals:
ii) Increase / Decrease of risk covers:No increase or decrease of benefits will be allowed.
iii) Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.
iv) Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium. The period during which the policy can be revived will be called “Period of revival” or “revival period”.
5. Reinstatement: A policy once surrendered cannot be reinstated.
6. Risks borne by the Policyholder:
7. LIC’s Wealth Plus is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.
8. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
9. Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Wealth Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
10. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
11. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
12. All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

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