LIC launches new Endowment Plus

Team Herald

PANJIM: The Life Insurance Corporation of India (LIC) on Tuesday launched its new policy – the Endowment Plus an ULIP which offers investment-cum-insurance during the period of the policy. 

Addressing the media at the Divisional Headquarters, the Senior Divisional Manager of LIC in Goa, S P S Vilkhoo said that “the plan provides dual benefits of risk cover and the benefits of investment. Policy holders will have the option to choose from any of the four funds; that is Bond Fund, Secured Fund, Balance Fund and Growth Fund, as per ones risk appetite with added convenience of switching between these funds. Within a given policy year, four switches will be allowed free of charge.”

This plan is available from ages ranging from 90 days to 50 years with a choice of policy term of 10 to 20 years premium payment mode available are regular on yearly, half yearly, quarterly or monthly basis through ECS only. The lock-in period shall be minimum of five years and there shall be no loan facility linked to this plan.

On life assured surviving the stipulated date of maturity, an amount equal to the policyholder’s fund value is payable. The maturity benefit can be payable either as a lump sum amount or in equal instalments if settlement option is opted for.

On the occasion of death of a policyholder before the date of commencement of risk an amount equal to the policyholder’s fund shall be payable while, on death after the date of commencement of risk, an amount equal to the higher of basic sum assured or policyholder’s fund value shall be payable.