LIC Samridhi Plus (Plan No.804) is a ULIP plan. It’s a close-ended plan which would be open for sale for a maximum period of 3 months.
Samridhi Plus Plan at Glance:
- Guaranteed Highest NAV of the first 100 months at Maturity
- Policy Term 10 years
- Lock-in period 5 years
- Limited Premium Payment (5 years or single premium)
- Unlimited investment under Single Premium
- Insurance Protection
- Easy liquidity through Partial Withdrawals
- Entry age 8 to 65 years
LIC Samridhi Plus with a policy term of 10 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 100 months of the policy or the NAV as applicable at the end of the policy term, whichever is higher. The premium payment under this plan is limited to single or 5 years. The policyholder can choose the level of cover within the limits, depending on his/her age.
Benefits payable on death:
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher
Maturity Benefit:
Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.
Guaranteed NAV:
In this plan, there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for a guarantee of NAV shall be 100 months from the date of commencement of the policy.
Eligibility condition and restrictions for LIC Samridhi Plus
a) Minimum Basic Sum Assured:
- 5-year Premium paying term policies:
- For age at entry below 45 years: 10 times the annualized premium
- For age at entry 45 years and above: 7 times the annualized premium
Single-Premium:
- For age at entry below 45 years: 1.25 times the single premium
- For age at entry 45 years and above: 1.10 times the single premium
b)Maximum Basic Sum Assured:
- 5 years Premium paying term policies:
- For age at entry below 45 years: 20 times the annualized premium
- For age at entry 45 years and above: 10 times the annualized premium
Single-Premium Policies:
- 5 times the Single premium, if the age at entry is upto 55 years.
- 1.25 times the Single premium, if the age at entry is 56 to 65 years
Top-up: No Top-up shall be allowed under the plan.
- Entry age: 8-65 years
- Maturity age: 18-75 years
- Policy Term 10 yrs
- Premium paying term: 5yrs or single premium
Minimum Premium:
- Yearly Premium: Rs.15000/-
- Half Yearly: Rs.8,000/-
- Quarterly: Rs.4,000/-
- ECS Monthly Rs.1500/-
- Min. Single Premium: Rs.30,000/-
Maximum premium:
- Single-Premium: No Limit
- Regular Premium: 1 lac p.a.
Benefit illustration (Assuming Gross Interest Rate of 10% P.a.)
- Age: 30 years
- Sum Assured: Rs.200000/-
- Policy Term: 10 years
- Premium: Rs.20000/- p.a.
- Premium Paying Term: 5 years
- Maturity Amount: Rs.1,73,355/-
Accident Benefit:
Accident Benefit is available at an extra Rs.0.50 per thousand Sum Assured
Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium policies:
| Premium | Allocation Charge |
| First-year | 6% |
| 2nd-5th year | 4.50% |
Other Charges:
Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a
Last Date: 24th May 2011
Update: Samridhi Plus Table No.804 Has Been Discontinued
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
I want to know how to calculate Unit Or Formula of Calculate of Unit
LOYALTY ADDITION IS NOT GUARANTEED BY L I C. AGENTS ARE GIVING ASSUMPTION OF 10% P.A. AT THE TIME OF MONEY PLUS PLAN SAME FUNDA PUBLISHED BY AGENTS AND OFFICERS OF LIC FOR THEIR OWN INCENTIVES.
NOW MONEY PLUS IS GOING IN MINUS.AGENTS AND OFFICERS EARNED HUGE COMMISSION AND INVESTORS ARE LOOSING THEIR HARD EARN MONEY.
DON’T TRUST JEEVAN SARAL AS GOOD INVESTMENT.
ALL INSURANCES ARE GIVING ONLY 3to5% return. NOT MORE THAN THAT.GO FOR LONG TERM RECURRING IN BANKS.
2% less TDS 10.3% isn’t a huge commission. Is it?
Jeevan saral gives approx 9% return as of today.
last date of subcription?
90 days from the date of issue.
Pl. inform me the budget 2011 impct on Samridhi plus as well as tax benefit on premium and maturity amount
(1) I fail to understand meaning of “escalating @3%…..”Please explain 3% of what? Escalation means increasing by spread. Please explain by illustration.
(ii) Fund & Guarantee charges are % of Fund value. Fund value- how to know that for every year?
(iii) Mortality charges- Please let me know for my age, say 61, what are these charges and how do we know how you have arrived at such a charge?
Please explain.
Thanking you.
Anand Gosavi
what’s your scheme?
thanks
Table 804 – Samrudhi Plus – Features are very competative. Plan overall very nice, but what will be investment pattern ? If investment in Equity market 85-90%, then nav will performed good.
pls smaridi plus details and attached file from mittal 9897410680
Invest Rs.34000 p.a and get Rs.2775000/- after 25 years under insurance plan from LIC of India. For details contact KAMAL AGGARWAL at 9818550326