LIC Wealth Plus (Table No.801) is an investment plan for limited time offer!
LIC Wealth Plus Summary:
LIC’s Wealth Plus (Table No.801) is a ULIP insurance plan that protects your investment from market fluctuations so that your investments are protected in financially volatile times. Wealth Plus offers a Guarantee of the highest NAV in the first 7 years of the policy, subject to a minimum of Rs.10. The policy term is 8 years.
Wealth Plus Features:
1. Guaranteed Highest NAV of 7 years.
2. Very Attractive Returns.
3. Life cover.
Risk cover of 5 times the annualized premium or 1.25 times of single premium.
4. Minimum Yearly premium Rs. 20,000 for three years term policy and there is no limit on maximum premium.
5. Tax benefits.
6. Partial withdrawals allowed:
Two Partial withdrawals are allowed in a policy year subject to certain conditions.
7. Limited Period Offer.
8. Extended life cover:
A unique feature of the Plan is the extended life cover for 2 years after the completion of the policy term of 8 years.
9. Maturity Benefit:
At the end of the policy term and the policy is in full force, payment of fund value will be made based on the highest NAV over the first 7 years of the policy or the NAV as applicable at the end of the policy terms whichever is higher.
Death benefit:
In case of death during the policy term, the nominee shall receive Sum Assured under the basic plan together with the Policyholder’s Fund Value as a death benefit. In case of death of the Life assured after the policy term, but before the expiry of the extended period, the nominee shall receive the Sum Assured under the Basic Plan.
Accident Benefit:
Accident Benefit Option equal to the amount of life cover subject to a minimum of Rs. 50,000 and a maximum of Rs. 50 lakh is available subject to certain limits and conditions. Accident Benefit charge at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year will be levied every month.
Modes of Premium Payment for LIC Wealth Plus :
The premium can be paid either in a Single premium (One-time investment) or for 3 years regularly at yearly, half-yearly, quarterly, or monthly (through ECS).
Minimum Premium:
Minimum Premium for 3 years Premium Paying policies is Rs.20,000 p.a. whereas for Single premium policies, it is Rs.40,000 For Monthly (ECS) mode the minimum premium is Rs.2,000 p.m.
Eligibility for LIC’s Wealth Plus:
The minimum Age at entry is 10 years (age last birthday)
The maximum Age at entry is 65 years (age nearer birthday).
Premium Top-ups:
Premium Top-ups are not allowed.
Surrender Value:
LIC Wealth Plus can be surrendered only during the policy term. The surrender value, if any, is payable only after the completion of the third policy anniversary both under the Single and 3 years Premium Paying Term contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. The policy can not be surrendered during the extended life cover period.
Download LIC Wealth Plus details in pdf format. For Wealth Plus Comparison table.
LIC Wealth Plus NAV:
LIC’s NAV changes every day depending on the market as it’s linked to the share market. LIC Wealth Plus is alike mutual fund scheme that focuses on long-term growth i.e. LIC Wealth Plus was launched with a 3 year lock-in period, LIC Wealth Plus also offers an option of exit after three years based on returns obtained from the scheme.
Lic Wealth Plus maturity amount calculator:
Example: If Mr. Nilesh buys Wealth Plus today at Rs.10 NAV ( He will get Approx. 4700 Units for a one-time investment of Rs.50000 *Calculated on Rs.10 NAV) and the market goes up to Rs.50 per NAV in 5 years and then again market collapse and comes down to Rs.20 In this case the highest NAV is Rs.50 and hence your maturity amount will be 4700×50=Rs.2,35,000/- (No. of units x Highest NAV)
Last Date: 9th May 2010
(Plan 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.
Komal Jeevan
what is the commission rate in wealth plus plan for agents.
kindly reply me
As per my understanding for Rs 40000 one time investment
Allocation Charge: 5%
Mortality Charge: Rs.195 on 40000 onetime investment
Policy Administration Charge: Rs.60/mo first year then Rs.25/mo
Fund Management Charge: 1%
Other charges are: 0.35% guarantee charges
Total Charges is : 2000 + 195 + 720(1st Yr) + 400 + 140 = 3455 [Around 8.63% first year] and then 0.25% every year
Is it correct?
Is Accident Benefit charge at the rate of Rs. 0.50 per thousand already included in above mentioned charges?
Sir,
I I have continued Money Plus for three consicutive years, this is my 4th year….. will I deposit my money in the same this year also ? or it is better for me to quit? is wealth plus is a better option than money plus?….pl let me know
I am an agent of the lic’s unit II srinagar, J&K, wnats to know the full features viz, benefits of the “wealth Plus” Plan 801, by which I can motivate the client to take the said policy & also the comission %age for the agent for single premium, and regular premium,and is there the facility of premium holiday after three or five years.
Hi What is the NAV for today. I mean how much it is today
IN THREE YEAR PPT IF I PAY ONLY ONE YEAR PREMIUM THEN WHAT WILL BE HAPPENED
i have invested 60,000 through single premium in wealth plus policy, can you please advise how much tax rebate will i get, will i get tax benefit on the whole 60,000?
LIC’s Wealth Plus plan gives tax benefit under sec 80C ?
whether maturity under single premium taxable or taxfree ?
Is there any premium allocation charges for wealth plus plan of LIC? What is this premium allocation charge? How this chage is calculated?
I want to know if Wealth plus is gping to invest 100% in equity or it will be mixture of Bond, Debt and equity ? If yes then what is maximum % in equity?
There is no such options to choose. The fund will be managed by LIC’s expert depending on market situation.