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
please give me a approximate average return after matuarity of LIC Wealth Plus Single Premium Rs 40000/- at the rate of Rs 50/-
How many units would be allotted for the first yly premium of 20k, second year premium of 20k and last premium of 20k respectively?
Nitin
want to invest Rs 100000 in wealth plus. 1.how many units I will be allotted . 2.after 3 years can i withdraw all the units. 3.weather it is transferable.4. NAV is applicable after three years also
Sir,
If i invest Rs. 20000/- per annum for three years, in LIC Wealth Plus how much amount i will get approximately at the time of maturity.
Whatistaxreliefunder80cc
Is this correct that we dont need to give any premium after 3 years, and the policy will continue (if we dont close) for 7 or 8 years?.
What is the average amout that we can expect if we want to close the policy after 3 years?
dear sir
please advise (1) minimum half yearly premium(2) quarterly premium.
regards/vinod
I want to invest in wealthplus plan Rs.50000/-
what is the return on maturity
Could u please tell me what would be the better approach
1.Opting for a single premium
2.Opting for premium annually for consecutive 3 years
3.Opting for monthly premium for three years
Please also mention the reason.
1. Single premium if you have surplus money this year but not sure for future.
2. Only if you are sure, you will have surplus money for next 3 years to invest.
3. Monthly, If you don’t have lumsum money to invest in single premium or pay annual premium. I would suggest for Salaried individuals with salary less that 15,000 per month.
What is NAV at the of launching the Fund. If we pay 20000 Rs, how much units we gat?.
Suppose NAV in the yr 2011 is 50Rs and then market collapse and it come to 12 Rs, then which NAV you will consider at the time of maturity.
Starting NAV is Rs.10 per unit.
In your example Rs. 50 will be considered on maturity as that is the highest NAV.