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
if i invest 40000 as single premium, what is the minimum approximate amount i can expect at maturity. do i need to pay anything besides this one time payment of rs. 40000
You don’t need to pay anything else besides this one time premium. The minimum value will always be the face value of your investment. (That’s the case if market never goes up. which is 0.01% possible.)
Since you will get highest NAV in wealth plus with lowest allocation charges, LIC’s wealth plus is the best investment option as of today.
How many numbers of units will be alloted to me ,if i have invested amount Rs 50,000.
Approx 4700 units depending on NAV rate on the day you buy wealth Plus
Can I invest in Wealth Plus without Life Cover?
No. Life cover in inbuilt feature.
LIC wealth plus can get on line i.e. without agent consultation
You can buy it without consultation. But you cant buy in online. If you want you can courier the documents and cheque instead of visiting branch.
LIC Wealth Plus is a very good policy.
I want to know about its investment profile.
1 How much it invest in equties and debt funds ?
2 what are the fund options
There is no fund options. Your money will be invested by experts depending on market needs to give you maximum return out of your investment.
Kindly clarify the following charges in Wealth Plus
Yearly Premimum Allocation Charge
Mortality Charge,
Policy Administration Charge,
Fund Management Charge,
Rider Charge.
Other charges are:
Switching Charge
Service Tax Charge,
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%
Rider Charge: NA
Other charges are: 0.35% guarantee charges
Switching Charge: NA
1. What are the charges this plan incurred?
2. Is it better than a mutual fund (leave the insurance part)?
3. Who is the fund manager of this fund?
4. What are the exit load after 3years?
Thanks
Bensy
1. 4% allocation charges 1% Fund management charges, 0.35% guarantee charges, Rs. 60/mo policy administration charges for first year then Rs.25/mo
2. Its better than Mutual Funds as you will get highest NAV here.
3. Financial Experts
4. There is no Exit load or surrender charges as per IRDA rules.
what would be the return after 7 year term
1) for a single premium of Rs.60000/-
2) for a 3 year premium of Rs.20000/- every year
Return is not fixed. But you will get guaranteed highest NAV in 7 years.
1.what are the conditions to policy holder above the age group 60?
2. If the unit rate is 10/rupees(nav)how many units will be alloted for rs 50000/ single premium?
1. You will need to submit medical report
2. Approx. 4700 units
please give me a approximate average return after matuarity of LIC Wealth Plus Single Premium Rs 24000/-
Minimum single premium under Wealth Plus is Rs.40,000/-
Return would be based on highest NAV in 7 years