Unit Linked Insurance Plan (ULIP) Revised Terms:
From September 01, 2010, all ULIP Plans will have the following features:
The minimum term for the ULIP plan would be 10 years.
Locking Period for Top Up:
All Top-up premium lock-in period would be 3 years. Also, Top-up premium not allowed during the last 3 years of maturity.
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.
Withdrawals will be not allowed before maturity in the case of the Pension Plan.
Assignments and Loan:
Assignments and loans are not available in ULIP Plan.
Risk cover is mandatory for top-up premium and will be treated as a single premium for each time you top up.
Surrender before 6 years will attract a penalty.
|Less than 10 yrs||1st year||12.5%|
|More than 10 yrs||1st year||15%|