Unit Linked Insurance Plan Revised

Unit Linked Insurance Plan Revised

Unit Linked Insurance Plan (ULIP) Revised Terms:

From September 01, 2010, all ULIP Plans will have the following features:

Term:
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.

Compulsory Insurance:
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.

Pension ULIP:
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.

Top-Up Premium:
Risk cover is mandatory for top-up premium and will be treated as a single premium for each time you top up.

Surrender:
Surrender before 6 years will attract a penalty.

TermSurrender DurationCharges
Less than 10 yrs1st year12.5%
 2nd year10%
 3rd year7.5%
 4th year5%
 5th year2.5%
 6th yearNil
More than 10 yrs1st year15%
 2nd year12.5%
 3rd year10%
 4th year7.5%
 5th year5%
 6th year2.5%

13 thoughts on “Unit Linked Insurance Plan Revised”

  1. Dear sir
    My policy No715126019
    I have invest Rs 50,000 From 2007 to 2012(yearly 10,000)
    kindly sent a details what is the status of my policy

  2. santosh kumar santosh

    I want to know about the present status of wealth plus and my policy no. is 143005379

  3. shrivastav anand

    sir pls mujhe batao ki meri age 23 hai aur mere liye lic me samriddhi plus plan kesa hai pls aur mujhe 5 year me acha return chahiye pls mujhe batao

  4. sir i have invested 500000 rs under markrt plus 1(growth fund)

    on 13-5-2010,but i couldn’t understand anything about this policy. plz tell me about this and also that from where and how i can get information about my present account state.

  5. sir,
    i have bought lic’s some ulip plans like money plus,market plus,and now endownment plus too.i would like to know the future of these plans.my market polycy which i deposited is 50000 by taking loan from my polycy and now i am paying the intrest for that and my moneybacks are being taken by lic.
    i am so much confused about to taking a decision.pls suggest a solution

  6. K.N.ShakthiveL Development Officer LIC chennai

    your site and ur daily update is very useful to me ……thank you …..knsakthivel dev officer lic chennai

  7. K.N.ShakthiveL Development Officer LIC chennai

    friends dont worry about lic’s ulip plans…….pay further premium it will help you in future…..generally if u go to take ulip plan…u should wait for min 10 more years….first understand concept of inurance….if u invest in lic like rs 10000 u can get 2 lac life cover,1 lac normal,plus 1 lac for accident death…..but in bank or any other invesment will not give more money if losing life…..lic only for inurance…..dont think like real estates….shares….finance concern….ur money always secure……lic till now launched 16 ulip plans from 2000…based on our past experience no plan in under loss……if u pay premium further or u can get partial surrender of ur policy then u can pay…..dear frendz insuraance must for life……so pls understand concept….if u have any doubt pls contact any branch manager..or development officer…in nearest branch….
    u can call or mail to me: kn.shakthivel,development officer,lic of india,chengalpattu branch,chennai division 1,tamilnadu…cell : 099440 55277,mail
    : shaktierode@gmail.com

  8. sir, i want to open insurance policy to save my income tax as well as family and financial safety point of view. pl tell me which pan is best for me? following are my details:
    my age is 28 yrs. having annual income is 3.5 lacs.
    pl suggest me any plan whcih shall i will open?

    regards,
    ananta
    9370150008

  9. Laxmikant Rajaram Naik

    Dear sir/madam
    I am very dissapointed about the LIC’s ulip plan,which i started in 2006 for 3 years. As per agent we can stopped the premium and wait for multiple amount in next period of years.Suddenly i recieved letter from LIC’s office stating that my policy was lasped.As i am regular having different types of LIC’s policy and encouraging my friends to be a member of LIC, it hurt all of us very very much. How to trust LIC in future?
    As i have this ulip plan policy of my two children and the outcome is worthless. whom to be blamed the agents or LIC officers?Finally we are the suffers?

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