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  • LIC Wealth Plus Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Investing in markets can be a great way to secure our future, with market investments capable of providing huge returns. LIC’s Wealth Plus is a special unit linked scheme which has been designed keeping fluctuating market conditions in mind. This LIC ULIP Plan ensures that volatile market conditions do not wreak havoc on investments made by an individual, thereby providing peace of mind and financial security to policyholders.


    Eligibility Criteria for LIC Wealth Plus

    Individuals who wish to purchase a Wealth Plus policy from LIC need to keep the following basic criteria in mind.

    Minimum entry age 10 years
    Maximum entry age 65 years
    Policy term 8 years

    Key Features of LIC Wealth Plus

    Some of the key features which distinguish LIC Wealth Plus from other schemes are mentioned below.

    Plan type Unit linked scheme
    Plan basis Individual
    Premium paying terms 3 years or single premium
    Policy term 8 years plus 2 years extended life cover
    Maturity benefits Policyholder will receive a sum equivalent to the Fund Value at the end of policy term
    Premium payment frequency Monthly, quarterly, half-yearly, yearly or single premium option
    Loan No loan facility provided under this scheme
    Free look period Policy can be returned within 15 days of purchase
    Revival Lapsed policies can be revived by paying all pending dues within 2 years of first due.
    Alterations No alterations in benefits provided
    Sum assured

    Minimum

    • For single premium it is 1.25 times the premium paid
    • For other modes it is 5 times the annualised premium

    Maximum

    • For single premium it ranges between 2.5 to 5 times the premium depending on entry age of individual
    • For other modes it is 10 times the annualised premium
    Policy coverage Death benefit, Survival benefit

    Benefits of LIC Wealth Plus

    A few of the main benefits which make LIC Wealth Plus unique are mentioned below.

    • Flexible – Individuals have flexible premium payment options, with a choice between monthly, quarterly, half-yearly or yearly payment.
    • Death benefit – In the event of unfortunate demise of policyholder during the policy term, a death benefit equivalent to the sum assured plus the fund value at death will be provided.
    • Survival/maturity benefit – On survival of a policyholder at the completion of policy term, a survival/maturity benefit will be given. This amount is equivalent to the higher of the fund value at that time, decided on the basis of highest net asset value witnessed during the policy term or the net asset value on the date of policy termination.
    • Fund investment – The premium paid by an individual is invested in a medium risk fund which offers good returns.
    • Surrender benefit – In the event of an individual wishing to surrender the policy after the 3rd year, a surrender benefit is payable (subject to certain conditions).
    • Partial withdrawals – Partial withdrawals are permitted under certain conditions, ensuring that a financial crunch doesn’t impact a policyholder.
    • Easy implementation – Buying and implementing this policy is simple and fast, with no long processing period.

    Working of LIC Wealth Plus

    One might think that LIC Wealth Plus is a complicated plan, given the investment terminology and statutory warning about the investment risk being borne by the person purchasing this policy. This, however isn’t the case, as this LIC policy can be implemented without hassles. Let us consider the example of Mr. Ghosh, a 30 year old software engineer to see how this plan works. He decides to invest a sum of Rs 40,000 in this scheme, choosing a single premium payment option. Post payment of this single premium, he is now protected under this plan for a period of 10 years in total, 8 years being the actual term of the policy and 2 years being an extended cover. The sum assured chosen by Mr. Ghosh is Rs 1 lakh.

    Now the plan invests in the wealth Fund, a medium risk fund which aims to provide returns of around 10% (depending on market conditions). Let us consider the following scenarios to see how the fund works.

    • Mr. Ghosh is diagnosed with a terminal illness and passes away 5 years into the plan. In this case, his nominee will receive a death benefit equivalent to the fund value at the time of demise. In this case, given market conditions, one can expect returns of around Rs 1.6 lakh.
    • Mr. Ghosh leads a healthy life, with the policy coming to an end. On completion of policy term, he will be entitled to the money accumulated in the fund.
    • Mr. Ghosh passes away 9 years after he purchased the plan. In this case, given the additional cover of 2 years, his nominee will receive the death benefit equivalent to the sum assured, i.e., Rs 1 lakh.

    Premium Payment for LIC Wealth Plus

    The table below highlights the multiple premium payment options available to policyholders.

    Payment modes Minimum premium Maximum premium
    Single premium Rs 40,000 NA
    Monthly payment for 3 years Rs 2,000 NA
    Annual, half-yearly or quarterly payment for 3 years RS 20,000 per annum NA

    Riders

    Policyholders can choose to enhance their protection by opting for the Accident Benefit Rider. This rider ensures that apart from the original death benefit, an additional accidental death benefit is paid to the nominee in the event of death of policyholder through an accident.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Wealth Plus Plan Reviews

  • Page 1 of 3 1 2 3
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy in LIC. It is a ULIP policy. It was purchased by my father through an agent. I never contacted the customer service. The policy coverage and benefits are better. I am paying approximately Rs.7500 yearly through cash.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 07, 2018
    • LIC Life Insurance
      "My insurance"
      0.5 5.0/5 "Blown Away!"
      One of my friend is working with LIC. Therefore I had opted for it. I have opted for ULIP Plan which is subject to market risk. I am supposed to pay rs 3000 after 15 years I will get some money back and it provides life cover as well.
      Was this review helpful? 0
      , udupi
      Reviewed on Sep 28, 2016
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I have life insurance policy with the Life Insurance Corporation of India and the policy coverage value is very good, also its a ULIP policy. The returns are fixed with them and I used to pay the premium as 67000 Rupees per annum. I am happy with LIC of India.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 14, 2016
    • LIC Life Insurance
      "I have life insurance policy with the LIC of India and I bee"
      0.5 5.0/5 "Blown Away!"
      I have life insurance policy with the LIC of India and I been with them for more than fifteen years of time. The services are good and the premium used to reach them through ECS. Policy coverage value is around fifteen years of time and I do have different plans with them like ULIP and the money back.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2016
    • LIC Life Insurance
      "Disappointed with their service but recommendable insurance"
      0.5 1.0/5 "Really Bad"
      I had taken two insurance policies from LIC. One is a ULIP and the other was Jeevan Bhima. I took a Rs.50,000 policy in 1995 of 20 year tenure which recently matured and I got Rs.1.20 Lakhs which was double. It has a bonus of 5% and tax exemption benefits. I pay the premiums by ECS quarterly. I did have a tough time claiming one policy at maturity as they made me run from pillar to post.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Apr 18, 2016
    • LIC Life Insurance
      "Definitely"
      0.5 4.0/5 "Great!"
      I have a moneyback and ULIP policy with LIC. LIC is a very dependable organisation when it comes to taking an insurance policy. The moneyback policy has premiums of Rs.6000 paid half yearly and once in 5 years Rs.10,000 is paid out. The ULIP policy has a premium of Rs.2000 per year, although it was a policy of 10 years, the market shot up high around the third year and I got Rs.50,000 at a shot.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2016
    • LIC Life Insurance
      "Marvellous"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the LIC of india like I took two policies with them. I used to pay around 1.5 lakh Rupees as the premium for the two policies and the response is a good one with them. Return values are also good with the Life Insurance Corporation of india like one is ULIP linked and other is money back policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 17, 2016
    • LIC Life Insurance
      "Good...."
      0.5 4.0/5 "Great!"
      I am a sales manager and my spouse is an agent of the LIC so we took this plan. It is an ulip plan. In the money back plans sum assured would be two lakh. LIC is offering low sum assured to the policy holders. They have lots of traditional plans but ulip plan is not hat good.
      Was this review helpful? 0
      , karnal
      Reviewed on Mar 15, 2016
    • LIC Life Insurance
      "Long trusted company...."
      0.5 3.0/5 "Satisfactory"
      A common company for life insurance as no much excitement. Since we want to have a policy and I took it. Agent of LIC often come and explain the benefits and if I feel interesting I would go ahead. I also use it for tax. LIC has good plans and also I have taken one ulip plan for my kid.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 07, 2016
    • LIC Life Insurance
      "Best plan"
      0.5 4.0/5 "Great!"
      I do have a 30years plan with LIC.This is basically a ULIP plan with LIC.The plan benefits are very good within the plan.I have to pay a premium around 42000Rs in the yearly basis for all the three plan which I have taken with the Life Insurance corporation of India.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 02, 2016
    • LIC Life Insurance
      "Excellent..."
      0.5 4.0/5 "Great!"
      Every year I open life insurance at LIC. Since it is a government undertaken company as the returns will be high for sure when it comes to life insurance and ulip plans. Some executives come home and explain me and based on his explanation and my needs I opt for the plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2016
    • LIC Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      The service provided was good with LIC based on the Life Insurance corporation .I like the payment options provided by LIC.My parents want me to take the insurance with LIC.I have taken a ULIP plan with Life Insurance corporation of India.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 25, 2016
    • LIC Life Insurance
      "Best customer service "
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with LIC based on the Insurance .They have speed online payment option to the customer.They do settle the claim in a immediate manner.I do have retirement plan,endorsement plan and ULIP plan with LIC.
      Was this review helpful? 0
      , kottayam
      Reviewed on Feb 17, 2016
    • LIC Life Insurance
      "Good payment options"
      0.5 4.0/5 "Great!"
      The service provided by LIC was very good for a Life Insurance service.I have taken 4-5plan with LIC like endorsement and ULIP plan.The payment option provided by LIC was very good.I may recommend the service of LIC to others for a Life insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 05, 2016
    • LIC Life Insurance
      "awesome plans..."
      0.5 3.0/5 "Satisfactory"
      According to me LIC is good but they lack on online portal and mobile application as they have to improve in both the scenarios. They don't have proper customer service channel. Whatever the return amount that I get is good as I have ulip plan. Also the term plans is very good in LIC.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 21, 2015
    • LIC Life Insurance
      "Not recommended "
      0.5 0.5/5 "Unacceptable"
      The service provided was not good with LIC.I have invested the money in ULIP plan.After investing 5000Rs in the ULIP and the tenure period of the loan was 10years and the locking period is 3years.I closed the Insurance after 5years and I have faced loss.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 18, 2015
    • LIC Life Insurance
      "Long term fruit"
      0.5 4.0/5 "Great!"
      LIC Policy is good my feedback is they can improvise more when compared with private companies. Frankly speaking 5 years before I have invested however the returns what I am getting from LIC is very minimal. Initially they confirmed that I will be very good returns especially in ULIP however in reality the same is not the case and returns are very less.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 27, 2015
    • LIC Life Insurance
      "ULIP "
      0.5 3.0/5 "Satisfactory"
      ULIP fund policy was taken from LIC before three years. The interest rates were more and my friend only has recommended me about this policy. I did not used this so far because this is the one time investments and I have invested for three years. I can withdraw any time after three years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 26, 2015
    • LIC Life Insurance
      "No information"
      0.5 3.0/5 "Satisfactory"
      LIC is not so good.Information is not easy to get from LIC.There service is not good and proper manner. I have taken both term plan and equity market plan which is called ULIP plan.The terms and conditions of the plan were not clear with LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 05, 2015
    • LIC Life Insurance
      "Fully recommendable to every one.."
      0.5 3.5/5 "Pretty good"
      Life insurance is like a fixed deposit. I am happy with LIC life insurance when I compare to others. I have taken Ulip plan. Payment options are good. I will make it through net banking and through agency as well. I would recommend LIC to others.
      Was this review helpful? 0
      , villupuram
      Reviewed on Oct 22, 2015
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