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  • LIC ULIP Plans

    LIC Life Insurance

    While life in itself is unpredictable, death is something which is assured. We might not be able to foresee how things pan out in the future, but it always pays dividend to prepare for it and a ULIP protection plan can go a long way in securing the future of your loved ones. ULIPs serve a dual purpose, offering both protection and flexibility in terms of investment. LIC is perhaps the preferred life insurance partner in the country and it offers a number of ULIP plans to cater to the needs of the hard working individual.

    Different ULIP Plans offered by LIC

    LIC offers 6 ULIP plans in India, each one designed to fulfil specific requirements. Each of these plans are mentioned below.

    1. Fortune Plus:

      This is an investment plus insurance plan which helps your money grow over a period of time. Individuals can choose a cover which they feel will suffice their needs, making it flexible and convenient.

      Features and Benefits

      Some of the major attractions of Fortune Plus are mentioned below.

      • A 5 year premium payment term.
      • Option to choose between 4 different types of investment funds. One can switch from one fund to another, if needed.
      • Partial withdrawals provide you with liquidity.
      • An individual is entitled to a death benefit and a maturity benefit.
    2. Child Fortune Plus:

      Children are the future of our nation and Child Fortune Plus is designed to ensure that your children do not face any financial problems. This specially crafted plan is perfect for parents who have children up to the age of 17 years.

      Features and Benefits

      Some of the main features and benefits of Child Fortune Plus are mentioned below.

      • Provides financial security for your children, ensuring they can pursue their education without having to worry about money.
      • Premiums can be paid either as a lump sum or in the form of regular payments.
      • Option to choose between 4 different fund types.
      • Partial withdrawals are permitted, ensuring that a financial crunch doesn’t impact your life.

      An individual is entitled to a death benefit, maturity benefit and surrender value.

    3. Market Plus I:

      Planning for retirement can be hard, which is what makes Market Plus I ideal for individuals who wish to secure their retired phase of life. This is a unit linked deferred pension plan with an option for life cover.

      Features and Benefits

      Some of the major features and benefits of Market Plus I are mentioned below.

      • One can choose between four investment funds.
      • Option to add life cover under the plan, enhancing protection.
      • Individuals have an option to reduce their cover, depending on their financial condition.
      • One can opt for additional riders, ensuring they are protected against certain elements.
    4. Money Plus I:

      The Money Plus I plan offered by LIC serves a dual role, acting both as an investment plus insurance scheme. This endowment plan helps you utilise your income smartly, ensuring you reap the benefit of smart planning.

      Features and Benefits

      Some of the main features and benefits of Money Plus I are mentioned below.

      • Individuals can choose between 4 investment fund types.
      • Flexibility in terms of premium payments, with an option to pay annually, half-yearly, quarterly or monthly.
      • One can choose a policy term ranging between 10 and 30 years.
      • An individual is entitled to a minimum sum assured which is equivalent to 5 times the annualized premium paid by them.
      • Partial withdrawal is permitted on certain occasions.
    5. Profit Plus:

      This unit linked endowment plan is ideal for individuals who wish to have flexibility in terms of their finances while staying protected.

      Features and Benefits

      Some of the major features of Profit Plus are mentioned below.

      • Individuals are entitled to a sum assured which ranges from 1.25 times their annualized premium and 5 times the premium.
      • Partial withdrawal facility ensures that you are not cash strapped during emergencies.
      • Individuals have an option to choose between 4 investment funds, with the choice to move between them.
      • The fund value will be paid on maturity.
      • Individuals can choose to settle their policies and receive money through instalments.
    6. New Endowment Plus:

      This unit linked non-participating endowment plan serves dual roles, offering an insurance cover and investment benefits to individuals. It ensures that one gets a healthy mix of protection and savings, helping you utilise your money effectively.

      Features and Benefits

      • Individuals can choose between 4 investment funds.
      • There is flexibility in terms of premium payment modes.
      • A death benefit equivalent to the fund value or sum assured will be paid in the event of unfortunate demise of policyholder.
      • A maturity benefit equivalent to the fund value will be paid.
      • Individuals can choose to enhance their cover by opting for additional riders.
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