LIC’s Wealth Plus Plan which is closed ended plan will be introduced on 9th February 2010. Salient features of thes policy (plan No. 801) are as follows:

• Unit Linked Plan with Policy Term of 8 Years.
• Free Insurance Cover for 2 years after maturity.
• Amount payable on maturity will be based on Highest NAV in the 1st 7 years or the NAV at the end of 8 years whichever is higher.
• Accicent benefit upto 50 lacs is available.
• Mode of Payment- Single or for 3 Years. For 3 years premium paying term, premium can be paid monthly, ECS, Quarterly, Half Yearly or Yearly.
• Minimum premium Rs. 2,000/- p.m. for monthly (ECS) mode. Rs. 20,000/- p.a. for 3 year term & Rs. 40,000/- for single premium. Maximum Premium: No Limits.
• Minimum age of entry 10 years and maximum 65 Years.
• Minimum Sum Assured: 5 times the annualized premium and 1.25 times single premium.
• No top up is allowed.
• Partial withdrwal is allowed twice in a policy year after premium paying term.
• Charges: Premium allocation charge 5% for premium upto Rs.4 lacs & 4.5% for above 4 lacs.  For 3 years premium paying term, Policy allocation Charge in the 1st year ranges ranging from 12% to 11.5% & thereafter every year @ 2.5%.
• Level mortality charge based on age at entry.

Unique features:

1. 1st Guaranteed NAV Product of LIC
2. Instead of increacing mortality premium, this plan offers level premium.
3. Allocation Charge and other charges are extremely low.
4. 2 Years extended life cover after the maturity.
5. Partial withdrwal is allowed.
6. Lowest cost among all plan available in the market of such types of plans.

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