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LIC New Endowment Plus ULIP Plan (Table 835): LIC ULIP Plan Policy is the unit linked non-participating endowment assurance policy plan (ULIP – Unit Linked Insurance Plan). This Policy gives insurance as well as investment to the policy holder, under the plan the money will be invested in an equity market. Example: Gives Life Insurance coverage to Insured Person as well as Investment tool such as Invested in high growth Stocks, Securities, Mutual Funds, Capital Markets to get high returns. Premium paid under the ULIP plans are Tax Benefits (Tax Exemption) under Section 80(C) and Maturity Benefits are Tax Free Section 10 (D). Generally LIC ULIP Plans are inbuilt with bit of extra premium, Accidental Death and Disability Benefit Rider (Children’s (child) also can buy this plan from age 90 days). We help to check the: Eligibility, Sum Assured, NAV Value, Policy Benefits, Details, Reviews, & LIC ULIP Plan Premium Calculator, and to find the best LIC ULIP Plans in India 2017.
Policy Holder allocated premiums utilized to buy (purchase) units as per the fund type opted by the Policyholder out of the four fund types options are available, example various types of fund options and broadly their investment patterns are below:
|Fund Type||Investment in Government / Government Guaranteed Securities / Corporate Debt||Short-term investments such as money market instruments||Investment in Listed Equity Shares||Details and objective of the fund for risk /return||SFIN No.|
|Bond Fund||Not less than 60%||Not more than 40%||Nil||Low risk||ULIF001201114LICNED+BND512|
|Secured Fund||Not less than 45%||Not more than 40%||Not less than 15% &Not more than 55%||Steady Income -Lower to Medium risk||ULIF002201114LICNED+SEC512|
|Balanced Fund||Not less than 30%||Not more than 40%||Not less than 30% &Not more than 70%||Balanced Income and growth – Medium risk||ULIF003201114LICNED+BAL512|
|Growth Fund||Not less than 20%||Not more than 40%||Not less than 40% &Not more than 80%||Long term Capital growth – High risk||ULIF004201114LICNED+GRW512|
The Policyholder has the option to choose any ONE of the above 4 funds.
Discontinued Policy Fund: The investment pattern of the Discontinued Policy Fund shall be a unit fund with the following asset categories:
Method of Calculation of Unit price: Units allotted based on the NAV (Net Asset Value) of the corresponding fund as on the date of allotment. Here is no Bid Offer are spread. The NAV computed on daily basis and based on investment performance and also Fund Management Charges of every type of fund and shall be compute as:
Invested Fund Market Value + Current Assets Value – Current Liabilities Value & Provisions, and if any
Premiums are collected under ULIP are qualified for tax benefits under Section 80C . If there should arise an occurrence of policy holder’s demise (death), the sum got by the nominee one is absolutely tax exempted. The maturity is named a payout under Section 10 (10D) and the whole sum is tax exempted.
Keeping in mind the end goal to apply for an Money Back Policy, clients will for the most part be required to submit essential documentation, for example, the accompanying:
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