Unit Linked Insurance Plan Revised
Unit Linked Insurance Plan (ULIP) Revised Terms:
After September 1, 2010 all ULIP Plans will have following features:
Term:
The Minimum term for ULIP plan would be 10 years. That means you can not buy ULIP plan for less than 10 years.
Locking Period for Top Up:
All Top-up premium lock in period would be 3 years. Also, Top up premium not allowed in during 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:
Withdrawal not allowed before maturity in case of 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 single premium for each time you top up.
Surrender:
Surrender before 6 year will attract penalty.
| Term | Surrender Duration | Charges |
| Less then 10 yrs | 1st year | 12.5% |
| 2nd year | 10% | |
| 3rd year | 7.5% | |
| 4th year | 5% | |
| 5th year | 2.5% | |
| 6th year | Nil | |
| More than 10 yrs | 1st year | 15% |
| 2nd year | 12.5% | |
| 3rd year | 10% | |
| 4th year | 7.5% | |
| 5th year | 5% | |
| 6th year | 2.5% |
If you are thinking to buy LIC ULIP plan then don’t wait get your ULIP plan now.
If you want to buy LIC ULIP policy then visit : http://www.lifeinsuranceindiaonline.com/ulip-plans/
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hi anushka,i want to investRs. 50000 for five years .please tell me in which plan i can get max benifit ?
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