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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I am a holder of LIC ULIP Money Plus (Table No.180) – Money Growth which I took on 29.03.2007 with a premium of Rs.15000/- yearly. I have deposited the premium due every year till date. Before taking this policy, the agent polished me and influenced me to take the policy. Being a policy holder I should know the total no. of units I am holding at present. I was told by the agent that I have to deposit the yearly premium for 3 consecutive years then only my policy will be alive, after that choice is with me whether to deposit or not. But uptil now I have deposited the premium for 4 consecutive years. Now I am in a dilemma whether to continue or not. I am disappointed to say that inspite of my repeated trying over phone to contact your office or contact local office, I am unable to know the total number of units I am holding at present.
The policy holder should be aware of the total no. of units one is holding. Not a single letter I have received from the LIC regarding the total no. of units I am holding and the NAV as on date. The only letter that I have received from your office is that your premium is due and to deposit the amount before due date. I am having other ULIP policies of different companies, where I am getting Account Statement every year. Agents approach to take new policy. But how can I take a new policy if I am having this bad experience. When letters can be sent to me to deposit the premium, why can’t letters be sent atleast once in six months or 1 year regarding the total no. of units one is holding after paying the premium.
I would request you to kindly intimate the concerned officers to arrange to send by post (hard copy) in my below mailing address of the total no. of units I am holding till date and the NAV particulars, so as to keep it as record in my personal file.
The details of my policy is as follows :-
Policy Name : Money Plus (Table No.180)
Fund Name : Money Growth
Policy Number : 603019444
Name of policy holder : Sheeja S. George
Name of the nominee : Shaji George
Date of Birth : 21.09.1975
Date of Commencement : 29.03.2007
Premium Payable : Rs.15000/-
Complete address : Sheeja S. George,
(Mailing address) Ellumvilayil Grace Villa,
Kadampanad South P.O.
Pathanamthitta
Kerala-691553
Hoping to receive the reply by hard copy through post in my mailing address from your office regarding the status of my policy.
Kindly please give me the email id of customer care of LIC ULIP in my email id : gracevilla1939@gmail.com
Thanking You,
Sheeja S. George
gracevilla1939@gmail.com
Reply
Tabrej Reply:
October 7th, 2010 at 12:55 am
You can call 1251 from MTML/BSNL
Reply
i have invested in money plus in 2007(Rs10000*3years), now i want to surrender. what will be charge?How much i will get now at current rate in sept2010?pl replay me.
Reply
Does claim concession apply to Money Plus plan.
Reply
hi anushka,i want to investRs. 50000 for five years .please tell me in which plan i can get max benifit ?
Reply
Tabrej Reply:
September 9th, 2010 at 12:58 am
You can get maximum benefit in Market Plus 1
Reply