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.

ULIP Surrender Charges
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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