Life Insurance Corporation of India (LIC) launched another unit-linked pension plan named - Endowment Plus Policy, under the new Insurance Regulation and Development Authority (IRDA) regime.
Pension Plus being the first unit-linked product launched in unison with the new IRDA guidelines.
Endowment Plus offers:
• Investment-cum-insurance during the term of the policy and
• Available for people under 7-60 years for a policy term between 10 years and 20 years.
Other features:
• The minimum annual premium under the insurance policy is Rs 20,000 for regular modes and a risk cover of up to 11-30 times of annualized premium or 1.25 times of single premium.
• Critical illness and accident benefit riders are also available with this policy.
• The policy holder has the option to choose any of the 4 funds namely - Bond Fund, Secured Fund, Balanced Fund Growth Fund.
• The option of switching within the funds is available any number of times during the duration of policy. The first four switches every year are free of charge and Rs 100 is levied thereafter per switch.
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