The Life Insurance Corporation of India has launched two unit-linked insurance policies(Ulips) Fortune Plus and Profit Plus. Both the plans aer unit-linked plans.
FORTUNE PLUS.
Under this policy, the premiums are payable only up to 5 years. Also, the first year premium is fifty per cent of the total premium payable under the policy. The minimum first year premium will be Rs. 20,000/-. From second year on words, each years premium would be 25% of the first year premium.
The policy holder has 4 investment options to choose from – Bond Fund, Secured Fund, Balanced & Growth Fund. The bond fund is mean for risk averse and has now equity exposure. Secured fund is classified under the lower- to-medium risk investment too. The funds invested here are a combination of government securities and listed shares. Balance funds are considered medium risk-30% exposure in govt. securities & the rest in listed equity shares. The growth fund has 80% exposure to equity and the remaining in govt. securities.
PROFIT PLUS
The premiums under this policy are payable in a lump sum or over three, four or five years in equal installments. This fund, too invests in four types of funds-bond fund, secured fund, balanced fund & growth fund. The insured can choose to invest in the any of the above mentioned funds depending on their risk appetite. The minimum term of the policy is 5 years and the maximum 20. If the premium is being paid in a lump sum, the minimum amount is 20,000/-. For other options, the minimum Rs. 10,000/-. This cover comes with the accident benefit option or critical illness benefit rider.
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