Life Insurance Corporation of India (LIC) has recently launched a new ULIP plan named Samridhi Plus (Table No.804) . The main purpose of this type of schemes is to protect the investors from market fluctuations. This plan offers Highest NAV of first 100 months or fund value at the maturity whichever is higher. Earlier a similar scheme was launched by the LIC known as Wealth Plus but in this new plan charges are much lesser.
Samridhi Plus (Table No.804) is launched on 25th February 2011 and will be available for sale for a maximum period of 3 months from the date of launch. It is a close ended Unit Linked Insurance (ULIP) plan. The policy term is 10 years and shortest premium paying term is 5 years. You can pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals or pay through a single premium payment also. You can make two partial withdrawals per year after completing five years.
Highest NAV of 1st 100 months or fund value on maturity
Lock in period 5 years
Limited Premium paying term (5 years)
Partial withdrawal allowed after lock in period twice a year.
No limit on single premium investment
Entry age 8-65 years
Death or Maturity Benefit: Highest NAV of 1st 100 months or fund value payable on Maturity/Death.
Eligibility conditions :-
Entry age: 8-65 years,
Maturity age 18-75 years,
Policy Term 10yrs
Premium paying term: 5yrs or single premium
Risk cover :-
Below 45 years of age: 10 to 20 times of annual Premium
Above 45 yrs: 7 to 10 times of annual premium
Full details of the plan can be seen over here.Google+