Business Daily from THE HINDU group of publications
Thursday, Jul 06, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 06, 2006 |
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Money & Banking
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Life Insurance Marketing - New Products & Services LIC launches Market Plus Our Bureau
New Delhi , July 5 Life Insurance Corporation of India (LIC) today launched its unit linked pension plan - Market Plus. The new product combines investment and pension benefit with option of insurance cover during the term of the policy. Speaking at the launch here, Mr Parkash Chand, Senior Divisional Manager, LIC, said the plan is available to individuals between the age group of 18 and 70 years. The minimum premium is Rs 5,000 per annum under regular modes and Rs 10,000 under single premium. "There is, however, no upper limit as maximum is dependent upon the financial standing of the proposer," he added. The minimum period after which the pension starts is five years from the date of commencement of the policy or 40 years of age of proposer whichever is later. The premium paid by the policyholder after deduction of administrative charges, fund management charges, risk premium and premium for accident benefit, if opted for, will be invested in the fund type chosen by the policy holder, he elaborated.
Exit option
In Market Plus, an individual will be allowed to exit or surrender the pension policy before the completion of three years, with an opportunity to choose the date of doing so. However, the money will be payable only after three years, Mr Chand said.The policyholder would have four options to chose from - bond fund, secured fund, balance fund and growth fund. The Delhi zone of LIC has clocked an over 500 per cent growth in the first quarter of the current fiscal. In the single premium category, the northern zone has recorded a growth of 816 per cent, while in non - single premium category the growth was149 per cent.
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