8 Replies to “how is the new wealth plus insurance schemes?”


  1. It’s very nice policy & at present it’s a new trend in ULIP policies. You can invest Rs40000.00(min) as single or Rs 20000.00(annual) , with risk cover Highest NAV in first 7 years will payable at maturity. So the risk of market fluctuation is minimum it’s a nice concept but the return depends upon the fund investment & so far LIC has given good return to it’s customer.




  2. LIC Wealth Plus –

    For Basic Sum Assured Rs 2,00,000/-

    i) Mortality Charge – Age 45: Rs 6.85 per Rs 1000/- Basic Sum Assured. = Rs 1370/- p.m.

    Accident Benefit charge – Rs. 0.50 per thousand Accident Benefit Sum Assured p.m. per policy year

    ii) Policy Administration charge –

    Rs. 60/- per month during the first policy year,

    Rs 25/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 25/- per month escalating at 3% p.a.

    iii) Fund Management Charge: 1.00% p.a. of Fund Value shall be appropriated by adjusting the Net Asset Value (NAV)

    iv) Guarantee Charge: 0.35% p.a. of the Fund Value

    v) Service Tax Charge
    The illustration by LIC shows that you pay Rs 2000/- pm premium for Basic Sum Assured Rs 2,00,000/-

    Notice the charges that will be deducted from this amount. Say about Rs 1600/- p.m. for age 45. What will be the amount left for investment?

    When you stop paying premium after 3 years, these charges will still be deducted from your fund value every month. The fund value will keep decreasing to that extent.

    As regards the Highest NAV, it is just another cheap marketing trick to garner more funds from unsuspecting investors. In fact, it is very unlikely that at the time of maturity NAV will be less than guaranteed NAV. It is highly improbable, if not impossible. Most probably the investments will be in debt instruments.

    Mortality Charge Rs 1370/- p.m. = Rs 16,440 p.a. If you buy a Term Plan of this amount you can get a risk cover as high as Rs 25 lakhs.

    HMT


  3. Anything that is linked to equity has a risk. No one can guarantee a high return. So you can be sure that your returns will not be more than 5-7% . This is a ploy to get money from you. Better to keep insurance & investment separate. For insurance , go for PURE TERM COVER, not necessarily from LIC. For investment, go for a combination of PPF/ Direct equity / SIP in mutual funds.


  4. Wealth Plus is a unit linked endowment plan which offers investment-cum-insurance during the term of the policy.
    Description Wealth Plus is a unit linked endowment plan which offers investment-cum-insurance during the term of the policy.
    Age Range 10 (Last Birthday) – 65 Years (Near Birthday)
    Term 8 Years
    Premium Paying Term 3 years or Single Premium
    Min Premium Rs. 2000 for Mly ECS, Rs. 20,000 p.a. for Other Regular Premium and Rs. 40,000 for Single Premium
    Regular Premiums – 5 times of annualized premium.
    Single Premium – 1.25 times the single premium
    Minimum Sum Assured
    Regular Premium – 10 times the annualized premium if age at entry is upto 50 years and 5 times the annualized premium if age at entry
    is 51 years and above.
    Single Premium – 5 times the single premium if age at entry is upto 40 years, 2.5 times the single premium if age at entry is 41-50 years
    and 1.25 times the single premium if age at entry is 51 years and above.
    Maximum Sum Assured
    Premium Modes Yly, Hly, Qly, Mly (ECS) and Single Premium
    In case of death of the policyholder within the policy term, the nominee shall be eligible to get the Sum Assured under the basic plan
    plus the value of units held in the Policyholder’s Fund.
    In case of death of the policyholder after the policy term but before the expiry of extended life cover period (2 years from expiry of term)
    the nominee shall get the sum assured under the basic plan.
    Risk Cover
    On maturity the policyholder will receive an amount equal to the fund value based on the highest NAV over the first 7 years of the
    policy or the NAV as applicable at the end of the policy term, whicherver is higher, shall be payable.
    Maturity Benefits
    Loan Not Available
    Accident & Disability Benefits Available
    Critical Illness Not Available
    Special Feature Partial Withdrawl Facity available.


  5. Then can Give you Highest NAV guarantee not Highest Returns guarantee

    It’s a Normal policy they invest max to debt

    Just like Capital protection policy

    Nothing new only Advt material Change





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