Unit Linked Insurance Plan (ULIP) Revised Terms:
From September 01, 2010 all ULIP Plans will have following features:
Term:
The Minimum term for ULIP plan would be 10 years.
Locking Period for Top Up:
All Top-up premium lock in period would be 3 years. Also, Top up premium not allowed in during last 3 years of maturity.
Compulsory Insurance:
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.
Pension ULIP:
Withdrawals will not be not allowed before maturity in case of Pension Plan.
Assignments and Loan:
Assignments and loans are not available in ULIP Plan.
Top Up Premium:
Risk cover is mandatory for top up premium and will be treated as single premium for each time you top up.
Surrender:
Surrender before 6 year will attract penalty.
ULIP Surrender Charges
| Term |
Surrender Duration |
Charges |
| Less then 10 yrs |
1st year |
12.5% |
|
2nd year |
10% |
|
3rd year |
7.5% |
|
4th year |
5% |
|
5th year |
2.5% |
|
6th year |
Nil |
| More than 10 yrs |
1st year |
15% |
|
2nd year |
12.5% |
|
3rd year |
10% |
|
4th year |
7.5% |
|
5th year |
5% |
|
6th year |
2.5% |
If you want to buy LIC ULIP policy then visit : http://www.lifeinsuranceindiaonline.com/ulip-plans/
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