Unit Linked Insurance Plan (ULIP) Revised Terms:
From September 01, 2010 all ULIP Plans will have following features:
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.
Insurance cover is mandatory including Pension Plan Hence there will be no ULIP without risk cover.
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 before 6 year will attract penalty.
|Less then 10 yrs||1st year||12.5%|
|More than 10 yrs||1st year||15%|
If you want to buy LIC ULIP policy then visit : http://www.lifeinsuranceindiaonline.com/ulip-plans/
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