LIC’s Samridhi Plus protects the downside risk of the policyholders by offering Guaranteed NAV
Mumbai: Life Insurance Corporation has launched Samridhi Plus, a Unit Linked Insurance Plan. Besides offering life cover, the product also aims to protect the investment of the policyholder by providing Guaranteed NAV to safeguard against highly volatile market period. Samridhi Plus is LIC’s first ULIP plan providing limited premium payment.
Product Snapshot:
The Samridhi Plus ULIP plan comes with a ten year policy term, where the policyholder can either opt to pay premium in a single lump sum or pay premium for a limited period of 5 years and the benefit will accrue for the entire ten years. The entry age of the plan is 8 to 65 years.
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5 years premium paying mode |
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|
A |
Installment Premium |
Minimum Rs. |
Maximum Rs. |
|
|
Yearly |
15,000 |
100,000 |
|
|
Half-Yearly |
8,000 |
|
|
|
Quarterly |
4,000 |
|
|
|
Monthly |
1,500 |
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|
|
|
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|
B |
Single Premium |
30,000 |
no limit |
The product offers guaranteed payment of highest NAV after ten years policy term which will be recorded on daily basis during the first 100 months of the policy or the NAV on the maturity date, whichever is highest.
Sum Assured
|
Age |
Minimum Sum Assured |
Maximum Sum Assured |
|
Regular Premium |
|
|
|
Below 45 years |
10 times annualized premium |
20 times annualized premium |
|
45 years & Above |
7 times annualized premium |
10 times annualized premium |
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|
|
|
|
Single Premium |
|
|
|
Below 45 years |
1.25 times the single premium |
5 times the single premium |
|
45 years & Above |
1.10 times the single premium |
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