Life Insurance Corporation of India will launch the new unit linked endowment assurance plans  Fortune Plus-Plan number 187 and Profit Plus - Plan number 188 on Thursday, informed LIC, Udupi division Senior Divisional Manager Surendra Behra.
Speaking at a press meet organised on Wednesday, he said the Fortune Plus Plan offers investment cum insurance benefits during the term of the policy. The premium paying term is five years wherein the minimum first year premium is Rs 20,000 and for the rest four years, the renewal premium will be one-fourth of the first year premium. Here, the minimum sum assured will be five times of the first year annualised premium or half of the policy term times, whichever is higher. The benefit in this policy is that the policy holder also has an option to receive the maturity value in installments spreading over five years after the date of maturity. Moreover, partial surrender facility is available after three years and auto cover facility is available, he informed, adding that switching over from one fund to another fund is allowed free of cost for first four switches in a policy year.  Speaking about the Profit Plus Plan, he said the premium paying term will be 3, 4 or 5 years wherein the minimum premium for single premium is Rs 20,000 and for regular annualised premium, it will be Rs 10,000. The unique feature of the policy is that the age at entry is 0 to 65 years and minimum sum assured will be five times of first year premium or half of the term time first year premium, whichever is higher. For single premium minimum sum assured will be 1.25 times of single premium. Auto cover facility is also available, he added.
With regard to the money plus policy launched last year, he said 83,000 money plus policies were sold accounting for Rs 70 crore premium collection, while Rs 7,352 crore premium was sold at national level on 74 lakh money plus policies, he explained.