Saturday, June 20, 2009

LIC launches new unit-linked scheme

The Life Insurance Corporation of India (LIC) launched a unit-linked Superannuation Plus Plan. The returns under this new plan are linked to the performance of the chosen fund. The plan offers four investment options: Bond Fund, Income Fund, Balanced Fund and Growth Fund.

The minimum contribution required under the scheme is Rs 2.5 lakhs per annum and there is no maximum limit. The minimum group requirement is 20 members. There is no bid offer spread under this scheme. The minimum and maximum entry ages are 18 years and 65 years completed. The maximum maturity age allowed is 75 years completed.

Switching between options is one of the most attractive features. The minimum fund for switch over is Rs 30,000 per member. As the fund aims at long-term provision for retirement, loan facility or partial surrender is not allowed. The investment risk is borne by the individual member and the value of units is subject to market risks. The NAV will be declared on daily basis.

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