For the first time after the product regulations were issued in February 2013, the lIC would on Wednesday launch its maiden UlPI product New Endowment Plus.
While talking to media persons here on Tuesday, Central Zonal Manager SN Nagnyal said that it is a Unit linked assurance plan offering investment-cum-insurance during the term of the policy and the plan provides dual benefits of Risk cover and benefits of investment markets.
Customers would be provided with option of four funds which are Bond Fund, Secured Fund, Balance Fund and Growth Fund which depends on the investment risk. The customers would be able to switch between the funds four times in a year and which would be free of cost.
Policy term could be of 10 to 20 years and the premium payment mode could be yearly, half yearly, quarterly and monthly basis, monthly basis could be provided only through ECS.
The Plan is available for a newly born attaining 90 days to a 50 year old. locking period of the plan is five year after which withdrawals would be allowed.
Demand of market linked plan was raised for past few years from customers and lIC agents and employees.
In the plan single premium option is not available. The plan also comes with an Accident Death Benefit Rider which provides for an additional amount equal to Accident Benefit Sum Assured on death due to accident. An option for partial withdrawal is also available. This UlIP plan will be a great opportunity to reap the benefits of Capital Market.