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LIC launches new Endowment Plus Policy

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Officials of Life Insurance Corporation launch new endowment policy in Ludhiana on Wednesday. Photo: Inderjeet Verma
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Ludhiana: Life Insurance Corporation launched its new Endowment Plus Policy here on Wednesday. “It is a unit linked assurance plan offering investment-cum-insurance during the term of the policy. The plan provides dual benefits of risk cover and benefits of investment markets. “Policyholders will have option to choose from any of the four funds i.e. bond fund, secured fund, balance fund and growth fund, as per ones risk appetite with added convenience of switching between these funds. Within a given policy year, four switches will be allowed free of charge,” said DC Thakur, Senior Divisional Manager, Ludhiana, after launching the policy. He further explained that the plan was available from ages 90 days to 50 years with a choice of policy term of 10 to 20 years. Premium payment mode available is regular. On life assured surviving the stipulated date of maturity, an amount equal to the policy holder’s fund value is payable. The maturity benefit can be payable either as a lump sum amount or in equal installments if settlement option is opted for. 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. — TNS

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