LIC announces launch of Endowment Plus Policy

MUMBAI: Life Insurance Corporation of India on Monday announced the launch of Endowment Plus Policy, which is LIC's second unit-linked pension plan under the new Insurance Regulation and Development Authority (IRDA) regime.

Pension Plus was the first unit-linked pension plan under the new IRDA regime, LIC said in a statement here.

Endowment Plus offers investment-cum-insurance during the term of the policy and is available for people under 7-60 years for a policy term between 10 years and 20 years.

The minimum annual premium under the policy is Rs 20,000 for regular modes and a risk cover of up to 11-30 times of annualised premium or 1.25 times of single premium.

Critical illness and accident benefit riders are also available with this policy, it said.

The policy holder, it said, has the option to choose any of the 4 funds namely - Bond Fund, Secured Fund, Balanced Fund Growth Fund.

The option of switching within the funds is available any number of times during the duration of policy. The first four switches every year are free of charge and Rs 100 is levied thereafter per switch.