LIC launches two ULIP schemes

NEW DELHI: LIC, the country's largest life insurance on Wednesday announced lauch two ULIP products, Profit Plus and Fortune Plus.

Both these products would have policy term of 5-20 years and would be available in four options namely Bond, Secured, Balanced and Growth.

The policy holder can choose one of these options depending on his or her risk appetite, LIC Senior Divisional Manager Prakash Chand told reporters here. The allocated premiums would be utilised to purchase units as per the selected fund type, he said.

A policy holder are allowed four free switches of the option selected, he said, adding thereafter it would invite charge of Rs 100 per switches. Both the schemes open for subscription across the country from tomorrow.

Profit Plus scheme available to 0-65 age category, provides critial illness cover and accident along with the cover on life. The scheme which comes with the single premium benefit is available with the option of partial withdrawal of sum after three years.

At the same time 'Fortune Plus' would be available to the age group of 12-60 years with the three year lock in period. The policy comes with optional accident benefit riders. The other ULIP products of LIC includes Market Plus and Money Plus.