None
Skip to mainThe financial year is coming to end and you will need to submit the investment records for the tax exemptions. The Life Insurance Corporation is making moves to capture the investments. They are out with two news plans - one is the Flexi Plus Plan and the other being a pension plan called New Jeevan Nidhi.
LIC’s Flexi Plus is a unit linked assurance plan, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of the survival of the Policyholder. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
The plan offers two funds options to choose from.
You can make monthly, quarterly, half yearly and yearly payments within the minimum and maximum premium limits set by the insurer for each payment interval. Keep in mind that, Sum Assured under the plan is 10 times the annualised premiums or 105 percent of the total premiums paid, whichever is higher, this includes any premiums which were due, but not paid.
The charges are 7.50 percent for the first year, 5 percent from the second to fifth years, and 3 percent thereafter. Mortality charges, or simply put, the cost of life cover, will be in the range of Rs 1.36 to Rs 6.29 per annum, and will be charged as per the age of the policyholder. Then there are also policy administrations charges, discontinuance charges (in case of discontinuance) as well. Fund Management charges are 0.50 percent per annum of Unit Fund of Debt Fund and 0.60 percent per annum of Unit Fund of Mixed Fund.
Death benefit during the policy term is as follows; a lumpsum will be paid immediately which is equal to Sum Assured to the nominee or legal heir. After the date of death, an amount which is equal to sum of all future premiums payable will be credited to the policyholder funds. And on maturity date, total fund value will be given to the nominee, legal heir.
“As far as maturity benefit goes, on surviving the date of maturity, an amount equal to Policyholder’s Fund Value shall be payable.” To know details about benefits and features seehere.
🕑 24 Apr, 2024 09:17 AM
DoPT forwards 8th Pay Commission demand by IRTSA forwarded to Fin Min
🕑 23 Apr, 2024 10:01 AM
CGDA: Revision of rates of Allowances with DA rates increased to 50%
🕑 22 Apr, 2024 12:59 PM
CBDT: on DoPT order on regularization of Casual Workers
🕑 21 Apr, 2024 09:54 PM
DoPT Consolidated Instructions on SC, ST, OBC, PwD & EWS reservation
🕑 18 Apr, 2024 11:51 AM
Timeline extended for CGHS Beneficiary ID - ABHA ID linking
🕑 18 Apr, 2024 10:22 AM
APAR timelines for Central Civil Services extended to 30th April
🕑 10 Apr, 2024 08:25 AM
DoPT Guidelines on Departmental Promotion Committees
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process
🕑 01 Apr, 2024 09:23 AM
Kendriya Vidyalaya (KV) schools where Balvatika is functioning
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here
🕑 08 Mar, 2024 01:49 PM
Pension Scheme Gains Traction Across States, Despite Central Hurdles
🕑 20 Feb, 2024 11:17 PM
CGHS rate for general surgery applicable from February 1, 2024
🕑 08 Feb, 2024 10:19 AM
No loan interst change as RBI maintains repo rate at 6.50% for the 6th time