About Wealth Plus
LIC of India‘s new life insurance plan Wealth Plus is an unit linked plan with a term of 8 years and premium payment term of 3 years or Single premium.
Returns in Wealth Plus
Wealth Plus guarantees to pay the highest NAV reached in the first 7 years of its term or the 8 th year NAV which ever is higher. But this guarantee of highest NAV can only be availed if you complete the term of the policy.
Extended Life Cover
LIC’s Wealth Plus also offers extended life cover for a period of 2 years after end of the term.
There are no surrender charges in LIC’s Wealth Plus. You can surrender even within three years, but the amount will be only paid after three years from date of the policy as per IRDA restrictions.
Partial Withdrawals under LIC’s Wealth Plus
LIC’s Wealth Plus has an inbuilt feature of partial withdrawals wherein, withdrawals can be made twice in a year after three years from commencement of your plan. But the only restriction is that there should be a minimum of one annual premium left in the fund, and the minimum amount to be withdrawn must not be less than Rs.2000.