LIC launches two unit-linked plans

Hyderabad, Aug 23 (UNI) Coinciding with the bearish sentiment in Indian stock market, Life Insurance Corporation (LIC) has launched two unit-linked plans -- ''Profit Plus'' and ''Fortune Plus''.

Talking to reporters here today, LIC Zonal Manager K Ganesh said under ''Profit Plus'' plan, the premium could be paid in one lumpsum or in instalments of three, four or five years.

The premium allocated to purchase units under the plan would be invested according to investment pattern chosen from four different fund types -- bond, secured, balanced and growth.

Optional riders like critical illness and accident benefits were also available, he said, adding that minimum premium was Rs 20,000 for single premium and Rs 10,000 per annum for regular premium paying policies. The plan was available for persons aged zero to 65 and the minium sum assured was Rs 25,000.

Under the ''Fortune Plus'' plan, the premium payment was limited to five years and premium payable in subsequent years was one-fourth of the first year premium payable. The plan was available for persons in the age group of 12 to 60 years and minimum premium payable was Rs 20,000 for the first year, he said.

Partial withdrawals were allowed after payment of three years premium, he said, adding that income tax concession was available under both the policies and the withdrawals would not attract any income tax.

UNI