Kolkata, May 23: Life Insurance Corporation of India has launched yet another unit linked endowment plan 'Money Plus' which offers dual benefits--investment and insurance.
The plan, launched country-wide yesterday, offered four investment options--Bond Fund, Secured Fund, Balanced Fund and Growth Fund. The plan has featrues like enhanced limits for investment in the eqity market for secured and balanced types of funds, lower fund managment charges, enhanced limits for critical illness coverage and liberalised conditions for continuance of the policy after lapsation. The minimum sum assured is five times the annualised premium and the maximum sum assured can go up to 30 times the annualised premium, depending on age at entry. The entry age can be between 0 to 65 years with the policy term ranging from 5 to 30 years.
Premium can be paid from monthly to yearly and the minimum annualised premium is Rs 5000. There will be option to switch over from one fund to another fund with four free switches per year.
The maximum cover for Critical Illness Rider benefit will be Rs 10 lakh.
Regional Manager R R Dash said the company was in the process to launch two to three new products in this fiscal.