LIC Launche’s Wealth Plus (Plan No. 801)
After the tremendous success of L.I.C’s Market Plus I (Plan No 191) and L.I.C’s Jeevan Nischay (Plan No 199), the leader of the Insurance market and the top Insurance company in India, ” Life Insurance Corporation of India” is now set to launch a new Guaranteed Return U.L.I.P (Unit Linked Insurance Plan) Plan called as L.I.C’s Wealth Plus (Table No 801)
This U.L.I.P plan of L.I.C will be available for sale for the public from 9th February 2010. As publicized to be a Guaranteed Return Plan, the L.I.C’s Wealth Plus guarantees to pay you the highest NAV reached in the first 7 years of its term or the 8th year NAV which ever is higher. This will ensure that the policyholder gets the maximum benefit in the either way possible from the policy that he holds with L.I.C
Other salient features of this plan include:-
- Guaranteed return of highest NAV of the first 7 years or the 8th year NAV, whichever is higher.
- Policy term – 8 year
- Only 3 yrs premium paying term or single premium as per client’s choice.
- A minimum single premium of Rs 40,000 and Minimum Yearly premium of Rs 20,000.
- Risk cover of 5 times of the annualized premium or 1.25 times of single premium.
- In case of death during policy term Basic Sum Assured + Fund Value
- Extended risk cover for 2 years even after term-end.
- Partial withdrawal allowed at any time after 3 years.
- Accident Benefit Raider (EDAB) allowed at a nominal charge of Rs 0.50 per 1000.
The L.I.C’s Wealth Plus (Plan No 801) is available for individuals within the age of 10 yrs L.B.D (last birth day) to the age of 65 yrs. But the Accident Raider can only be availed by individuals within the age of 10 yrs to 62 yrs.
This is just the briefing of the latest launched or to be launched L.I.C’s Wealth Plus.
maximum NAV achieved till date is 11.05
my age is 26.
my three years of primium are getting over in dec 2012 . rt nw the NAV value is 10.08. no of units is 8055 approx. i would ve invested 96000 by 2012 .if i consider the present NAV value only , hw much will i get after 5 yrs of last premium paid ?
You will get more than 5000000…..Good
I already invested one lakh in LIC wealth plus and also I am going to pay 2 more lakhs for the upcoming two years and my age is 29. Will u tell me what the approximate amount I am going to get at the end of the policy. It is an urgent.
Hi Punit, What is the value of one unit now (wealth plus – plan 801). and how to check everydays unit value. Please provide weblink to check value or any way to track it.
Thanks in advance. Venkat
i am invest welthplus 40000 single premiam
what is the NAV september end
my date of birth is 07.07.1982 i had invested 20000/- pa(wealth plus plan) if i will continue it for 8 years what will be the maturity amount after 8 years
I had invested Rs. 100000(single premium) for eight year (wealth plus plan). How I will get after 8 years. How to calculate it? Can you give me illustration pls. my age is 35 years
Hello sir,
I had invested Rs. 100000(single premium) for eight year (wealth plus plan). How I will get after 8 years. How to calculate it? Can you give me illustration pls. my age is 35 years
Hi Punit,
I have planned to invest a 1,00000/- (One Time)in wealth Plus Lic policy. How much get after eight year
Hi Punit,
I have planned to invest a Rs- 50000/- (One time) in wealth plus Lic policies . I wanted to know how much unit i will get after deducating all the charges ? My age is 27 years what is SA in this plan I will get
? what would be the last date of this Plan?
paying a three premium is good OR one time premium is good ?
As being an insurance advisor, can you plz suggest me any software to manage my clients’ information about their premium dues, requirements etc.
what is closing date of Wealth Plus??
Hi Sanjiv,
Since LIC;s Wealth Plus is a closed ended fund. Once the fund reaches 25000 crores or May 5th (this is not the perfect date ) whichever is earlier.
Warm Regards,
Manjunath.V
9342551802
Tax consultant and Insurance Advisor
Bangalore.
investandsavetax@gmail.com
wanted to know , what is the last date for opting for this LIC wealth plus policy. In order to get the benefit for tax exemption , it would be better if i invest in this policy in the next financial year only. Please advise
Dear Mr.Punit,
Good work. Keep it going.
Warm Regards,
Manjunath.V
9342551802
Tax consultant and Insurance Advisor
Bangalore.
investandsavetax@gmail.com
@raghuvar
As mentioned above there is actually no cut off date for this plan. The plan is said to be around for 3 months but mind me it wont. Its going to close earlier, may be by the end of march or second or third week of April. LIC has a maximum business limit of 25,000 crores for this plan and once that figure is reached the plan will be closed without any intimation. And mind me maximum possibilities are that the figure will be crossed by the end of March.
I want to surrender my wealth plus policy no.801 due to some urgency , is this advisable to surrender @ current market scenario? If not then please suggest me when ??? Please help me out. I paid 60,000 in three years 🙁
what is the last date of closing LIC wealth plus plan.
@ Virendra
For this policy the agents are paid a commission of around 2 to 5%.
There is actually no cut off date for this plan. The plan is said to be around for 3 months but mind me it wont. Its going to close earlier, may be by the end of march or second or third week of April.
Dear Puneet,
Please tell me coomission paid by lic agents for wealth plus policies.?
what is the last date for wealth plus plan?
@ sanjeet It would be difficult to tell that without knowing your age and all. Again the returns are entirely dependent on market conditions. And market conditions are most difficult to predict. But still approximately on an average considering other U.L.I.P policies of L.I.C you can expect a minimum of 1,65,000 after 8 years.
sir,
i can paid half yearly premium in wealth policy for three years then how much premium i get after 8 years
thanks
sir,
if i paid 20000 pa in wealth policy for 3 years. how munch premium i get after 8 years.
thanks
@akashdeep
Appreciate that you understand or agree with my opinion regarding rebating.
BTW i think it would be a bit difficult to get health insurance at that age. L.I.C has an health insurance called as “Health Protection Plus” but then the upper age limit for that policy is 55 yrs. It cannot be bought after that. Again if you are taking that policy your parents would require to undergo a medical examination and various pathological testes including ECG etc.
Since there is no previous illness most of the diseases would be covered. You can buy health insurance from any Health insurance companies around, but don’t forget to try and find out about claim settlement processes, cashless hospitalization features etc and claim ratio before you buy any policy. But mostly all companies would require some or the other medical examination’s done before granting any policy.
Yes health insurance has Tax rebate under section 80 D up to 10,000/-
sry for incomplete query
my second question is which is the most reliable company to take policy?
and lastly, will that give any tax benefits to me
Hiiiii
this is regarding mediclaim insurance or health insurance policy .
my parents are in their mid fifties (55 and 53 )
i want to get them insured for any inevitable health risks in future.
right now they are not having any pre diagnosed illness
1.can u guide me regarding that ?
well thanks a lot in guiding me towards correct path
actually speaking yes !!!!!!!
many agents in day to day life offer discounts because we insist them most of the time
sir ur point has been noted for future compliance
thnx and take care
@akshadeep
LIC agent cannot give any discount on this policy. And practically speaking L.I.C agent cannot give any discount on any policy sold by him.
Rebating or giving any monitory discount by agents on any policy is a crime and not an ethical code of conduct of fair business practices. It is the consumers responsibility to not encourage any such practices. If found the agent can loose his license and never get a license again.
It is a duty of educated people like us to not entertain such temptations and only support the true spirit of salesmanship.
Just for example If you own a shop and you sell a product of MRP Rs100/- on which you get around Rs 30/- profit by selling that. So at any point, will you give me Rs 10 or Rs 15 back cos you get Rs 30/- profit. Same way L.I.C agent is also a business man or a salesman. And he is paid for all the pain he takes to sell any product of L.I.C.
Not at all!! There are no hidden charges for the policy. All charges life fund allocation charges, fund management charges, mortality charges are disclosed well in advance and are printed on the policy document. You can view the official L.I.C site http://www.licindia.in/wealth_plus_benefits.html to find out more about the charges.
And the best thing about ULIP plans is that there is complete transparency and all the charges are disclosed well in advance.
hiiii
i wanna know 2 things :
firstly how much is the maximum discount that an LIC agent can give you on first premium of this wealth plus policy (as they do give for insurance policies) ?
secondly, is there any hidden charges in the policy which can affect your return later on ?
thnx
Ye certainly! That’s the best thing of the plan. You only need to pay the premiums only for three years and nothing after that. Isant that great??
The minimum premium is 20,000/- per year. You can pay any amount to unlimited above that.
Hello Punit,
Does that mean I can invest 20,000/ per year for only 3 years? and how much I’m expected to get after 8 years?
@kishor the entire returns of the policy depends on market conditions. But seeing the past experience of L.I.C policies like Bima Plus Future Plus etc you can expect a minimum of 2.50 time the invested amount ie at least 2.5 lacs minimum.
And since the policy has been launched just couple of days back you will get the Units almost at the base rate of Rs 10/- each so you’ll gain maximum units for your investment. So its always better that you invest in the early days of the ULIP policies.
@ash the policy has only one term of 8years however you are free to withdraw the entire amount or partial amount at any point of time after 3 yrs.
DOB is 06/1978.Plz give me maturity amount if i invest 1,00,000/- single amount invest in this policy for 5,7 & 10 years
if i will invest one lakh rs. how much get after eight year.(wealth plus plan)