LIC Launches New Unit Linked Plan (25-Feb-2010)
Life Insurance Corporation of India (LIC) has launched ''Wealth Plus'', a unit-linked insurance plan that will be available for sale for a limited period.
S. Chandrasekhar, Senior Divisional Manager, LIC Divisional Office, Ernakulam said that the plan safeguards investments from market fluctuations.
However, the product offers a guarantee of the highest net asset value recorded on a daily basis in the first 7 years of the policy, subject to a minimum of Rs.10.
The payment at the end of the policy term will be based on the highest NAV recorded over the first 7 years of the policy or the NAV applicable at the end of the policy term, whichever is higher.
Meanwhile, the period of 7 years commences from the date of commencement of the policy while the minimum age at the entry is 10 years while the maximum age at entry is 65 years.
The unique feature of the plan is the extended life cover for 2 years after the completion of the policy term of 8 years.
In case of death during the policy term, the nominee shall receive sum assured under the basic plan together with the policyholder''s fund value as death benefit.
The premium can be paid in a single lump sum or for 3 years regularly at yearly, half-yearly, quarterly or monthly intervals while the minimum premium for single premium policies is Rs.40,000.
Moreover, Mr. Chandrasekhar said the Ernakulam division of LIC retained the top position in terms of first premium income in the current fiscal while the division collected Rs.565 crore as first premium income from 42,8220 policies.
The division has recorded 10% growth in first premium growth and seven percent in the number of policies, he said.
Previously, Life Insurance Corporation of India''s reported a decline in its new business premium by 53.45 per cent at Rs 4, 841, 42 crore in January 2010, against the same period last year.
According to IRDA data, LIC was able to generate Rs 10,401.13 crore through its new business premium in the month of January 2009.
Moreover, Life Insurance Corporation (LIC) has set a target to garner Rs 25,000 crore from its recently launched close-ended unit-linked Wealth Plus scheme.
An official said that a target of Rs 25,000 crore has been set by the company in order to mobilise from Wealth Plus scheme that safeguards investments from the fluctuations of the market.
Sensing the great demand for guarantees as well as guaranteed-return products, LIC had launched a close ended plan Jeevan Aastha last year, which garnered over Rs 10,000 crore during a short period.
Meanwhile, with an objective to close the yearly equity investment at higher level, Life Insurance Corporation (LIC) of India is eyeing to pump in around Rs. 10,000 crore in the stock Market by the end of the current financial year, taking its annual equity investment to Rs. 60,000 crore during this financial year.
Mr. N Mohanraj, Executive Director (investment operations) of LIC said the company''s investment in the equity market has so far already crossed Rs. 50,000 crore and it expects to close the current financial year with an investment of Rs. 55,000-60,000 crore.
On the other hand, Life Insurance Corporation of India (LIC) from its Visakhapatnam division is expecting a 37 per cent growth in new collection premiums in the current fiscal year as compared to last year.
In 2007-08, Rs 290 crore new premiums has been collected by the division. Up to January, it collected Rs 240 crore and is now aiming to collect Rs 400 crore in this year. According to D Nageswara Rao, senior divisional manager, LIC Visakhapatnam, said that the division is confident of mobilizing another Rs 160 crore in the month of February and March.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|