LIC Wealth Plus

| February 25, 2010 | 51 Comments

LIC of India has launched new ULIP plan – LIC WEALTH PLUS. It is a unit linked plan that safeguards your investment from market fluctuations, so that your investments are protected in financially volatile times. This plan offers payment of Fund Value at the end of policy term, based on highest Net Asset Value (NAV) over the first 7 years of the policy, or the NAV as applicable at the end of the policy term, whichever is higher. NAV of the fund will be subject to a minimum of Rs. 10/-. The policy term is 8 years with an extended life cover for 2 years after the completion of policy term.

Guaranteed NAV: In this product there is a guarantee of the highest NAV recorded on a daily basis, in the first 7 years of the policy, subject to a minimum of Rs. 10. This means the payment at the end of the policy term will be based on highest Net Asset Value (NAV) recorded over the first 7 years of the policy, or the NAV as applicable on the end of the policy term, whichever is higher. The period of 7 years starts from the date of commencement of policy.

Following are the main plan features:lic-wealth-plus

  • Policy Term – 8 years
  • Minimum Entry Age – 10 years
  • Maximum Entry Age – 65 Years
  • Life Cover – 10 years (Extended cover of 2 years after maturity)
  • Partial Withdrawal  – Available after 3 years of commencement of policy.
  • Premium Payment – Single premium / 3 annual premium / Monthly through ECS
  • Availability – Plan is available till 09-May-2010

Main features of single premium policy-

  • Minimum premium of Rs. 40,000/-
  • Sum Assured is 5 times the Single premium if age at entry is upto 40 years.
  • Sum Assured is 2.5 times the Single premium if age at entry is 41 to 50 years.
  • Sum Assured is 1.25 times the Single premium if age at entry is 51 years and above.

Main features of Annual premium policy (3 yrs)-

  • Minimum annual premium of Rs. 20,000/-
  • Minimum monthly premium through ECS is Rs. 2,000/-
  • Sum Assured is 10 times the annualized premium if age at entry is upto 50 years.
  • Sum Assured is 5 times the annualized premium if age at entry is more than 50 years.

Single Premium Band Allocation Charge

Up to 4,00,000

5.00%

4,00,001 and above

4.50%

Premium Band
(per annum)

Allocation charge

First year

Thereafter

20,000 to 2,00,000

12.00%

2.50%

2,00,001 to 4,00,000

11.75%

2.50%

4,00,001 to 7,00,000

11.50%

2.50%

7,00,001 and above

11.25%

2.50%


To read more about other benefits and charges like policy admin charge, fund management charge, risk cover charge, guarantee charge, click here

To get personalized report of wealth plus plan with all the details, email your name, age and annual budget at lic@moneyvriksh.com. Check Sample report here

How To Invest in LIC Wealth Plus -

Click here to submit your details OR follow the process-

  1. Download Application Form from here
  2. Attach Photograph, Age proof, Address Proof and A/C payee cheque in favour of ‘ LIC OF INDIA’
  3. Send it to our address

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Category: Blog, Life Insurance

  • Sumanth

    I have made small comparision between LIC & fixed deposit for a sum of 5 lacs (one time investment)

    - Fixed deposit will yield 9 lacs approx. at the end of 8 years (@ rate of 8%)
    - Total Charges towards premium allocation, guarantee charges, policy admin charges, service tax, etc etc is as under (In % per year)

    -8.01%
    -2.34%
    -2.38%
    -2.42%
    -2.46%
    -2.51%
    -2.57%
    -2.62%
    0.00%
    0.00%

    - Total charge works out to 25%. However, there is a clause in LIC website wherien certain charges might go up during the policy tenure. So I have assumed total charges to be 30% during the tenure period.

    - With the above, I have applied a factor of 0.7 on the investment of 5 lacs & you would get 3.5 lacs worth of Units at the end of tenure which is 35,000 Units

    - Now for getting a return of 9 lacs (to break-even the fixed deposit return), the highest NAV needs to be 9,00,000/35,000 Units = 25.71
    - To achieve a NAV of 25 at the end of 8 years, the fund needs to grow at a rate of 12% p.a
    Can you check the above calcualtions & clarify the below 2 points

    1. Assuming that LIC will be very cautious in their investment portfolio, since highest NAV clause is involved in this fund, What are the chances that NAV of Wealthplus will touch 25.71 (Give your ratings on scale of 1 to 10 for this question)

    2. Is the moratlaity chage of 2.75 per thousand per annum correct(for a person aged 35 yrs) . (Please check the below calcualtions & get clarifications from LIC)

    ( For 1 lac investment, sum assured = 1.25 lac. Amount deducted towards moratality charge = 2.75 * 125K = Rs. 343 per annum which works out to 0.34% of the investment

    Compare this charge with Convertible term assurance policy (Plan No.58) for 2.5 lacs S.A, for aperson aged 35 yrs, premium works out to 1,712 per annum for PPT of 7 years. This works out to Rs.6.85 per thousand per annum)

    Regards,

    Sumanth

  • Sumanth

    I am presently working in UAE & ahve taken 2 LIC policies in Jan 2009

    For Wealthplus,

    1. Do I need to provide a medical report

    2. If so, how this can be done here in UAE

    Pl clarify

  • admin

    Hi Sumanth,
    LIC wealth plus scheme achieving NAV of 25.71 – I will personally give rating of 8/10 to it. 7 years is a long period and India’s growth story is ahead of us.

    2. Mortality charges are per thousand per month.

    The plan’s equity and debt allocation is 0-100% and medium-risk investments will be done.
    So, my personal view is that LIC will start with equities (high risk investmentmensts) and will gradually shift to debt funds and money market & liquid instruments.

    Disclaimer: There’s no guarantee of NAV growth in LIC Wealth Plus scheme.

  • Sumanth

    Dear Admin,

    Are you sure that the mortaliy rate is per thousand per month

    If so, for a persona ged 35 yrs, for a sum assured of 1 lac, the rate would be 275 per month = Rs.3300 per year. (Rs. 33 per 1000 per annum seems very high)

  • parkash vir

    what i will get after 8 years on depositing 20000 per year upto 3 yrs

  • parkash vir

    what i will get after 8 years on depositing 20000 per year upto 3 years in lic wealth plus plan

  • India Insurance

    This is the best plan…. how can NRIs apply for this plan?

  • vinod chauhan

    what is the last date for wealth plus plan

    • admin

      Supposedly, 09-May-2010 is the last date for LIC Wealth Plus

  • Jaya Suruthi

    I am 15 years old. If I Deposit 1500000 (Fifteen Laxes) in welth ples (One time deposit), after 8 years minimum amount how much i will get. Please inform me immedatle,

  • Rajesh Ramnarayan

    LIC wealth plus i understand has the option to invest 0-100% in equity and 0-100% in debt. To make sure that the NAV does not surge up dramatically (first 7 years) the exposure in equity could be driven by self interest rather than market sense. Thi is a real danger. Why cant the policy have for example a 75% debt and 25% equiyt model. Go for SIP in eqiuty…

  • Amitabh

    To Jaya Suruthi,
    Ambitabh is here
    if u deposit 15lax,u’ll get after 8 years approx..29lax.

    whatever amount u deposit it’ll doubled,remember 25 percent charges taken.

  • Amitabh

    to jaya,
    deposit money,donot deposit lux.lux is soap.

  • Ramesh Solapure

    what i will get after 8 years on depositing 30000 per year upto 3 yrs

  • PRAVEEN

    Dear Sir,

    Plz, confirm the Current NAV of LIC Wealth Plus Fund.

  • Murthy

    Hi,

    I am paying 20 k for three years, how much i will get after 10 years.

  • sathish

    I have taken a LIC Wealth plus policy, but i was stopped it after paying for 3 months, I dont want to continue it, When i will get the paid money..?

    • Chary

      wealth plus would not yield much returns, fixed deposit is better than this, you will get the paid money after policy tenure only.

  • george

    dear investors of wealth plus,

    please note that lic wealth plus is a big blunder and only lic & its agents and dev.officers, branch managers etc only will get benefit. so like me, i know u all r very much expecting from this. my advise is once 3 year term completes withdraw immediately your fund from lic and never ever invest in lic.

  • http://lic deepak singh

    wealth plus stock rate

  • manoj kumar

    Plz, confirm the Current NAV of LIC Wealth Plus Fund

  • manoj kumar

    Plz, confirm the Current NAV of LIC Wealth Plus Fund
    (i)how many unit alloted to me for single premium od Rs 40000
    (ii)for Rs 25000 for 3 years

  • dhalsingh Sahu

    please current rate of wealth plus

    • admin

      @All,
      The NAV of LIC Wealth Plus scheme as on 30-09-2010 is Rs. 10.6548

  • BHARGAV

    kindly tell me cuurrent nav of wealth plus plan i invest 40000 at one time how much i will get at end of 7 year (apx)

  • NILESH HIRANI

    Dear sir,
    Pl. give the current NAV of LIC Wealth Plus

  • admin

    @Amit
    Unit alloted at Rs. 10.00, so for 4000 of investment you must have got 4000 units

  • Purnendu

    I invested 3 lakhs on wealth plus. Can u suggest me what amount I am going to get at the end of eight years.

  • Pramod

    I want to know Wealth plus highest nav rate as on date.

  • sanjay

    I invested Rs 30000 in LIC welth plus I want to know how many units I am Having

  • Kalpesh

    What is latest Highest NAV Recorded of LIC Wealth plus

  • Arup Chattoraj

    Pl. give the current NAV of LIC Wealth Plus

  • http://prasadngowda@rediffmail.com Dr.Prasad

    Plz let me know the todays NAV of wealth plus policy.

    • deepak vm

      I invested rs.280000 in LIC Wealth Plus on 30/04/2010.My policy no.is 778212752.Please tell me the highest and current nav of this policy. Also tell me that how much money I will get after 3 years & 8 years.

    • 123gh

      about 9.65

      • http://moneyvriksh.com/ MoneyVriksh.com

        Rs. 9.8554 as on 13-March-2012

  • Sujeen

    you will get all NAV of lic from this site
    https://www.licindia.in/plannav/index.htm

  • Sujeen

    highest Nav of wealth plus is 11.0528 on 6th Nov. 2010. just take/look highest NAV

  • Sujeen

    For good result NAV shoud go 2.5 times higher than the basic/start NAV. If not then FD is the best option at this month. The only good thing is you get insurance in this policy.otherwise this is so so policy.

  • s. rambabu

    I have a wealth plus policy in 2009, but i don’t know how many units my policy no.803758185. please send to my email . thank u

    • admin

      Dear, We cannot help in cases where the policy has not been bought through us. So, please contact your broker or visit LIC office

  • sam

    Hi All
    As of my experience please don’t go for insurance plans nav related what ever(LIC and other Private ulips).. all are cheating the public… plse don’t invest
    Better to go for investments Mutalfunds SIPs

  • manohar dnyanoba doke

    I invested rs rs.40000 in LIC Wealth Plus on 30/04/2010.My policy no.is 958928889.Please tell me the highest and current nav of this policy. Also tell me that how much money I will gate after 8 years.

  • http://gmail.com Chandra shekhar

    What i will get after 8 years on depositing 30000 per year upto 3 yrs.

  • Mukeshgoyal71

    what is the highest NAV of w.F.

  • http://www.aegonreligare.com/ Life Insurance

    Insurance industry in India is growing rapidly with some of the international player entering into market in last couple of years. LIC is doing a fabulous job by being on top position in such a competitive market. Some of their plans are really very good. 

  • http://www.facebook.com/people/Biswajit-Saha/100003731851517 Biswajit Saha

    I want to know the highest rate of NAV of wealth plus took place as on date

    • http://moneyvriksh.com/ MoneyVriksh.com

       Just over Rs. 11

  • Dileep kumar k r

    i have walth plus policyon 2010 and my policy no is797007443. let me know my nav value up to on the date 31.05.2012

  • Aathi Raj

    i have wealth rchplus policcy on 2010 march 30 policy no 766126080.let me know my nav value up to on the date 17.06.2013

    • http://moneyvriksh.com/ MoneyVriksh.com

      @aathiraj:disqus The NAV of LIC Wealth Plus scheme as on 21-June-2013 is Rs. 10.0653