Have you heard of ULIP Plans? They are called “Unit Linked Insurance Plans”. Some of the plans like “LIC Wealth Plus” come under unit linked insurance plans. There are lot of options for investing in ULIP i.e. bond, balance, income and growth option. But most of the investors prefer growth options which have the tendency to generate more returns.

NAV is called “Net Asset Value” of the scheme. The NAV OF the ULIP changes each trading day and you can check the latest NAV from the life insurance corporation of India website.

Benefits:

• In Unit Linked Insurance Plans (growth option), you get the maximum benefit as more than 60% of the amount collected in these plans are invested in the equities. This has the possibility to generate more revenue than any.
• You get extended risk cover after the policy term ends. The extended term depends on the particular scheme. Some of the schemes may offer 2 years and some may offer more. It depends on the particular scheme.
• You would be allowed for partial withdrawal of your amount after a specific period of time. It may be 3 years or 4 years depending on the total time period of your investment.
• LIC Wealth Plus offers “Accident Benefit Raider”.
• The premium that has to be paid in “LIC Wealth Plus” is very less when compared to the premiums that have to be paid in the other unit linked insurance plans launched by other companies. You have to pay a minimum premium of Rs 20,000 per annum which is more comfortable for the working class.