LIC Wealth Plus (Table No.801) is an investment plan for limited time offer! Click Here to Apply(only Mumbai).
LIC Wealth Plus Summary:
LIC’s Wealth Plus (Table No.801) is a ULIP insurance plan that protects your investment from market fluctuations, so that your investments are protected in financially volatile times. Wealth Plus offers Guarantee of the highest NAV in the first 7 years of the policy, subject to a minimum of Rs.10. Policy term is 8 years.
Wealth Plus Features:
1. Guaranteed Highest NAV of 7 year.
2. Very Attractive Returns.
3. Life cover.
Risk cover of 5 times of the annualized premium or 1.25 times of single premium.
4. Minimum Yearly premium Rs. 20,000 for three years term policy and there is no limit on maximum premium.
5. Tax benefits.
6. Partial withdrawals allowed:
Two Partial withdrawals are allowed in a policy year subject to certain conditions.
7. Limited Period Offer.
8. Extended life cover:
A unique feature of the Plan is the extended life cover for 2 years after the completion of policy term of 8 years.
9. Maturity Benefit:
At the end of policy term and the policy is in full force, payment of fund value will be made based on the highest NAV over the first 7 years of the policy or the NAV as applicable at the end of the policy terms whichever is higher.
Death benefit:
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. In case of death of the Life assured after the policy term, but before the expiry of extended period, the nominee shall receive the Sum Assured under the Basic Plan.
Accident Benefit:
Accident Benefit Option equal to the amount of life cover subject to minimum of Rs. 50,000 and maximum of Rs. 50 lakh is available subject to certain limits and conditions. Accident Benefit charge at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year will be levied every month.
Modes of Premium Payment for LIC Wealth Plus :
The premium can be paid either in a Single premium (One time investment) or for 3 years regularly at yearly, half-yearly, quarterly or monthly (through ECS).
Minimum Premium:
Minimum Premium for 3 years Premium Paying policies is Rs.20,000 p.a. whereas for Single premium policies it is Rs.40,000 For Monthly (ECS) mode the minimum premium is Rs.2,000 p.m.
Eligibility for LIC’s Wealth Plus:
Minimum Age at entry is 10 years (age last birthday)
Maximum Age at entry is 65 years (age nearer birthday).
Premium Top ups:
Premium Top ups are not allowed.
Surrender Value:
LIC Wealth Plus can be surrendered only during the policy term. The surrender value, if any, is payable only after the completion of the third policy anniversary both under Single and 3 years Premium Paying Term contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. The policy can not be surrendered during the extended life cover period.
Download LIC Wealth Plus details in pdf format.
Example: If Mr. LIC buy Wealth Plus today at Rs.10 NAV ( You will get Approx. 4700 Units for one time investment of Rs.50000 *Calculated on Rs.10 NAV) and market goes upto Rs.50 per NAV in 5 years and then again market collapse and comes down to Rs.20 In this case the highest NAV is Rs.50 and hence your maturity amount will be 4700×50=Rs.2,35,000/- (No. of units x Highest NAV)
How to Apply for LIC Wealth Plus policy?
Contact your nearest Life Insurance Of India (LIC) Branch/ LIC Agent. Or
Fill the Application form to apply online.(For Mumbai only)
Register to receive LIC Policy updates on your Mobile .
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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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Simple Money Tips to make you Financially Fit
Simple Money Tips to make you Financially Fit
Articulate your goals
Make sure you have clear and concise financial goals put down. This would help you to shape out how your investments for the year ahead should be. Unless you know what you want and where you want to be, you will not be able to direct your investments into something useful. It is best to list small, attainable goals rather than go for a lifestyle change overnight. By giving yourself simple tasks that you can even complete in five minutes, once a day, you will make headway over the course of time.
Decide your asset allocation
A lot of people make investments in an ad hoc manner especially to save taxes in the last months of financial year. It results in portfolio which is heavily skewed towards debt and low-return instruments – FDs, PPF, endowment policies, NSCs, debt options in ULIPs. All these have fixed or low-returns, thereby making them unsuitable options if you are investing with a horizon of 15 -20 years or more.
Young people should do an asset allocation based on their age, risk profile and time horizon and then start making investments. For a longer horizon the exposure to equity should be higher especially if you are in 20s.
Protect your family
This is an area that is omitted from most peoples’ lists, but it should be a top priority – protect your loved ones. What happens in the event of a death or disability? Will the family be comfortable financially? Will the children be able to go college? Most people’s greatest financial asset isn’t their home or investment accounts; it is the ability to earn money. It is necessary to protect against this asset being prematurely taken away.
Create a budget
Determine your income and expenses for each month by reviewing your bank statements, credit card bills and receipts for the last year. Record actual results regularly and update your plan quarterly. This will reveal where your money is being spent and provide information you need to manage it correctly. This will also help you to provide for big expenses which arise during some months like a festival or a short holiday.
Put your savings to work
Saving early for long-term expenses such as retirement or your kids’ college expenses allows you to capitalize on the most important investing force: Time. Start a systematic investment plan and make sure that your savings are routed in to long term investments. This way, you are forced to save because the cash is drawn directly from your bank before you can get your hands on it.
Be prepared for emergencies
Emergencies arise. Cars break down, ankles are sprained, and jobs are lost. It would be ideal to set aside three to six months of living expenses as a regular reserve. This fund will cover those inevitable, unexpected costs and keep you from borrowing money when they occur. Make sure you and your family has adequate health insurance so that you are not bogged down by a financial crunch during a sudden medical emergency.
Do not try to time the market
In the long run slow and steady wins the race. Try to be a regular and disciplined investor. Even the best of investors and stock market veterans have repeatedly failed to predict what’s going to happen next. The recent crash and then sudden surge in the market is an example to prove this. As retail investors this task becomes even more difficult. SIP and rupee cost averaging are great techniques to invest regularly and have a great return over longer horizon.
Contribute to your retirement plan
Look at your salary slip and see how much money you are contributing to the EPF (Employee Provident Fund). Make sure you realize it and keep it going. Over 15-20 years the power of compounding will do its magic and it will grow into a decent corpus. PPF is another good option for investing extra money for retirement purpose. It offers tax benefits as well.
Keep good records
Lack of documents and records can hamper your tax filing process and you may not be able to claim all benefits. Maintain records of all important transactions in a systematic manner. You can use the age old system of maintaining documents in files or use the new age budgeting and other online software. Good record keeping also help you in collating and analyzing how you spend and invest.
Pay your credit card dues
Pay all credit card balances in full each month. Leaving a balance on a credit card account will leave you susceptible to very high interest rates. Having balance on credit cards is the beginning of debt trap. Control your urges to spend and try to spend using debit card or cash so that credit card debt is avoided.
Find a good financial advisor
One fails to realize that the wrong financial advice, and thus the wrong financial advisor, could be costing you lots of money every year. Do you know how your advisor is compensated? How does that compare to other advisors? Do they have the expertise you need? Even if you prefer to do things yourself, the occasional check up from an advisor may provide you with some valuable tips.
Money isn’t everything
Remember health, family and happiness are as important so do not neglect these aspects. Another very important thing to realize is your investments in skill accumulation. If you keep enhancing skills related to work, you can probably get a better job, faster promotion and chance to earn more money.
Take a deep breath and think about how you can move up the ladder. It may mean doing new certifications, improving soft skills and learning to manage human relationships better. This will probably be your biggest investment in the New Year.
Articulate your goals
Make sure you have clear and concise financial goals put down. This would help you to shape out how your investments for the year ahead should be. Unless you know what you want and where you want to be, you will not be able to direct your investments into something useful. It is best to list small, attainable goals rather than go for a lifestyle change overnight. By giving yourself simple tasks that you can even complete in five minutes, once a day, you will make headway over the course of time.
Decide your asset allocation
A lot of people make investments in an ad hoc manner especially to save taxes in the last months of financial year. It results in portfolio which is heavily skewed towards debt and low-return instruments – FDs, PPF, endowment policies, NSCs, debt options in ULIPs. All these have fixed or low-returns, thereby making them unsuitable options if you are investing with a horizon of 15 -20 years or more.
Young people should do an asset allocation based on their age, risk profile and time horizon and then start making investments. For a longer horizon the exposure to equity should be higher especially if you are in 20s.
Protect your family
This is an area that is omitted from most peoples’ lists, but it should be a top priority – protect your loved ones. What happens in the event of a death or disability? Will the family be comfortable financially? Will the children be able to go college? Most people’s greatest financial asset isn’t their home or investment accounts; it is the ability to earn money. It is necessary to protect against this asset being prematurely taken away.
Create a budget
Determine your income and expenses for each month by reviewing your bank statements, credit card bills and receipts for the last year. Record actual results regularly and update your plan quarterly. This will reveal where your money is being spent and provide information you need to manage it correctly. This will also help you to provide for big expenses which arise during some months like a festival or a short holiday.
Put your savings to work
Saving early for long-term expenses such as retirement or your kids’ college expenses allows you to capitalize on the most important investing force: Time. Start a systematic investment plan and make sure that your savings are routed in to long term investments. This way, you are forced to save because the cash is drawn directly from your bank before you can get your hands on it.
Be prepared for emergencies
Emergencies arise. Cars break down, ankles are sprained, and jobs are lost. It would be ideal to set aside three to six months of living expenses as a regular reserve. This fund will cover those inevitable, unexpected costs and keep you from borrowing money when they occur. Make sure you and your family has adequate health insurance so that you are not bogged down by a financial crunch during a sudden medical emergency.
Do not try to time the market
In the long run slow and steady wins the race. Try to be a regular and disciplined investor. Even the best of investors and stock market veterans have repeatedly failed to predict what’s going to happen next. The recent crash and then sudden surge in the market is an example to prove this. As retail investors this task becomes even more difficult. SIP and rupee cost averaging are great techniques to invest regularly and have a great return over longer horizon.
Contribute to your retirement plan
Look at your salary slip and see how much money you are contributing to the EPF (Employee Provident Fund). Make sure you realize it and keep it going. Over 15-20 years the power of compounding will do its magic and it will grow into a decent corpus. PPF is another good option for investing extra money for retirement purpose. It offers tax benefits as well.
Keep good records
Lack of documents and records can hamper your tax filing process and you may not be able to claim all benefits. Maintain records of all important transactions in a systematic manner. You can use the age old system of maintaining documents in files or use the new age budgeting and other online software. Good record keeping also help you in collating and analyzing how you spend and invest.
Pay your credit card dues
Pay all credit card balances in full each month. Leaving a balance on a credit card account will leave you susceptible to very high interest rates. Having balance on credit cards is the beginning of debt trap. Control your urges to spend and try to spend using debit card or cash so that credit card debt is avoided.
Find a good financial advisor
One fails to realize that the wrong financial advice, and thus the wrong financial advisor, could be costing you lots of money every year. Do you know how your advisor is compensated? How does that compare to other advisors? Do they have the expertise you need? Even if you prefer to do things yourself, the occasional check up from an advisor may provide you with some valuable tips.
Money isn’t everything
Remember health, family and happiness are as important so do not neglect these aspects. Another very important thing to realize is your investments in skill accumulation. If you keep enhancing skills related to work, you can probably get a better job, faster promotion and chance to earn more money.
Take a deep breath and think about how you can move up the ladder. It may mean doing new certifications, improving soft skills and learning to manage human relationships better. This will probably be your biggest investment in the New Year.
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NAV'S AS ON DATE
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Contact your nearest LIC Branch Office.
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Retiring Wealthy
Retiring Wealthy is the most desired aspects of Retirement Planning. Thanks to the advances in modern science, the average life expectancy is continuously increasing. Changing trends show that the non-working life of an individual can be longer than his working life. With increasingly stressful life every one wants to retire early but this requires right planning.
For a 25 year old who needs Rs.30000 per month today to run his household would require Rs. 1.28 lacs per month after 25 years if inflation is assumed at 6%. This comes to Rs.15.45 lacs per annum. Now if one assumes to earn 10% return post retirement, he needs Rs.1.55 crores just to meet his monthly household expenses.
Monthly Expense: Rs. 30000/- Rate of Inflation:6% No of yrs for retirement: 25 Future Value:Rs. 1.28 lacs
You need to plan for retirement because:
* Traditional avenue of savings are not sufficient to meet retirement expenses.
* Rising cost of living.
* With higher life expectancy you need to provide for around 30 years of your retired life.
* Not all of us are covered under pension schemes.
* No social security system in India like in the USA.
For a 25 year old who needs Rs.30000 per month today to run his household would require Rs. 1.28 lacs per month after 25 years if inflation is assumed at 6%. This comes to Rs.15.45 lacs per annum. Now if one assumes to earn 10% return post retirement, he needs Rs.1.55 crores just to meet his monthly household expenses.
Monthly Expense: Rs. 30000/- Rate of Inflation:6% No of yrs for retirement: 25 Future Value:Rs. 1.28 lacs
You need to plan for retirement because:
* Traditional avenue of savings are not sufficient to meet retirement expenses.
* Rising cost of living.
* With higher life expectancy you need to provide for around 30 years of your retired life.
* Not all of us are covered under pension schemes.
* No social security system in India like in the USA.
Start Investing Today
Start Investing Today - A liitle can go a long way
Systematic Investment Plan
What is an SIP?
SIP means Systematic Investment Plan. This is one of the more effective investment strategy for accumulating wealth in a disciplined manner over a long period. A specific amount will be invested for a chosen period at regular intervals.
For example, if an investor wants to invest Rs 12000 and makes a one-time investment at an NAV of Rs 15, 800 (12,000/15) units will be allotted.
In the case of an SIP, the investor distributes Rs 12,000 over a year and invests Rs 1,000 every month. The amount will be invested at different levels of NAV, as market conditions and level of indices keep changing on a day-to-day basis. The investment in 12 installments will get averaged at different NAVs in an automatic manner without the investor timing the entry point.
Systematic Investment Plan
What is an SIP?
SIP means Systematic Investment Plan. This is one of the more effective investment strategy for accumulating wealth in a disciplined manner over a long period. A specific amount will be invested for a chosen period at regular intervals.
For example, if an investor wants to invest Rs 12000 and makes a one-time investment at an NAV of Rs 15, 800 (12,000/15) units will be allotted.
In the case of an SIP, the investor distributes Rs 12,000 over a year and invests Rs 1,000 every month. The amount will be invested at different levels of NAV, as market conditions and level of indices keep changing on a day-to-day basis. The investment in 12 installments will get averaged at different NAVs in an automatic manner without the investor timing the entry point.
Protection Plan Term Insurance Plan Life Insurance Cover Medical Cover
Protection Plan - Financial Uncertainities of Life
Financial Uncertainties of Life -
Like game of cricket, human life is also full of glorious uncertainties. Financial uncertainties is one of the uncertainties of life. Financial uncertainties, loss of income may dawn upon you or your family in case of -
Untimely demise or
Critical illness or
Accidental Disability
Protection Plan Need -
Safeguard your family’s financial independence and sustenance against uncertainties - Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them in case of your untimely demise or critical illness. Securing the future of one’s family is one of the most important goals of life. Protection Plans go a long way in ensuring your family’s financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.
Financial cushion in case of an eventuality - Critical Illness can strike anyone. Today with advancement in medical science it is possible to survive a critical illness. Expenses on survival with a critical illness can be very high. Critical care plan provides for a lump sum payment on survival post diagnosis of a critical illness, so that in the event a critical illness strikes, you don’t have to dig into those precious savings of yours.
Protection Plans -
Term Insurance Plan - Pure life cover plan with no investment component. High cover at a very nominal cost. This plan is designed to help secure your family’s financial needs in case of uncertainties. The plan does this by providing a lump sum to the family of the life assured in case of death of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one’s family in the unfortunate event of one’s death. This helps your family to maintain their financial independence, even when you are not around
Medical Insurance Plan - This plan provides cover for the medical expenses, so that you do not have to big into your savings and / or investments. This cover is useful when the individual recovers from illness in short period of time and is able to start working / earning again soon. This plan is useful when the loss of income is not pro-longed
Critical Care Plan - This plan provides valuable financial protection on survival post diagnosis of critical illnesses or disability. This cover is useful when the recovery process, from critical illness or disability, is prolonged and there is loss of income for long period of time. Lump sum benefit payment paid irrespective of medical expenses. The policy continues even after the benefit payment paid on selected illness
Suggest you to do the following reviews -
Life Insurance Cover - Review your existing savings, assets and life cover. Is the existing life cover sufficient to compensate your earnings and cover your financial liabilities
Medical Cover - Is your office medical cover sufficient to cover the medical expenses for you & your family
Critical Care Cover - Do you have critical care cover to compensate for financial loss because of serious illness which results in pro-longed period of loss of earnings
Financial Uncertainties of Life -
Like game of cricket, human life is also full of glorious uncertainties. Financial uncertainties is one of the uncertainties of life. Financial uncertainties, loss of income may dawn upon you or your family in case of -
Untimely demise or
Critical illness or
Accidental Disability
Protection Plan Need -
Safeguard your family’s financial independence and sustenance against uncertainties - Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them in case of your untimely demise or critical illness. Securing the future of one’s family is one of the most important goals of life. Protection Plans go a long way in ensuring your family’s financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.
Financial cushion in case of an eventuality - Critical Illness can strike anyone. Today with advancement in medical science it is possible to survive a critical illness. Expenses on survival with a critical illness can be very high. Critical care plan provides for a lump sum payment on survival post diagnosis of a critical illness, so that in the event a critical illness strikes, you don’t have to dig into those precious savings of yours.
Protection Plans -
Term Insurance Plan - Pure life cover plan with no investment component. High cover at a very nominal cost. This plan is designed to help secure your family’s financial needs in case of uncertainties. The plan does this by providing a lump sum to the family of the life assured in case of death of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one’s family in the unfortunate event of one’s death. This helps your family to maintain their financial independence, even when you are not around
Medical Insurance Plan - This plan provides cover for the medical expenses, so that you do not have to big into your savings and / or investments. This cover is useful when the individual recovers from illness in short period of time and is able to start working / earning again soon. This plan is useful when the loss of income is not pro-longed
Critical Care Plan - This plan provides valuable financial protection on survival post diagnosis of critical illnesses or disability. This cover is useful when the recovery process, from critical illness or disability, is prolonged and there is loss of income for long period of time. Lump sum benefit payment paid irrespective of medical expenses. The policy continues even after the benefit payment paid on selected illness
Suggest you to do the following reviews -
Life Insurance Cover - Review your existing savings, assets and life cover. Is the existing life cover sufficient to compensate your earnings and cover your financial liabilities
Medical Cover - Is your office medical cover sufficient to cover the medical expenses for you & your family
Critical Care Cover - Do you have critical care cover to compensate for financial loss because of serious illness which results in pro-longed period of loss of earnings
New Janaraksha Plan
New Janaraksha Plan is an Endowment Assurance plan that provides financial protection against death throughout the term of plan. It provides full life insurance for 3 years even when the premiums are not paid. New Janaraksha Plan (with Profits) is specially designed for people with irregular income and whose job is not secure due to fluctuating income, i.e. Workers with unorganized sector, Daily wage earners, Call Center Employees, Farmers, Small businessman etc.
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