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NT Bureau
Chennai, Aug 24:

        LIC has launched its two unit linked plans - Profit Plus and Fortune Plus. Both the plans combine insurance cover with market related returns.

        According to Profit Plus plan, premium can be paid in one instalment or in instalments of 3, 4 or 5 years. The premium allocated to purchase units under the plan will be invested according to the investment pattern chosen from among the four different fund types - Bond, Secured, Balanced and Growth. Optional riders like critical illness benefit and accident benefit area are also available and the premium paid by the policyholder after deduction of administrative charges, fund management charg-es, risk premium and premium for riders opted will be invested in the fund type chosen. The minimum premium is Rs 20,000 for single premium and Rs 10,000 for Limited premium paying term policies. The plan is available for persons aged 0 to 65 years and the minimum sum assured is Rs 25,000.

        Under the Fortune Plus, the premium payment is limited to five years and the premium payable in the first year is four times the premium payable in subsequent years. The plan is available for persons in the age group of 12 to 60 years. The minimum premium payable is Rs 20,000 for the first year.

        The common features of both the plans is that there is no bid offer spread that is the sale and purchase of the units will be the same as the NAV declared on day to day basis. There will be option to switch over from one fund to another fund. Within a given policy year, four switches will be allowed free of charge. Partial withdrawal are allowed after the third policy anniversary after atleast three years premia have been paid.