LIC Fortune Plus Policy
What is the nature of the policy?
LIC fortune plus policy is said to be a unit linked guarantee plan in which the premium of the payment term is five years. Under this policy, the payable premium for the first year is fifty percent of the total premium payable. This level of cover depends on the level of premium the policy holder agrees to pay.
The Funds Offered in this Policy:
This LIC fortune plus policy offers four types of investment funds. The premiums that are paid after the allocation charges will purchase the units of the type of fund chosen. This unit fund chosen is conditioned to various types of charges and the unit value may either increase or decrease and it depends on the Net Asset Value (NAV). Thus, this plan serves the purpose of insurance as well as investment.
Payment of the Premiums:
Under this LIC fortune plus policy, the premiums can be paid regularly at yearly or half yearly or quarterly or monthly intervals for about five years. The minimum premium amount will be Rs.20000 for the first year and any amount exceeding the specified amount can also be paid. Staring from the second year, the premium amount to be paid every year would be 25 percentage of the first year premium.
Other Features of the LIC Fortune Plus:
The other features offered by LIC fortune plus policy would be Partial withdrawals, Switching, Discontinuance of premiums.
Under the partial withdrawals, the units can be encashed by the policy holder partially after the third policy anniversary subject. Under switching, the policy holder can switch between any types of funds, for the entire fund value. This switching can be made under the policy term subject to certain charges. You can switch after paying the amount for it.