LIC Gratuity Plus
LIC Gratuity Plus plan will suit various companies in order to entrust the gratuity fund management to the insurer. It provides several choices of investments which will be flexible in nature. But this plan is different from the traditional cash accumulation plan.
FEATURES OF LIC GRATUITY PLUS:
There are many features in this policy and you can also obtain many add – on values. There are many benefits too in this polity. The various features are as listed below.
- It provides four finances to meet up the various menace appetites.
- It is flexible in nature.
- It has the facility of the switching between varieties of funds. But to switch between funds is free of charge.
- Provides life insurance cover at a minimum cost.
- The scheme can be surrendered at any time and there is not a penalty if the surrender is imposed.
- It gives assistance to execute legal documents and installs the scheme.
- Auto cover.
The benefits offered by LIC Gratuity Plus are as listed below.
- In case of death of member then life assurance cover for policy holder will be paid by the corporation.
- The policy can be surrendered at any time. The policy will be the value of total number of units that are held by the policyholders account.
The various charges are made under the plan. It includes premium allocation charge, fund management charge, policy administration charge, surrender charge, switching charges, mortality charge etc. Except premium allocation charge and mortality charge remaining charges are reviewed by the IRDA.
The various types of funds provided by LIC Gratuity Plus are as follows and various contributions are allocated with each fund. You can choose the fund depending upon your requirements and purpose:
- Bond fund,
- Balanced and,