The Shri Laabh Plus is a single premium unit linked plan. This plan makes large savings to meet the different needs like marriage, education and savings for retirement. This policy also allows investments in different types of unit funds.
The details of Shri Laabh Plus are as follows:
- The minimum age of entry for the policy is 7 years as on the last birthday.
- The maximum age of entry for the policy is 50 years as on the last birthday. If the policy holder is a minor the commencing date of the policy will be taken in to considerations.
- The minimum single premium required is Rs 30000/-.
- The duration of the plan is 15 years which is fixed.
- The minimum sum assured is 1, 50,000 (5 times the Single Premium).
- The maximum sum assured is a subject to underwriting considerations.
- The premium paying frequency is single.
- The policy comes under the tax benefits Under Section 10(10 D) and 80(c) of the Income Tax Act, 1961, as applicable from time to time.
- Two Investment Fund options available under this policy are Conservator Gold and Maximus Gold.
- Option to choose any of the above funds or a combination of the above funds in a fixed percentage is available to the policy holder.
- Partial withdrawals of units are allowed after three years have elapsed.
The benefits of Shri Laabh Plus are as follows:
On the sudden death of the policy holder the sum assured and the value of the units in the life insured’s account will be paid to the nominee.
On survival till the end of the policy term the value of unit to the credit will be paid to the policy holder.