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Unit Linked Insurance Plan is an open ended tax saving cum insurance scheme.
Investment objectives of the scheme is primarily to provide return through growth in the NAV or through dividend distribution and reinvestment thereof. Amounts collected under the scheme shall generally be invested as follows:
(a) Not less than 60% of the funds in debt instruments with low to medium risk profile.
(b) Not more than 40% of the funds in equities and equity related instruments.
The minimum and maximum target amount of investment under the scheme is Rs. 15,000/- and Rs. 15,00,000/- respectively. The maximum target amount of 15 lacs is the combined target amount available for the Declining term Insurance cover and Fixed Term Insurance Cover together. The chosen target amount is required to be contributed in yearly or half yearly instalments or through Systematic Investment Plan over 10/15 years as indicated at the time of entry. Renewal contributions can also be paid in advance. At present, payment of renewal contributions (RCs) (through salary saving scheme) are accepted only under the 10 year plan from unit holders working with select organisations. An option to pay renewal contribution every month through Pay Roll may be introduced later in association with employers subject to such terms as may be decided. An investor can invest more than the maximum target amount of Rs. 15 lacs in one or more instalments, the life insurance cover will, however, be limited to Rs.15 lacs.
Life Insurance Cover Declining Term Cover: Life Insurance Cover to the extent of the unpaid but not due amount of the chosen target amount and
Fixed Term Cover: Life Insurance Cover to the extent of the target amount.
Life insurance cover for female investors having no regular and independent income is restricted to a maximum of Rs. 5,00,000/- even where the target amount selected by the investor is for more than Rs. 5,00,000/-. Minor children above the age of 12 years are allowed to join the scheme. However, such children having regular and independent income only will be eligible for the life insurance cover.
Personal accident insurance cover up to Rs. 50,000/-, irrespective of the target amount chosen is also provided.
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