LIC (Lanka) has launched a unique investment cum insurance plan, MONEY PLUS, which gives a guaranteed return of 12 percent p.a. This is a single premium plan for a fixed 5 year term.
At maturity, i.e at the end of 5 year, the deposit amount along with 12 percent pa return will be given to the policy holder. In the unfortunate death of the policy holder during the first four years, 1.5 times of the single premium amount will be given and if death occur in the fifth year, before the maturity date, 1.6 times of the single premium will be given to the nominee. Thus, this plan assures a guaranteed return in either maturity or on unfortunate death of the policy holder. Income tax benefits, as per rule also available for this plan.
Hence , this plan is a mix of three benefits which are: viz Investment return, Insurance cover and Income tax benefits.
The policy can be availed by people in the age group of 18 to 55.Minimum premium is LKR 21000 for ages upto 45 and Rs. 23000 for ages upto 46 to 55. Maximum no limit. The policies will be accepted subject to the medical and other underwriting rules of LIC (Lanka) Ltd.
LIC (Lanka) Ltd is a joint venture insurance company between LIC of India, the largest insurance company with an asset base of $3000Bn with more than 300 Mn policy holders in India and M/s Bartleet group, which is an age old business conglomerate in Sri Lanka, which has presence in almost all areas like, Tea broking, plantations, IT services, Equity, Various financial services, etc. Built on a strong foundations of solvency and RBC platform, LIC (Lanka) Ltd has plans catering to the various insurance needs of the people from age 0 to 65, including group insurance schemes, group gratuity schemes, decreasing term insurance plan or mortgage redemption plan etc.
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