Life Insurance Corporation of India has launched a unit-linked insurance plan called ‘Wealth Plus'. The plan guarantees the highest Net Asset Value (NAV) recorded on a daily basis, in the first 7 years of the policy. This means the payment at the end of the policy term will be based on highest NAV recorded over the first 7 years, or the NAV at the end of the policy term, whichever is higher, LIC said in a press release.

The minimum age at entry is 10 years while the maximum age of entry is 65 years. The plan also offers an extended life cover for 2 years after the completion of the policy term of 8 years.

The premium can be paid either in a single lump sum or for 3 years continuously on a yearly, half-yearly, quarterly or monthly basis.

The minimum premium for policies where premium is paid in 3 years is Rs 20,000 per annum whereas for single premium policies it is Rs 40,000 per annum.