Unit Linked Insurance Plans or ULIP are gaining popularity and a lot of companies are offering products to suit individual needs and requirements, be it Pension Plans or Retirement Plans, Children’s Plans, etc. ULIPs are popular because they offer the triple benefit of investment, insurance and tax benefits under section 80 C. And just like a lot of companies in the private and public sector, Life Insurance Corporation of India or LIC; the leading insurance service provider of India, offers such plans to suit individual needs.
LIC of India offers various Unit Linked Insurance Plans like Bima Plus, Future Plus, the popular Market Plus and Money Plus, Wealth Plus, Child Fortune Plus, etc to cater to individual needs ranging from investment to securing their children’s future or to take care of one’s retirement. These ULIP invest a fixed sum of money either on a yearly, quarterly or a lump sum basis in the plan that the individual chooses depending on their risk appetite and specific financial requirement and would usually have a lock-in period for 1 to 3 or more years, after which the plan can be discontinued and money and its accumulated returns, if any, can be withdrawn.
Since ULIPs invest in the equity as well debt markets and Government bonds, depending upon the nature of fund such as balanced, growth etc, the performance of the ULIP needs to be monitored for any significant changes in its value. ULIP by LIC are quiet popular, but at the same time like any other ULIP, they need to be monitored from time to time, and more so because of the current volatile markets, and gauge their performance if they require any changes in terms of the plans or generally managing funds. This is done by knowing the NAV or Net Asset Value of the ULIP’s fund that an individual has invested in.
Checking your LIC NAV or the fund value of your LIC ULIP is fairly simple and straight forward. All you need is the name of your policy and the plan that you have chosen under the policy like Balanced Plan, Secured Plan, Growth Plan, etc. Next step is to log on to www.licindia.in/plannav/plan_navs_new.htm where you would be able to see a list of all the policies from LIC of India and the plans under the various ULIP with their corresponding NAV as on that day or the last working day. Not just the NAV, this page also provides you the Face Value of the Units, Repurchase value and Sales value as on that date. You would have a complete picture of your plan and know the NAV of your LIC policy.
Apart from the checking your LIC NAV on the LIC website, you can also get the NAV through IVR on the LIC 24/7 helpline 1251, by giving your relevant policy details.
Checking LIC NAV is fairly simple and straight forward and can be done easily over the internet or over the phone, from anywhere at anytime by anyone.