The Insurance Platinum Plus is a short pay, medium-term unit linked insurance plan which offers guaranteed maturity unit price, the first in the Indian insurance industry, a press release issued in Mumbai stated.
"With the Platinum Plus, not only will our policy-holders participate in the equity market but they will also enjoy a guaranteed maturity unit price--the maximum unit price recorded on the 15th of each calendar month till June 15, 2015," the release said.
The fund will invest in an optimum mix of equities and fixed income instruments and may have up to 100 per cent exposure in both equities and fixed income assets while investment in money-market instruments will be capped at 40 per cent.
Amongst its special features are a guaranteed maturity unit price and the option to reduce annual premium in the second and third year subject to minimum of Rs 1-lakh.
Partial withdrawals are available after three policy years in case of any financial emergency and full liquidity without any penalty after three years.