LIC Index Plus Policy: Life Insurance Corporation introduces a new insurance-cum-savings plan. Ten key things to know
Life
Insurance Corporation of India (LIC) has announced the launch of
unit-linked, regular premium, individual life insurance plan Index Plus. The
plan offers life insurance cover-cum-savings throughout the term of the policy, LIC said in a statement.
"Guaranteed
additions as a percentage of annualised premium shall be added to the unit fund
on completion of specific duration of policy years under an in-force policy and
shall be utilised to purchase units," it said.
There is an option to partially withdraw the units at any
time after the five-year lock-in period subject to conditions, it said.
LIC Index Plus policy: Key features
1) Minimum age at entry: 90 days
(completed).
2) Maximum age at entry: 50 or 60
years (nearer birthday) depending on the basic Sum Assured.
3) Basic sum assured: 7 to 10 times of Annualized
premium for age at entry 90 days (completed) to 50 years (nearer birthday) and
7 times of Annualized premium for age at entry 51 years to 60 years (nearer
birthday)
4) Minimum age at maturity: 18 years (completed)
5) Maximum age at maturity: 75 or 85 years (nearer birthday) depending on
the basic sum assured.
6) Minimum policy term: 10 or 15 years depending on Annualized premium
and Maximum Term is 25 years. The premium paying term is the same as the policy
term.
7) Minimum premium: Range from ₹30000/-(Yearly), ₹15000/-(Half- yearly), ₹7500/-( Quarterly), and ₹2500/- Monthly (NACH) depending upon the Mode/Premium payment
frequency.
8) Maximum premium: No limit subject to underwriting decision.
There is an option to choose
any one of the two funds to invest premiums initially and at the time of
switching, i.e. Flexi Growth Fund and Flexi Smart Growth Fund wherein
investment will be primarily in selected stocks that are a part of NSE NIFTY
100 index or NSE NIFTY50 index respectively.
9) Partial withdrawals: Available subject to conditions.
-On Life Assured surviving the
Date of maturity, an amount equal to Unit fund Value as of the date of maturity
shall be payable.
-The amount payable on the
death of Life assured differs depending upon whether the death of the life
assured is before the date of commencement of risk or after the date of
commencement of risk.
-Refunds of mortality charges
are subject to terms and conditions.
-There is an option of
availing LIC’s Linked Accidental Death benefit rider.
-There is an option to
partially withdraw the units at any time after the 5 years lock-in period
subject to conditions.
10) LIC Index Plus policy: How to purchase?
The plan can be purchased
Offline through agents / other intermediaries.
Date: 06/02/2024/ Source: Live Mint
