LIC Index Plus Plan: New Life Insurance with Savings Benefits
Explore LIC's Index Plus, a new Unit Linked life insurance plan with guaranteed additions and flexible investment options.
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Mumbai, Feb 06: LIC Chairperson, Siddhartha Mohanty, launched a new plan, LIC’s Index Plus, with effect from February 5.
Introduction of LIC’s Index Plus Plan
LIC’s Index Plus is a Unit-linked, regular premium, individual life insurance plan that offers life insurance coverage plus savings throughout the term of the policy. Guaranteed additions as a percentage of the annualized premium shall be added to the unit fund on completion of a specific duration of policy years under an in-force policy and shall be utilized to purchase units.
Entry and Maturity Criteria:
The minimum age at entry is 90 days (completed). The maximum age at entry is 50 or 60 years (nearer birthday), depending on the basic sum assured.
Basic Sum Assured and Age Categories:
Basic Sum Assured is 7 to 10 times the Annualized premium for age at entry 90 days (completed) to 50 years (nearer birthday) and 7 times the Annualized premium for age at entry 51 years to 60 years (nearer birthday)
Maturity Age Limits:
The minimum age at maturity is 18 years (completed), and the maximum age at maturity is 75 or 85 years (nearer birthday), depending on the basic sum assured.
Policy Terms and Premium Details:
The minimum policy term is 10 or 15 years, depending on the annualized premium, and the maximum term is 25 years. The premium paying term is the same as the policy term.
The minimum premium ranges from Rs. 30000/-(Yly), Rs.15000/-(Hly), Rs 7500/- (Qly), and Rs. 2500/- Mly (NACH), depending upon the Mode/Premium payment frequency. Maximum Premium limit, subject to underwriting decision.
Investment Options: Flexi Growth Fund and Flexi Smart Growth Fund:
One can opt to invest premiums in either of the two funds—the Flexi Growth Fund or the Flexi Smart Growth Fund—both initially and when switching. Investments will primarily be made in specific stocks that are included in the NSE NIFTY 50 index or the NSE NIFTY 100 index, respectively.
Withdrawals and Benefits:
Partial withdrawals are available, subject to conditions.
On life assurance surviving the date of maturity, an amount equal to the unit fund value as of the date of maturity shall be payable.
Death Benefits and Additional Features:
The amount payable on death of life assured differs depending on whether death of life assured is before the date of commencement of risk or after the date of commencement of risk.
Refunds and Additional Options:
Refunds of mortality charges are subject to terms and conditions.
The Linked Accidental Death Benefit rider offered by LIC is an option.
Flexibility and Purchasing Options:
Following the five years of lock-in, there is the option, subject to certain restrictions, to partially withdraw the units at any moment.
The plan is a Non-Participating plan.
How to purchase LIC’s Index Plus Plan:
The plan can be purchased offline through agents / other intermediaries, as well as online directly through the website www.licindia.in.
