By LIC introduces the Index Plus Plan, combining life insurance and savings, allowing partial unit withdrawals after a five-year lock-in.
Regular premium payments and flexibility are key features.
Renowned for its reliability, Life Insurance Corporation of India (LIC) introduces the Index Plus Plan, a new investment avenue. This plan ensures both insurance protection and long-term savings throughout the policy tenure. After the first five years, policyholders gain the option of partially withdrawing units under specific conditions.
LIC Index Policy: Unbelievable Returns with Low Investment
The LIC Index insurance plan eligibility starts at 90 days old. Coverage extends up to 50 or 60 years based on nearest birthday. For those aged between 90 days and 50 years, the sum assured ranges from 7 to 10 times the annual premium. Individuals between 51 to 60 years old are eligible for a sum assured of seven times the annual premium.
The policy term for LIC’s index insurance plan spans between 10 to 25 years, corresponding to the premium payment period, with a minimum premium that varies based on the chosen payment frequency. There is no maximum premium limit, granting flexibility during the underwriting process.
Policyholders can invest premiums in either the Flexi Growth Fund or Flexi Smart Growth Fund, with the flexibility to switch between them as needed. These funds primarily invest in select stocks from the NSE 100 or NSE Nifty 50 indexes. Partial withdrawals are permitted after an additional five-year lock-in period, catering to diverse policyholder needs.
In the event of the policyholder’s demise, the payout depends on whether the death occurs before or after the accident commencement date, with the possibility of receiving a refund of death charges based on policy terms. Additionally, policyholders can opt for the Linked Accidental Death Benefit rider for added protection.
The Index Plus Plan by LIC offers a comprehensive solution for both insurance coverage and investment growth, ensuring financial security and flexibility for policyholders.
