Life Insurance Corporation of India (LIC) on Tuesday, February 6, launched a 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.
There is an option to partially withdraw the units at any time after the five-year lock-in period subject to conditions, it said.
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,
LIC said.
Policyholders can invest in two different fund options as per this plan given below:
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
Flexi Smart Growth Fund wherein investment will be primarily in selected stocks which are a part of NSE NIFTY 100 index or NSE NIFTY50 index respectively.Key features
LIC Index Plus Plan is regular premium policy with monthly, quarterly, half-yearly and yearly savings options The insurance coverage will be seven times only if the age is above 51; and seven times and 10 times if the age is below 51.
Switching is allowed between two funds four times in a year.
Policyholders can partially withdraw money after the fifth year.
This plan provides life risk cover with investment.
The facility of surrender is available after the lock-in period of five years. Additionally, the plan provides riders such as accidental rider.
Eligibility/Parameter
| Minimum entry age | 90 days to 50 yearsfor Basic Sum Assured- 7 times and 10 times of annualised premium51 years to 60 yearsfor Basic Sum Assured- 7 times of annualised premium |
| Maximum entry age | 65 years |
| Minimum maturity age | 18 years |
| Maximum maturity age | 75 years - 10 times of annualised premiumand 85 years - 7 times of annualised premium |
| Policy term | 10 years to 25 years according annualised premium |
| Minimum Premium | ₹30,000 yearly |
| ₹15,000 quarterly |
| ₹7,500 half yearly |
| ₹2,500 monthly - NACH |
| Maximum Premium | No Limit |
| Lock in period | 5 years |
| Basic Sum Assured | Below age 51 years: 7 times and 10 times of annualised premium |
| Above age 51 years: 7 times of annualised premium |
(Source: LIC)
Key benefits
On death after the date of commencement of risk, the policy will provide an amount equal to the highest of the following:
Basic sum assured (less partial withdrawals in the last two years); orunit fund value; or
105% of the total premiums received (less partial withdrawals in the last two years) On the life assured surviving the stipulated date of maturity, an amount equal to the unit fund value will be payable.
On life assured surviving the term of the policy, an amount equal to the unit fund value will be payable.
(Edited by : Shoma Bhattacharjee)
