LIC SIP Details from Shubhshri Insurance Services
LIC SIIP is a unit-linked insurance plan that combines insurance
protection and investment opportunities. It comes with a mix of
equity and debt fund options that policyholders can choose as per their risk
profile to generate higher
returns. Over the years, the hard-earned savings of investors grow into a
sizeable corpus that they can use to finance important life events.
The plan can provide comprehensive financial coverage to
the family of the insured against any type of eventualities. Further, the
investment returns from LIC SIIP in the long term lets individuals grow their
wealth and create a financial cushion for a secure future.
The following are the eligibility criteria for LIC’s SIIP plan.
|
Criteria |
Minimum |
Maximum |
|
Entry
Age |
90
days |
65
years |
|
Maturity
Age |
18
years |
85
years |
|
Policy
Term |
10
years |
25
years |
|
Sum
Assured |
Below
55 years of age- 10 times annualized premium 55 years and above- 7 times the
annualized premium |
|
|
Premium
Paying Term |
Same
as policy tenure |
|
|
Minimum
Premium Amount |
Yearly
- Rs. 40,000 Half-yearly - Rs. 22,000 Quarterly - Rs. 12,000 Monthly - Rs.
4,000 |
|
If
the life assured dies before the risk commences, an amount equal to the unit
fund value shall be payable to the beneficiary of the LIC
policy.
On death after the risk commences, the
highest of the following death benefit is payable:
o
Unit fund value; or
o
105% of the total premium paid till the date
of death reduced by partial withdrawals if any; or
o
The basic sum assured amount on death is
reduced by partial withdrawal if any.
The death benefit can be availed by the
beneficiary either as a lump-sum amount or in installments.
If the life assured survives the date of
maturity & provided all the due premiums are paid, the unit fund value
along with the refund of mortality charges is payable by the insurer.
Guaranteed additions as a percentage of one
yearly premium are added to the fund value on completing the following years of
the policy. This is on the condition that all the due premiums are paid.
|
End of the Policy year |
Guaranteed Additions (% of one yearly premium) |
|
6 |
5% |
|
10 |
10% |
|
15 |
15% |
|
20 |
20% |
|
25 |
25% |
Let’s take a look at some of the salient
features of the policy.
·
The plan offers 4 fund options to choose
from.
·
The policyholder can make free switches
between funds.
·
The plan offers the option of add-on rider
benefits to enhance the coverage of the policy.
·
Tax benefits can be availed U/S 80C and
10(10D) of the Income Tax Act.
·
Partial withdrawals of funds are applicable
under the policy.
The plan offers an accidental death benefit
rider option. Under this rider option, the accidental benefit sum assured is
payable to the beneficiary if the insured person dies an unfortunate death due
to an accident.
