Insurance Plans 198 views August 7, 2020

LIC Unit Plans

Unit Plans are basically the investment insurance plan in which your premium amount is invested into various funds. The company gives you the freedom to switch between funds as per your need. So, here you can see the various LIC Unit Plans that will help you to grow your wealth and they give you death and maturity benefits. Basically, there are three Unit Plans offered by LIC where the premium is invested into different funds. On the other hand, the company allows you to make a partial withdrawal during the policy term. Let’s explore the various types of Unit Plans and see their features and benefit in detail.

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Various Unit Plans by LIC

There are three unit plans offered by LIC and you can invest your money in any of the three plans. All of them have some unique and distinctive features that might amaze you.

  1. LIC Nivesh Plan
  2. LIC SIIP Plan
  3. LIC New Endowment Plus Plan

LIC Nivesh Plan

  1. It is a Single-Premium unit-linked plan.
  2. 90 Days is the minimum age of entry in this plan.
  3. This plan includes death benefits and maturity benefits.
  4. The company will give you guaranteed additions from the end of the 6th policy year.
  5. You can Add LIC Linked Accidental Death Benefit Rider to this Plan.
  6. You can also make partial withdrawals after the 6th policy year.
  7. The company gives you a free look period in this unit plan.
  8. In case of an emergency, you can surrender the Policy anytime and take the surrender value.

Other Details of this Plan

ParticularsDetails
Minimum Sum Assured1.25 Time of the Single Premium
Maximum Sum Assured10 Times of the Single Premium
Minimum Age of Entry90 Days
Maximum Age of Entry70 Years
Minimum Maturity Age18 Years
Maximum Maturity Age85 Years
Policy Term10 Years to 25 Years
Premium Paying ModeSingle-Premium Only
Minimum Premium AmountRs.1 Lac
Maximum Premium AmountNo Limit

LIC SIIP Plan

  1. This plan is a Regular-Premium unit-linked plan.
  2. The minimum age of entry in this plan is 90 days.
  3. This plan includes death benefits and maturity benefits.
  4. The company will also give you guaranteed additions from the end of the 6th policy year.
  5. The company allows you to Add LIC Linked Accidental Death Benefit Rider to this Plan.
  6. You can also make partial withdrawals after the 6th policy year.
  7. The company gives you a free look period in this unit plan.
  8. In case of an emergency, you can surrender the Policy anytime and take the surrender value.

Other Details of this Plan

ParticularsDetails
Sum Assured for the Age Below 55 Years10 Time of the Annualized Premium
Sum Assured for the Age 55 Years and Above7 Times of the Annualized Premium
Minimum Age of Entry90 Days
Maximum Age of Entry65 Years
Minimum Maturity Age18 Years
Maximum Maturity Age85 Years
Policy Term10 Years to 25 Years
Premium Paying TermSame as the Policy Term
Minimum Premium Amount· Rs.40000 for Yearly Payment
· Rs. 22000 for Half-Yearly Payment
Rs. 12000 for Quarterly Payment
Rs.4000 for Monthly Payment
Maximum Premium AmountNo Limit

LIC New Endowment Plus Plan

  1. This plan is a Regular-Premium unit-linked plan for the individuals only.
  2. The minimum age of entry needed in this plan is 90 days.
  3. You will get death benefits and maturity benefits in this LIC Unit Plan.
  4. There is no guaranteed additional benefit available in this unit plan.
  5. Add LIC Linked Accidental Death Benefit Rider to this Plan to cover more risks.
  6. You can also make partial withdrawals after the 6th policy year.
  7. The company gives you a free look period in this unit plan.
  8. In case of an emergency, you can surrender the Policy anytime and take the funds from the company.

Other Details of this Plan

ParticularsDetails
Basic Sum Assured10 Times of the Annualized Premium
Minimum Age of Entry90 Days
Maximum Age of Entry50 Years
Minimum Maturity Age18 Years
Maximum Maturity Age60 Years
Policy Term10 Years to 20 Years
Premium Paying ModeRegular Premium
Minimum Premium Amount· Rs,20000 for Yearly Payment Mode
Rs.13000 for Half-Yearly Payment Mode
Rs.8000 for Quarterly Payment Mode
Rs.3000 for Monthly Payment Mode
Maximum Premium AmountNo Limit

Funds Available in the LIC Unit Plans

FundsInvestment in Government Guaranteed SecuritiesShort-Term investmentInvestment in Listed-Equity Shares
Bond Fund60% and Above40% or BelowNil
Secured Fund45% and Above40% and BelowBetween 15% to 55%
Balanced Fund30% and Above40% and BelowBetween 30% to 70%
Growth Fund20% and Above40% and BelowBetween 40% to 80%

Common Charges in Unit Plans

  1. Premium Allocation Charges
  2. Mortality Charges
  3. Fund Management Charges
  4. Switching Charges
  5. Partial Withdrawal Charges
  6. Discontinuance Charges
  7. Right to Revise Charges

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