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.

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

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

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

Funds Available in the LIC Unit Plans

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