LIC Index Plus Plan: Investing in the market will give guaranteed returns, you will also get the benefit of maturity and death benefits; Know complete details..

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Public sector Life Insurance Corporation of India (LIC) has started its new investment plan. Investment in it has also started from 6th February. This time LIC has launched a tremendous product, which is a unit-linked, individual life insurance plan with regular premiums. Its name is LIC Index Plus. It was announced on Monday and investors can buy it from Tuesday. LIC says that this plan offers the benefit of savings along with life insurance coverage during the entire tenure of the policy. Let us know about its benefits and eligibility and other details.


What is the LIC Index Plus Plan?
Under the terms of this policy, a guaranteed additional unit fund will be added as a percentage of the annual premium on completion of a specified period of the current policy period. It will be used to buy units. It said there is an option to partially encash the units at any time after the 'lock-in' period of five years. It depends on some conditions.

What are the conditions for investing in LIC Index Plus?
There is an age restriction in this scheme. The minimum age to invest in this scheme is 90 days. However, depending on the sum insured, the maximum age has been kept at 50 or 60 years, whichever is nearest to the investor's birthday. On the basis of Basic Sum Assured, the minimum age for maturity has been kept at 18 years and the maximum age has been kept at 75 or 85 years, whichever is nearest to the birthday.

What will be the premium?
Your premium will be decided based on your basic sum assured. The calculation will be done in such a way that your basic sum assured will be 7 to 10 times your annual premium. This will be for people between 90 days to 50 years old. Whereas for those aged between 51 to 60 years, the annual premium will be 7 times. Premium can be paid on a monthly to an annual basis. The annual premium range will be around Rs 30,000.

What is the policy term?
The minimum policy term is 10 or 15 years, depending on what your annual premium is. The maximum term has been kept at 25 years. The term of payment of premium will be determined on the basis of policy term only.

How will the investment happen?
There are two investment options in this. As to where to invest your unit fund, you will have to choose between the NSE Nifty 100 Flexi Growth Fund or the NSE Nifty 50 Flexi Smart Growth Fund.


Maturity and death benefit
When the policy matures, an amount equal to the value of your unit fund at that time will be returned to you. If you die during the policy term, the sum assured and bonus will be paid to your family. Accidental death benefit rider is also available on this policy.

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