Life Insurance Corporation of India (LIC) has recently introduced a new life insurance plan called Index Plus. It’s a unit-linked, non-participating insurance plan that offers life insurance coverage and savings over the policy term. This blog post will provide a detailed overview of the LIC Index Plus Plan.

LIC’s Index Plus is a regular premium, individual life insurance plan that combines life insurance coverage with savings throughout the policy’s tenure. It falls under the category of Unit Linked Insurance Plans (ULIPs) and requires regular premium payments. This policy does not participate in profit sharing (a non-participating plan), meaning policyholders do not receive a share in any surplus or profits during the policy term.

Eligibility Conditions of LIC Index Plus Plan:

Here are the eligibility conditions for the LIC Index Plus Plan:

Minimum Entry Age: 90 Days (Completed)

Basic Sum Assured (BSA): 7 X Annualized Premium OR 10 X Annualized Premium

Maximum Entry Age For BSA:

7 X Annualized Premium: 60 Years (Nearer Birthday)

10 X Annualized Premium: 50 Years (Nearer Birthday)

Minimum Policy Term:

For Annualized Premium Less Than Rs. 48,000: 15 Years

For Annualized Premium Equal To Rs. 48,000 & Above: 10 Years

Maximum Policy Term: 25 Years

Minimum Premium: Yearly: Rs. 30,000, Half-Yearly: Rs. 15,000, Quarterly: Rs. 7,500, Monthly (NACH): 2,500

Maximum Premium: No Limit

Premium Paying Term: Same As Policy Term

Minimum Maturity Age: 18 Years (Completed)

Maximum Maturity Age:

For 7 X Annualized Premium: 85 Years (Nearer Birthday)

For 10 X Annualized Premium: 75 Years (Nearer Birthday)

Features & Benefits of LIC Index Plus Plan:

Here are some of the key features and benefits payable under the policy:

Maturity Benefits: If the policyholders survive the maturity date and they have paid all the required premiums on time, they will be eligible to get an amount equal to ‘Unit Fund Value’. This amount can serve as a financial safety net and can be used for various financial purposes in life, be it funding a child’s education or collecting money for retirement.

Death Benefits: If the policyholders die before the stipulated date of maturity, they will be entitled to receive death benefits. The death benefit will be equal to the highest of the following: Basic sum assured, 105% of the total premiums received, Unit fund value.

Refund Of Mortality Charges: If policyholders live past the maturity date of the LIC Index Plus policy, and have paid all the required premiums, they will receive an amount equal to mortality charges deducted for the life insurance coverage.

Guaranteed Additions: Guaranteed additions are extra amounts of money that LIC promises to add to the policyholders’ policy at specific intervals.

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Conclusion:
LIC’s Index Plus Plan is a comprehensive insurance product that provides both life insurance coverage and savings. It’s a great option for those who are looking for a plan that offers financial protection to their loved ones in case of their untimely demise, while also helping them save for their future.

Please note that it’s important to read the policy document carefully and understand all the terms and conditions before purchasing any insurance product. Always choose a plan that best suits your needs and financial goals.

FAQ’s About LIC Index Plus Plan