LIC New Policy: LIC has come up with a new plan. The new plan of Life Insurance Corporation of India (LIC) is named LIC Index Plus Plan. The money invested in this will be invested in the share market. Know the benefits and rules of this plan
LIC New Policy: LIC has come up with a new plan in which the invested money will be invested in the share market. Life Insurance Corporation of India (LIC) has launched a new investment plan named LIC Index Plus Plan. This plan is for individuals and requires regular premium payment. According to LIC, this plan offers both life insurance coverage and savings for the entire policy period.
Lock in period is of 5 years
After the initial lock-in period of five years, policyholders have the option to partially withdraw the units under certain conditions. Additionally, LIC said that the guarantee extra money, calculated as a percentage of the annual premium, will be added to the unit fund after the remaining policy years.
These are the rules
For the insurance scheme, the age of the individuals should be at least 90 days and depending on their amount, the age can be 50 or 60 years. The basic sum assured for individuals between 90 days (completed) and 50 years (approaching birthday) entering the plan is fixed between 7 to 10 times the annual premium. The premium is decided based on your age.
This will be the premium amount
The insurance plan offers a maximum policy term of 25 years and minimum policy term of 10 or 15 years depending on the annual premium. The policy period matches the premium payment period. It is fixed at Rs 30,000 for annual payment, Rs 15,000 for half yearly payment, Rs 7,500 for quarterly payment and Rs 2,500 for monthly payment through NACH. There is no maximum amount you can pay for premium, but it depends on the decision taken during the underwriting process. This gives policyholders the freedom to choose the period and how often they want to make the payments.
You will get the option to choose between these 2 funds
Policyholders have the option to choose between two funds for premium investment: Flexi Growth Fund and Flexi Smart Growth Fund. These funds invest primarily in selected stocks that are part of the NSE Nifty 100 index or NSE Nifty50 index. Policyholders can choose one of these funds initially and switch between them as needed.
