LIC introduces unit linked policy LIC Index Plus

The state-owned insurance giant LIC [Life Insurance Corporation] has introduced LIC Index Plus, a unit-linked regular premium along with an individual life cover policy. The policy is available for purchase from February 6 while offering life insurance and savings through the plan term.

As per the company's new plan, Guaranteed additions as a percentage of the annualized premium will be added to the unit fund on completion of a specific duration of policy years in the given policy domain and will be utilized to purchase units. Along with that, policyholders are provided to choose the option between Flexi Growth Fund and Flexi Smart Growth Fund in terms of investing the premium initially or time of switching.

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The investment of the funds will be specifically available in the selected stocks that form part of the NSE NIFTY 100 index or NSE NIFTY 50 index, respectively. 

The minimum policy term is 10 or 15 years depending on annualised premium with a maximum term of 25 years. The payment of the premium is the same as that of the policy term while the minimum age at the entry has been set at 90 days and the maximum one is 50 or 60 years depending on the basic sum assured. Meanwhile, the age of maturity is fixed minimum at 18 and maximum at 75 or 85 years.

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As per the company, Subject to terms and conditions, the option to partially withdraw the units at any time after the lock-in period of 5 years is available. The policyholder will get a sum equal to the unit fund concerning the date of maturity. Whereas, the minimum premium varies based on the payment frequency ranging from Rs 30,000 [yearly] to Rs 2,500 [Monthly].

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