Index Plus (873)
01
Cost-Effective Plans
PLAN 873: LIC's INDEX PLUS Plan
DETAILS:
LIC’s Index Plus Plan 873, launched on February 6, 2024, is a Unit Linked, Regular Premium, Individual Life Insurance Plan that combines life insurance coverage with market-linked savings. This plan offers the potential for wealth accumulation through investments in selected equity indices, along with guaranteed additions to enhance your investment.
📌Key Features:
- Regular Premium Payments: Flexible payment options are available—monthly, quarterly, half-yearly, or yearly—to suit your financial convenience.
Life Insurance Coverage: Provides a death benefit to ensure financial security for your loved ones.
Fund Options: Choose between two fund options for your investments:
- Flexi Growth Fund: Invests primarily in selected stocks that are part of the NSE NIFTY 100 index.
- Flexi Smart Growth Fund: Focuses on selected stocks within the NSE NIFTY 50 index.
Guaranteed Additions: As a percentage of your annualized premium, these additions are credited to your unit fund upon completion of specific policy durations, enhancing your investment value.
Partial Withdrawals: After a lock-in period of 5 years, you can make partial withdrawals to meet unforeseen financial needs.
Policy Surrender: The plan allows for surrender after the 5-year lock-in period, providing liquidity options if required.
Additional Riders: Enhance your coverage with optional riders, such as the Accidental Death Benefit Rider, for comprehensive protection.
💰SUM ASSURED:
- For ages below 51 years: Option of 7 times or 10 times the annualized premium
- For ages 51 years and above: 7 times the annualized premium
💰DEATH BENEFIT:
- Before Commencement of Risk: Refund of total premiums paid, excluding taxes and extra premiums, if any.
- After Commencement of Risk: The higher of:
- Basic Sum Assured (minus partial withdrawals made in the last two years)
- Unit Fund Value
- 105% of total premiums paid (minus partial withdrawals in the last two years)
💰MATURITY BENEFIT:
Upon surviving the policy term, you will receive the Unit Fund Value as of the maturity date.
💰Guaranteed Additions:
These are added to your unit fund upon completion of specific policy durations, enhancing the growth of your investment.
Eligibility & Policy Terms
📌 Eligibility Criteria:
Entry Age:
- Minimum: 90 days
- Maximum: 60 years
Maturity Age:
- Minimum: 18 years
- Maximum: 75 years for policies with a Basic Sum Assured of 10 times the annualized premium; 85 years for policies with a Basic Sum Assured of 7 times the annualized premium.
Policy Term: 10 to 25 years
Premium Details:
- Minimum Premium:
- Yearly: ₹30,000
- Half-Yearly: ₹15,000
- Quarterly: ₹7,500
- Monthly (NACH): ₹2,500
- Maximum Premium: No limit
- Minimum Premium:
Available Riders:
✔ Accidental Death Benefit Rider: Provides an additional sum assured in case of death due to an accident, offering extra financial protection.
Additional Benefits & Conditions
✔Fund Switching: You have the flexibility to switch between the two fund options up to 4 times a year, allowing you to adapt your investment strategy to changing market conditions.
✔Partial Withdrawals: After the 5-year lock-in period, you can make partial withdrawals to address financial emergencies or goals.
✔Surrender Option: If needed, you can surrender the policy after the 5-year lock-in period. The surrender value will be the Unit Fund Value at the time of surrender.
Conclusion:
LIC’s Index Plus Plan 873 is designed for individuals seeking a blend of life insurance protection and market-linked investment growth. With flexible premium payment options, a choice of fund investments, guaranteed additions, and the ability to make partial withdrawals, this plan offers a comprehensive solution to meet your financial objectives while ensuring the security of your loved ones.
For more detailed information and personalized advice, please consult with a licensed insurance advisor or visit the official LIC website.
Note: The above information is based on the details available as of February 9, 2025. Policy terms and conditions are subject to change. Please refer to the latest policy documents for the most accurate information.