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LIC New Policy: LIC has come up with a new scheme in which the invested money will be invested in the stock 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 payments. According to LIC, this plan offers both life insurance coverage and savings for the entire policy term.
Lock in period is 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 additional amount, 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 insurance scheme the age of the individuals should be at least 90 days and depending on the amount the age can be 50 or 60 years. The basic sum assured for individuals between 90 days (completed) and 50 years (close to 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 a minimum policy term of 10 or 15 years depending on the annual premium. The policy term matches the premium payment term. The fee for annual payment through NACH is Rs 30,000, for half-yearly payment it is Rs 15,000, for quarterly payment it is Rs 7,500 and for monthly payment it is Rs 2,500. 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 term 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 primarily invest in select stocks that are part of the NSE Nifty 100 index or NSE Nifty 50 index. Policyholders can choose one of these funds initially and switch between them as needed.
