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LIC SIIP Plan Life Insurance Benefits

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

The LIC SIIP Plan has several advantages to offer, some of which are enlisted below:

  • Death Benefit: Death benefit means the advantage that is given to the beneficiaries of the policyholder in case the life assured faces an unfortunate death. The amount that is paid in the event of the death of the policyholder is equivalent to the unit fund value. Please note that the amount paid out as a death benefit can be taken by the policyholder either in a lump-sum manner or in installments.
  • Maturity Benefit: The maturity benefit is paid out to only those policyholders who survive the policy tenure. This amount is only paid out if the policyholder has paid out the complete premium. On the maturity of the policy, policyholders get a refund of mortality charges as well as unit fund value.
  • Tax Benefits: One of the primary reasons why many policyholders prefer buying the LIC SIIP Plan is to enjoy tax benefits. With SIIP Plan, tax benefits as specified under section 80 C and 80 D of the Income Tax Act is provided.
  • Guaranteed Returns: As soon as the LIC SIIP Policy turns 6 years, 10 years, 15 years, 20 years, or 25 years old, then there are guaranteed additions of 5%, 10%, 15%, 20%, and 25% respectively. To enjoy this benefit, policyholders must ensure to pay the premium amount on time.
  • Rider Benefit: The benefits of the LIC SIIP Plan can be further enhanced by including a number of riders in the plan. Based on the requirements, policyholders can include the desired add-on.
  • Grace Period Benefit: A grace period of 30 days is given to the policyholder in case they miss out to pay the premium on time. However, policyholders must ensure to pay the premium amount during the grace period so that the policy does not lapse.
  • Partial Withdrawal Benefit: The LIC SIIP Plan also allows policyholders the benefit of partial withdrawals. However, this benefit can only be enjoyed once the policy turns 5 years old. There is a limit to partial withdrawals, depending on the tenure of the LIC SIIP Policy.

Key Inclusions and Exclusions of the Plan

What's Not Included

  • There are certain exclusions to the LIC SIIP Plan such as the following: If the policyholder commits suicide within 12 months of the policy term, then there is no death benefit provided to the policyholder. However, this is not applicable if the entry age of the policyholder is below 8 years. If the policy lapses due to failure of paying out the premium, then no benefits shall be paid out.

LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    FAQs on LIC SIIP Health Insurance Plan

    • What are the minimum and maximum entry age of the LIC SIIP Plan?

      The minimum and maximum entry age of the LIC SIIP Plan are 90 days and 65 years respectively.

       

    • Can I get the maturity benefits of the LIC SIIP Plan?

      Yes, the maturity benefit is offered with LIC SIIP Plan and is paid out once the policy matures.

       

    • Is death due to suicide covered under LIC SIIP Plan?

      No, if the policyholder dies within 12 months of buying the LIC SIIP Plan, then there will be no coverage provided. 

       

    • How many fund options can I get with the LIC SIIP Plan?

      With the LIC SIIP Plan, there are four fund options available: growth fund, bond fund, balanced fund, and secured fund. 

       

    • What is the lock-in period in LIC SIIP Plan?

      The lock-in period in LIC SIIP Plan is 5 years during which no amount can be withdrawn. 

       

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