All About LIC Unit-Linked Insurance Plans
Updated On May 03, 2021
Table of Contents
Life Insurance Corporation of India (LIC) offers 3 Unit-Linked Insurance Plans namely Nivesh Plus plan, LIC SIIP Plan, and LIC New Endowment Plus plan. We will discuss features of each plan one by one. Let us start with the first plan i.e Nivesh Plus plan and move on to other plans. The best features of Nivesh Plus plan are as follows-
1. Features of LIC Nivesh Plus plan
- Guaranteed Additions- Guaranteed Additions as a percentage of Single Premium are added to the policy. The allocated Guaranteed Additions are converted to units based on NAV of the underlying Fund type as on the date of such addition and are credited to the Unit Fund.
- Rider Benefit- LIC provides 1 rider option namely Accidental Death Benefit Rider to further enhance your plan with more comprehensive benefits.
- Partial withdrawals- After the end of lock-in period, partial withdrawals can be made to meet your immediate financial needs.
- Fund Switching- The plan provides 4 fund options within which you are allowed to make fund switches. There are 4 free switches under the plan, after these 4 switches certain charges are applicable.
- Top-up Option- The plan provides the option of top-up premium where you can invest your surplus savings to maximise your corpus.
2. Features of LIC SIIP Plan
Following are some of the key features of LIC SIIP Plan-
- Refund of Mortality Charges- If the life assured survives till the date of the maturity, the policy returns all the mortality charges along with the maturity benefit.
- Guaranteed Additions- Guaranteed Additions as a percentage of one Annualized Premium are added to the policy for staying invested in the plan for a long term.
- Rider Benefits- LIC provides 1 rider option namely Accidental Death Benefit Rider to further enhance your plan with more comprehensive benefits.
- Partial withdrawals- After the end of lock-in period, partial withdrawals can be made to meet your immediate financial needs.
- Fund Switching- The plan provides 4 fund options within which you are allowed to make fund switches. There are 4 free switches under the plan, after these 4 switches certain charges are applicable.
- Top-up Option- The plan provides the option of top-up premium where you can invest your surplus savings to maximise your corpus.
3. Features of LIC New Endowment Plus plan
The best features inherited by LIC New Endowment Plus plan are below-mentioned-
- Rider Benefits- LIC provides 1 rider option namely Accidental Death Benefit Rider to further enhance your plan with more comprehensive benefits.
- Partial withdrawals- After the end of lock-in period, partial withdrawals can be made to meet your immediate financial needs.
- Fund Switching- The plan provides 4 fund options within which you are allowed to make fund switches. There are 4 free switches under the plan, after these 4 switches INR 100 is charged per switch.
- Top-up Option- The plan provides the option of top-up premium where you can invest your surplus savings to maximise your corpus.
- Date of vesting- If the policy is issued on the life minor, the policy will automatically vest in the life assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age.
Conclusion
LIC provides three ULIPs with 4 fund options to invest your premium in, along with fund options LIC provides various other features like partial withdrawals, top-up, rider benefits, fund switching, and guaranteed additions etc. Choose the ULIP which suits best to your needs and assists in fulfilling your life goals.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
