LIC Chairman
Shri M R Kumar today launched two new unit-linked plans, LIC’s Nivesh Plus plan
(UIN 512L317V01) and LIC’s SIIP (UIN 512L334V01)
LIC’s
SIIP is a Regular Premium, Non-Participating, Unit
Linked, Individual Life Insurance plan which offers insurance cum
investment during the term of the policy. The Proposer can choose the amount of
premium payable he/she desires to pay. Upon completion of specified duration of
policy years, Guaranteed Additions as a percentage of Annualized Premium shall be
added to the Unit Fund under an In-force policy. The allocated premium and
Guaranteed Additions will be utilized to purchase units as per the opted fund
type.The Basic sum assured offered for ages below 55 years is 10 times annualised
premium and for ages 55 years and above it is 7 times annualized premium. The
Minimum premium payable is Rs 40000 (for
yearly mode) with no maximum premium limit.
On
Maturity an amount equal to the Unit Fund Value is payable and partial
withdrawals after fifth policy anniversary can be made subject to specific
conditions, under both the plans.
In
SIIP plan, in addition to maturity amount as mentioned above, total amount of
mortality charges deducted will be refunded provided all due premiums under the
policy have been paid.
Both
the plans can be purchased Offline as well as Online. The plans are available for purchase from 2nd
March,2020.
Dated at Mumbai on the 29th
February , 2020
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