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Overview
LIC SIIP is a unit-linked, non-participating, individual life insurance plan that offers an opportunity to monetize investment options in the market. The plan is available offline and online, along with four different fund options to invest your hard-earned money. Like all other plans, it also carries eligibility criteria. This plan offers guaranteed additional benefits to policyholders along with maturity benefits.
Benefits of LIC SIIP Plan
LIC SIIP Plan offers you a range of benefits including:
- Death Benefits
- Maturity Benefits
- Partial Withdrawals
- Additional riders to choose from
- Guaranteed additional benefits
- Free-look period
Key Features
How to Buy LIC SIIP Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC SIIP Plan
There are various benefits to buying the LIC SIIP Plan. Let’s understand each of them in detail:
- Death Benefits: On the death of the insured, the nominee will be liable to receive the death benefits. In case of death before the date of commencement of risk, an amount equal to the unit fund value will be paid. If the death occurs after the date of commencement of risk, an amount that will be higher than the basic sum assured or unit fund value is payable.
- Maturity Benefit: In the case where the insured survives until the maturity date, he/she will receive an amount equal to the unit fund value as maturity benefit.
- Guaranteed Additions: LIC SIIP is a unique ULIP that offers guaranteed returns. It will be a percentage of the fixed annualized premium. The guaranteed additions will be converted to units based on the NAV of the funds and will be credited to the unit funds.
- Partial Withdrawals: You are allowed to make partial withdrawals from the policy anytime after the fifth year of the policy. The partial withdrawal will be in the form of a fixed amount or a fixed number of units. In the case of a minor, partial withdrawals are allowed after 18 years of age.
How to Buy LIC SIIP Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on the 'LIC SIIP Plan'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- You can buy the LIC SIIP Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
- In case the policyholder commits suicide within 12 months of policy purchase, then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC SIIP Plan
Here is the list of documents required to buy the LIC SIIP Plan:
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Guaranteed Additions | Auto cover continuance |
| Partial withdrawals | Top-up premium |
In a Nutshell
If you are looking for a life insurance plan that can help you create wealth over time along with financial safety for your family, you can consider buying LIC SIIP Plan. This plan offers multiple benefits to the policyholders.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
