LIC is the oldest participant in the insurance sector and has been catering to the insurance needs of the whole country for a long time. It was established on 1st September 1956 to spread life insurance to wider sections of the society, providing them adequate financial cover at a reasonable cost. Today, LIC functions with 2048 fully computerized branch offices, 8 zonal offices, 113 divisional offices, and 1381 satellite offices. LIC has tied up with several banks and service providers to offer on-line premium collection facilities in selected cities.
To cater to the investment and insurance needs of an individual, LIC offers 3 ULIP plans to choose from. Let's discuss them in detail.
LIC's New Endowment Plus is a unit-linked, non-participating plan that offers both insurance and investment cover. The plan is specially designed to provide a perfect combination of protection, long-term savings, and ensure that you live your life without worrying about your finances.
Features:
Eligibility Criteria:
Entry age | 90 days - 50 years |
Maturity age | 18 years - 60 years |
Policy term | 10 years - 20 years |
Sum assured | 10 times of annualized premium |
**Last Updated on 02-12-2020
LIC's Nivesh Plus is a unit-linked, non-participating, individual life plan, which offers insurance cum investment benefits. One can buy this plan offline as well as online.
Features:
Eligibility Criteria:
Entry age | 90 days - 70 years |
Maturity age | 18 years - 85 years |
Sum assured | Option 1- 1.25 times of single premium Option 2- 10 times of single premium |
Minimum premium | Rs.1 lakh |
**Last Updated on 02-12-2020
The values may change as per the chosen plan option.
LIC's SIIP is a unit-linked, non-participating, regular premium plan that offers investment and insurance cover throughout the policy tenure.
Features:
Eligibility Criteria:
Entry age | 90 days - 65 years |
Maturity age | 18 years - 85 years |
Policy term | 10 years - 25 years |
Premium paying term | Same as the policy term |
**Last Updated on 02-12-2020
The basic idea behind the formation of the LIC of India was to safeguard the well-being of the citizens of our country and to equip them with the basic life cover to attain financial security. Key reasons to choose LIC are as follows-
For those who are comfortable using the internet and have some experience of online buying, LIC allows individuals to buy their ULIP plans online. Below are its steps:
To buy LIC's New Endowment Plus, you have to visit the nearest LIC's branch office.
Below are the basic documents that you need to provide at the time of purchase.
Toll-free no. 18004259876 for Health Insurance policies from 10 AM to 5 PM on all working days
Get in touch through the Live Chat Option- "LIC MITRA"
Yes, one has an option to avail of LIC's Accidental Death Benefit Rider.
Yes, you have an option to switch between the four fund types: Bond Funds, Secured Fund, Balanced Fund & Growth Fund.
A loan is not allowed under this plan.
Last updated on 03-12-2020