LIC ULIP Plans
LIC ULIP Plans
  • Provides Financial Security
  • Option To Choose Investment Funds
  • 5-year Premium Payment Term
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LIC Unit Linked Plans

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.

Types of LIC ULIP Plans

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.

1. LIC's New Endowment Plus

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:

  • If the insured survives the policy term, (s)he will be paid an amount equal to the unit fund value.
  • One can partially withdraw the funds after the completion of the 5th policy year, provided all premiums have been paid on time.
  • Get a chance to enhance the overall coverage by availing an accidental death benefit rider.
  • The plan allows the insured to switch between 4 fund options.

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

2. LIC's Nivesh Plus

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:

  • The plan offers the maturity benefit under which an amount equal to the unit fund value is paid if the policyholder survives till the date of maturity.
  • One has the option to switch between the four fund types during the policy term.
  • Avail of a free look period of 15 days (30 days if the plan is purchased online) to check the terms and conditions of the plan and cancel it if deemed necessary.

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.

3. LIC's SIIP

LIC's SIIP is a unit-linked, non-participating, regular premium plan that offers investment and insurance cover throughout the policy tenure.

Features:

  • The plan pays maturity and death benefits to the policyholder/nominee, provided all the premiums are truly paid on time.
  • A policyholder may pay premiums regularly at yearly, half-yearly, quarterly, or monthly intervals.
  • The plan grants a grace period of 30 days (for payment of yearly, half-yearly, and quarterly premiums) and 15 days (for monthly premium payment).
  • One can partially withdraw the funds after the completion of the 5th policy year, provided all premiums have been paid on time.

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

Why go with LIC as your insurance provider?

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-

  • Technologically Sound: The company uses superb technology, which includes WAN, IVRS, LAN, & EDMS that allow individuals to go paperless when managing coverage documentation.
  • Partner Companies: The company is associated with several partners like LIC Housing Finance, LICHFL Financial Services, LIC Mutual Fund Trustee, LIC Pension Fund, and others.
  • Going International: LIC has its branches in Nepal, Sri Lanka, Saudi Arabia, Bahrain, the United Kingdom, among others.

How To Buy LIC ULIP Plans?

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:

  • Visit the official website of LIC, and select the chosen plan under 'Buy Policy Online'.
  • Click on 'Buy Online' under your chosen plan.
  • Tap on 'Click To Buy Online', fill in all the details, and click on 'Calculate Premium'.
  • Once done, the page will show you the premium details and you have to make an online payment.
  • You will receive confirmation and policy details at your registered email address.

To buy LIC's New Endowment Plus, you have to visit the nearest LIC's branch office.

Documents Required

Below are the basic documents that you need to provide at the time of purchase.

  • Age proof: Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, or Voter ID.
  • Identity proof: Driving License, Passport, Voter ID, PAN Card, or Aadhar Card.
  • Address proof : Electricity Bill, Telephone Bill, Ration Card, Driving License, or Passport.
  • Income Proof: Salary Slips, Form 16, or Income Tax Return.
  • Passport Size Photo(s).
  • Others requested by the company.

Contact Details of LIC of India

  • Customer Support: Contact LIC Call Center at 022 6827 6827 (24*7)
  • SMS LIC HELP: SMS LICHELP to 9222492224 or SMS LICHELP to 56767877.

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"

FAQ's

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