New Delhi: LIC Chairman MR Kumar on Saturday launched two new unit-linked plans LIC Investment Plus Plan (UIN 512L317V01) and LIC SIIP (UIN 512L334V01). LIC Investment Plus is a single premium, non-participating, unit-linked and individual life insurance, which also offers the option of investing with insurance over the term of the policy. The plan taker can choose the single premium amount. The policy taker can choose the amount to be deposited. He also has the facility to choose the basic sum assured while taking the policy.
The sum assured options are 1.25 times the single premium or 10 times the single premium. The guaranteed addition as a percentage of the single premium will be added to the unit fund at the completion of a specific time period of the policy term. Allotted premiums and guaranteed editions will be used to purchase the units of the fund that you have selected. The minimum premium for these policies is Rs 1,00,000. There is no maximum premium limit.
LIC’s SIIP is a regular premium, non-permissing, unit linked, individual life insurance plan that provides investment with insurance over the term of the policy. Policy takers can choose the amount of premium they want to pay. On completion of the specific term of the policy, guaranteed additions as a percentage of the annual premium will be added to the unit fund under an in-force policy.
The premium and guaranteed additions allocated according to the allocated fund type will be used to purchase the unit. The principal amount given for the age of 55 years is 10% annual premium and for the age of 55 years and above it is 7 times the annual premium. The minimum premium payable is Rs 40000 (for annual mode) with no maximum premium limit.
