LIC launches Index Plus plan: Check premiums, sums insured, and other key details here

LIC Index Plus Policy: Life Insurance Corporation of India (LIC) has launched a new investment plan- LIC Index Plus Plan. This plan is a unit-linked, individual life insurance plan with a regular premium. LIC says that the plan offers the benefit of savings along with life insurance coverage during the entire tenure of the policy. Here are the benefits, eligibility, and other details.

What is LIC Index Plus Plan Policy?

The plan offers life insurance coverage and savings throughout the term of the policy, LIC said in a statement. "Guaranteed additions as a percentage of the annualised premium shall be added to the unit fund on completion of a specific duration of policy years under an in-force policy and shall be utilised to purchase units," it said.

What are the conditions for investing in LIC Index Plus?

The minimum age to get insured under this policy is 90 days. The maximum age has been kept at 85 years.

LIC Index Plus Policy: What will be the premium?

The premium will be decided according to the basic sum assured. The sum insured for insurers between the ages of 90 days and 50 years has been kept at 7 to 10 times the annual premium. This will be for people between 90 days and 50 years old. Whereas for those aged between 51 and 60 years, the annual premium will be 7 times of the sum insured. Premiums can be paid on a monthly, quarterly, half-yearly or annual basis. The annual premium range will be around Rs. 30,000.

LIC Index Plus Policy: Minimum policy term

The minimum policy terms are 10 and 15 years, depending on the annual premium. The maximum term has been kept at 25 years. The term of payment of the premium will be determined based on the policy term only.

LIC Index Plus Policy: Minimum premium

Range from Rs 30000/- (yearly), Rs 15000/- (half-yearly), Rs 7500/- (quarterly), and Rs 2500/- Monthly (NACH) depending upon the mode or premium payment frequency.

LIC Index Plus Policy: Maximum premium

There is an option to choose any one of the two funds to invest in initially and at the time of switching, i.e., Flexi Growth Fund and Flexi Smart Growth Fund, wherein investment will be primarily in selected stocks that are a part of the NSE NIFTY 100 index or the NSE NIFTY 50 index, respectively.

LIC Index Plus Policy: How to purchase?

The plan can be purchased offline through agents or other intermediaries as well as online directly through the website www.licindia.in.