LIC unveils new plan

Hyderabad: Life Insurance Corporation of India (LIC) has introduced a new plan – LIC’s Index Plus. LIC Chairperson Siddhartha Mohanty announced the launch of this new plan with effect from Monday. LIC’s Index Plus is a unit linked, regular premium, individual life insurance plan, which offers life insurance cover cum savings throughout the term of the policy.

LIC’s Index Plus is a non-participating plan. There is an option to partially withdraw the units at any time after five years’ lock-in period subject to conditions. Another option available is LIC’s Linked Accidental Death benefit rider. The plan can be purchased offline through agents/ other intermediaries as well as online directly through the company website.

On life assured surviving the date of maturity, an amount equal to unit fund value as on the date of maturity shall be payable. Amount payable on death of the life assured differs depending upon whether death of life assured is before the date of commencement of risk or after the date of commencement of the risk. The refund of mortality charges is subject to terms and conditions.

The guaranteed additions shall be added to the unit fund as a percentage of annualised premium on completion of specific duration of the policy years under an in-force policy and shall be utilised to purchase units. The minimum age is specified as 90 days (completed) and the maximum age is 50 or 60 years (nearer birthday) depending on the basic sum assured.

The basic sum assured is 7-10 times of annualised premium for age at entry 90 days (completed) to 50 years (nearer birthday) and 7 times of annualised premium for age at entry 51 years to 60 years (nearer birthday).