LIC has come up with new products – A Unit Linked Product (ulip) – LIC Flexi Plus – Plan No. 811
Features of LIC Flexi Plus:
- Flexibility to choose the policy term
- Flexibility to choose the premium paying mode as per your convenience
- Flexibility to choose from 2 fund types to suit your investment needs
- Flexibility of partial withdrawals to meet your emergency needs
- Payment of Premiums- You may pay premiums regularly at yearly, half-yearly, quarterly or monthly.
Eligibility of LIC Flexi Plus:
Minimum Age at entry – 18 years (last birthday)
Maximum Age at entry – 50 years (nearest birthday)
Maximum Maturity Age – 60 years (nearest birthday)
Policy Term – 10 to 20 years
Benefits of LIC Flexi Plus:
A) Death Benefit:
On death during the policy term, when the cover is in full force:
- Immediate lumpsum payment equal to Sum Assured shall be paid to the nominee / legal heir.
- An amount equal to sum of all future premiums payable after the date of death shall be credited to the Policyholder’s Fund. The units shall be allocated at the unit price applicable for the fund type opted under the policy on the date of booking of liability of death.
On maturity date, units available in the Policyholder’s Fund will be multiplied by the NAV as on that date and the total fund value will be given to the nominee/legal heir.
B) Maturity Benefit:
On Life Assured surviving the date of maturity, an amount equal to Policyholder’s Fund Value shall be payable.
LIC has come up with 2 new products – A Unit Linked Product (ulip) “LIC Flexi Plus”
Flexi Plus – Highlights
- Life Insurance Protection – Payment of Sum Assured on death
- Financial protection – Payment of Fund Value on Maturity
- Liquidity Advantage – Partial Withdrawal allowed after 5 yrs
- Stock Market Advantage – Market linked Returns
Features of LIC Flexi Plus
- Regular Premium ULIP Plan
- Life Cover Protection for full Sum Assured
- Multiple Benefits in case of Death- Immediate payment of full Sum Assured, All future premiums credited to the policy account (In units)
- Payment of Fund value on Maturity
- Maturity Benefit -Fund Value
Switching: A policyholder can switch between ‘Debt Fund’ and ‘Mixed Fund’ during the policy term, if he/she so desires. Four (4) such switches are free during a policy year.
Partial Withdrawal: Partial Withdrawal is allowed after the fifth policy anniversary.
Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units. This facility is available to the policyholder only and subject to minimum balance of 2 Annualised Premiums in the Policyholder’s Fund.
Surrender: On Surrender of the policy, Policyholder’s Fund Value is payable. There is no Discontinuance Charge after completion of 5 policy years.
Before completion of 5 years, Discontinuance Charge is applicable to the Fund Value. The Fund Value so arrived shall be credited to the Discontinued Policy Fund. This Fund will earn a minimum guaranteed interest as applicable to savings bank account of State bank of India, and shall be payable on completion of 5 years.
Revival: It should be noted that all the benefits under the policy are applicable only if the policy is in full force. If the due premium is not paid within the days of grace the policy lapses. In case of discontinuance before 5 years the policyholder shall have the right to revive such policy within 2 years from the date of discontinuance but not later than 5 years from the date of commencement subject to continued proof of insurability.