SIIP Plus | Plan No 852

LICs New SIIP Plus | Plan No 852

This is a Regular Premium, Non-Participating, Unit Linked Assurance Plan, which offers insurance-cum-investment. Proposer can choose the amount of premium one desires to pay. Each premium paid shall be subject to allocation charges. Upon completion of specified duration, Guaranteed additions as a percentage of one Annualized Premium shall be added to the unit fund under in force policy.

For age at entry less than 8 years LBD :
One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For age at entry 8 years LBD or more: Risk will commence immediately.

Before Commencement of Risk: Fund Value
After Risk Commences : Basic SA or 105% of Total Premiums Paid (less any Partial Withdrawals made during last 2 years) or Fund Value whichever is higher.
Basic SA = 10 times of annualized Premium for Age below 55 years and 7 times of Annualized premium for Age 55 years and above.

MATURITY BENEFIT: Fund Value + Refund of Mortality Charges (Excluding any extra premium and Taxes on Mortality Charges)
Fund Options: Bond Fund, Secured Fund, Balanced Fund & Growth Fund.

Features & Conditions:
Minimum age at entry : 90 days
Maximum age at entry : 65 years nbd
Minimum Maturity age : 18 years lbd
Maximum Maturity age : 85 years nbd
Policy term : 10 to 25 years
Minimum Premium :
Yly – ` 40,000, Hly- ` 22,000,
Qly- ` 12,000, Mly NACH – ` 4,000 and
in multiple of ` 250 for Mly NACH and
in multiple of ` 1,000 for other modes.
Maximum Premium : No limit
Available Riders: LIC’s Linked Accident Benefit Rider. Maximum ` 1 Crore under all plans.


  • 1. Switching between any fund types.
  • 2. Death Benefit in instalments for 5 years.
  • 3. Partial Withdrawal from 6th year.
  • 4. Increase/Decrease in Benefits not allowed
  • 5. Accident Rider can be cancelled.
  • 6. Top Up not allowed.
  • 7. Alteration to other Plan not allowed.

Mode of Payment: Yearly, Half Yly, Qly & Mly NACH only.
Rebates: Nil
Grace Period: 15 days for monthly mode and 30 days for other modes.
Policy Loan: Not Available
Surrender/Paid up : Allowed After 5 years.
Compulsory Termination: If after payment of premium for full 5 years further Premiums are not Paid and balance in Unit Fund is not sufficient to recover the relevant charges, the policy will be compulsory terminated.
Revivals: Within 3 years of FUP.
Suicide Clause: Within 12 months of DOC or Revival claim will be restricted to Fund Value.
Back Dating: Not Allowed.
Proposal Form: Separate form.
Tax Benefits :

  • On Basic Premiums : u/s 80C
  • Maturity/Death claim : u/s 10(10D)


Maximum Entry Age – 65 Years (NBD)

Policy Term Maximum – 25 years

Max Maturity Age – 85 Years


  • YLY:40000+X 1000
  • HLY:22000+X 1000
  • Qly: 12000+X 1000
  • Mly:4000+X 250

Premium Allocation charges Offline 

  • 1st Year: 8.00%
  • 2nd to 5th: 5.50%
  • Thereafter: 3.00%

Premium Allocation charges Online 

  • 1st Year: 3%
  • 2nd to 5th: 2%
  • Thereafter: 1%

Mortality Charges: Calculated at Sum at Risk

Policy Administration Charges: No policy Administration charge

Switching Charges-  4 switches free, Rs.100 then

Fund Management charges

  • 1.35% p.a of Unit Fund
  • 0.50% p.a for discontinued policy fund

Bid-Offer spread –  NIL

Discontinuance charges –  5 years on wards :NIL

Partial Withdrawal charges: Rs.100/

Revival Period: 3 years

Partial Withdrawal: Subject to Balance of 3 Annualised Premium in Fund a certain percentage of fund may be surrendered

Guaranteed Additions: A percentage of Annualized Premium will be added to Unit Fund at the end of 6/10/15/20/25 years

Maturity Benefit: Unit Fund value+total amount of mortality charges deducted during policy term

Lock-in period: 5 Years


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