LIC’s SIIP (Table No. 852)

INTRODUCTION:- It has been decided to introduce LIC’s SIIP Plan No.852 with effect from 2nd March 2020. LIC’s SIIP is a Unit Linked, Regular Premium, Individual Life Insurance plan, which offers investment-cum-insurance during the term of the policy. LIC’s SIIP is one of the best insurance policies for those peoples who understand the ups and downs of the stock market and do not mind taking risks. It is the ideal plan for those expecting good return along with life insurance cover. This plan offers the risk cover equal to 10 times of annualized premium. This plan has facility of partial withdrawal in case of any financial crisis. It offers the Guaranteed Additions at regular intervals. LIC’s SIIP is the ideal plan to achieve your Goals. The benefits and other basic features of the plan are given below.

Basic Eligibility Conditions and Features of LIC’s SIIP Plan (Table No.852): –

1) Minimum Age at Entry:- 90 days (completed)

2) Maximum Age at Entry:- 65 Years (nearest birthday)

3) Policy Term:- 10 to 25 years.

4) Premium Paying Term:- Same as Policy Term

5) Premium Paying Mode:- Yearly, Half Yearly, Quarterly, Monthly (NACH)

6) Minimum Maturity Age:- 18 Years (completed)

7) Maximum Maturity Age:- 85 Years (nearest birthday)

Minimum Premium:-

Payment Mode Minimum Maximum

Yearly Rs. 40,000 No Limit

Half-Yearly Rs. 22,000 No Limit

Quarterly Rs.12,000 No Limit

Monthly (NACH) Rs. 4,000 No Limit

Death Benefit:-

1) On Death before the Date of Commencement of the Risk:- An amount equal to the Unit Fund Value shall be payable.

2) On Death after the Date of Commencement of the Risk:- An amount equal to highest of the following shall be payable:-

I) basic Sum Assured reduced by any Partial Withdrawals made during the two years period immediately preceding the date of death,

II) Unit Fund Value; or

III) 105% of total premiums paid up to the date of death reduced by partial withdrawal made during the two years period immediately preceding the date of death.

Maturity Benefit:- An amount equal to Unit Fund Value is payable.