LIC Single Premium Wealth Creator Plan 268

About LIC Single Premium Wealth Creator Plan 268

LIC Single Premium Wealth Creator Plan 268 is designed for people who want to put a lump sum to work in the market while keeping life cover in place indefinitely, rather than committing to recurring premiums. The premium is invested across funds managed by different fund houses through the All-Funds platform, and the investment risk lies entirely with the policyholder rather than the insurer.

Key Features of LIC Single Premium Wealth Creator Plan 268

The plan is built around a few defining features that separate it from a traditional endowment policy:

• Individual, unit-linked, whole-of-life policy funded through a single premium payment

• No recurring premiums, since the entire investment is made up front

• Premium is invested across funds managed by different fund houses through the All-Funds platform, with the policyholder choosing the allocation

• Fund value that moves up or down with market performance, since investment risk remains with the policyholder

• Unlimited fund switching at no charge throughout the policy term

• Top-up premiums starting at USD 1,500, in multiples of USD 100, can be added at any point during the policy term

Eligibility Criteria for LIC Single Premium Wealth Creator Plan 268

Eligibility under Single Premium Wealth Creator Plan 268 is set by age and premium amount rather than by a payment term, since the whole premium is paid upfront:

Benefits of LIC Single Premium Wealth Creator Plan 268

Single Premium Wealth Creator Plan 268 benefits are as follows:

Death Benefit

In the event of the death of the life assured, 101% of the fund value as on the date of death is paid to the nominee. The policy terminates once this payment is made.

Maturity Benefit

As Single Premium Wealth Creator Plan 268 is a whole-of-life plan, there is no maturity benefit tied to a fixed policy term. Instead, the policyholder can withdraw 100% of the fund value at any point, subject to applicable surrender charges, and the policy terminates on payment of this benefit.

Partial Withdrawal

Partial withdrawals are allowed at any time during the policy term. The remaining fund value must stay above USD 15,000 after the withdrawal, and each withdrawal must be for at least USD 1,500. The withdrawal amount is paid net of surrender charges, and the policy continues in force afterwards.

Fund Switching

The policyholder can switch between funds an unlimited number of times during the policy term, at no charge. If a fund house withdraws a particular fund, the policyholder can either move that investment to another fund or withdraw its full value without incurring a surrender charge.

Policy Details of LIC Single Premium Wealth Creator Plan 268

Single Premium Wealth Creator Plan 268 has several features that shape how the policy is administered. Below are the policy details discussed briefly:

Charges Under the Plan

All charges under the plan are guaranteed and fixed throughout the policy term:

Surrender Value

The policy acquires a surrender value immediately on completion of one full policy year, calculated as the fund value after deducting the relevant surrender charge, and the policy terminates on payment of this value. The surrender charge applies as a percentage of the fund value at the time of surrender or partial withdrawal, and it tapers down as follows:

Grace Period

A grace period does not apply under Single Premium Wealth Creator Plan 268, since this is a single premium plan with no recurring premiums due.

Free Look Period

A 30-day free look period is available from the date of receipt of the policy document (or as specified in the policy terms). Within this period, the policyholder can return the policy and receive the value of allocated units plus any unallocated premium.

Policy on the Life of a Minor

Where the policy is taken on the life of a minor, it automatically vests in the life assured on their attaining majority.

Paid Up Value

A paid-up value does not apply under Single Premium Wealth Creator Plan 268, since this is a single premium plan with no recurring premiums that could lapse.

Loan Facility

No loan facility is available under Single Premium Wealth Creator Plan 268.

Assignment

Assignment is not permitted at any stage of the policy, so the policyholder cannot transfer their rights or ownership under this plan to another party.

Nominee / Beneficiary

The life assured can appoint a nominee to receive the policy proceeds on death. This can be done at the time of purchase or later by endorsement. The nominee can be changed anytime, provided the change is submitted in writing and registered by the company.

Exclusions of LIC Single Premium Wealth Creator Plan 268

Suicide

If the death of the life assured results directly or indirectly from suicide, whether sane or insane at the time, within 12 months of the risk commencement date, only the fund value is payable as the death benefit, after deducting applicable charges.

Other Restrictions

If a nominee causes the death of the life assured through a violent act, that nominee forfeits the right to the death benefit, though it remains payable to other legal heirs. Claims arising directly or indirectly from war, invasion, riot, civil commotion, rebellion, or terrorism are not payable under this plan.

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