LIC ULIP Plans

Read on to learn more about LIC ULIP Plans in detail.

What are LIC ULIP Plans?

LIC Unit Linked Insurance Plans, commonly known as LIC ULIPs, offer the dual benefit of insurance cover and investment, which helps in wealth generation. Part of the premium paid toward the LIC ULIP plan provides insurance coverage to the policyholder. Simultaneously, the remaining amount is then invested in the market in a range of multiple securities, thus accumulating enough wealth to help you fulfil your future financial goals.

ULIP Plans Offered by LIC

The Life Insurance Corporation of India offers the following ULIP plans to fulfill the policyholder's insurance and investment needs. Take a look at the below LIC ULIP plans and choose the one suited for you:

LIC Nivesh Plus 749

The LIC Nivesh Plus Plan is a single-premium, unit-linked insurance plan offering both protection and investment opportunities. Here are its key features:

• Enjoy life insurance protection throughout the LIC Nivesh Plus 749 policy term.

• A percentage of the single premium called Guaranteed Addition is added to your unit fund at specific intervals to boost your investment.

• Flexibility to:

  • Decide on the policy term and premium amount.

  • Choose how your family will receive the death benefit, lump sum or in instalments.

• Partial withdrawals are allowed in the Nivesh Plus 749 plan to help meet urgent financial needs.

• Option to add LIC’s Linked Accident Benefit Rider for enhanced protection.

LIC Index Plus

• Every year, a percentage of your annual premium, called Guaranteed Additions is added to your Unit Fund, boosting your earnings and used to purchase more units.

• The plan offers additional protection through LIC Linked Accident Benefit Rider.

• Partial Withdrawals are allowed to take care of liquidity requirements. 

• On survival till maturity, the policyholder will receive a refund of mortality charges for life cover. 

LIC SIIP Plan

• LIC SIIP plan 752 is a regular premium plan with savings options of monthly, quarterly, half-yearly and yearly.

• LIC SIIP offers four fund options to choose from.

• This plan offers risk cover with investments.

• The policyholder can make free switches between funds.

• The plan offers Guaranteed Additions at the end of 6, 10, 15, 20, and 25 years.

• The plan also provides add-on rider benefits such as LIC accidental death rider, to enhance the policy coverage.

• There is also an option to receive the death benefit in installments.

• The surrender facility is available after 5 year lock-in period.

• If the policyholder survives till maturity, the mortality charges are refunded as part of the payout.

• Partial withdrawals of funds are applicable under the policy.

LIC New Endowment Plus

• Units can be partially withdrawn at any time after five years of the policy have been completed provided all the premiums have been duly paid. *Standard T&C Apply

• Switching between the four investment funds during the entire term of the policy, subject to charges incurred for the same. *Standard T&C Apply

• LIC’s linked accidental death benefit rider can be opted for during the inception or at any anniversary of the active term of the policy. In case this rider is purchased, the accidental death benefit rider sum assured will be payable at the time of claim.

LIC Protection Plus 886 

• Flexibility to choose the type of investment funds based on your risk preference.

• Option to adjust the Basic Sum Assured for a specific annualized premium.

• Option to increase or decrease the Basic Sum Assured in response to life events like marriage or the birth or legal adoption of a child.

• Top-up premiums to increase your fund value.

• Death benefits can be paid as a lump sum or in instalments through a settlement option.

• Partial withdrawals are allowed after a 5-year lock-in period.

• On maturity, you receive the fund value along with the refund of all mortality charges deducted during the policy term.

Why Should You Buy LIC ULIP Plans?

Below mentioned are the benefits that one may avail by investing in an LIC ULIP Plan. Take a look:

• Partial Withdrawals: LIC ULIP plans allow the policyholder to partially withdraw units after the completion of the fifth policy year, provided all due premiums are duly paid.

• Flexibility: LIC ULIP plans offer policyholders four funds: Secured Fund, Bond Fund, Growth Fund, and Balanced Fund.

• Enhanced Coverage with Rider: The LIC ULIP plan offers LIC's Accidental Death Benefit Rider. If the policyholder dies from an accident, the company will offer the Accident Benefit Rider Sum Assured in a lump sum.

• Free Switching: The LIC ULIP Plans have a feature of free switches during a policy year wherein 4 switches are free of charge. For subsequent switches during that policy year, one needs to pay the Switching Charge of Rs.100 per switch.

• Top-up premium: It is a voluntary premium that policyholders can pay in addition to their default premium. Using this facility, policyholders can increase the total fund value and overall returns.

• Basic Sum Assured Modification: This provides flexibility to the policyholder to increase or decrease their basic sum assured amount as per life stages. 

How to Buy LIC ULIP Plans from Policybazaar?

By following the below steps, you can buy LIC ULIP plans from Policybazaar:

Step 1: Go to LIC on Policybazaar and fill in the form available at the top of this page with your name and contact number.

Step 2: Click on the “View plans” button

Step 3: Enter your age, annual income and your residing city

Step 4: On the next page, you can then customize the amount and tenure of your LIC ULIP Plan as per your requirements

Step 5: Once done, click on the LIC ULIP plan you want to buy and proceed to make a payment.

Summing it up

Unit Linked Insurance Plans (ULIPs) offered by the Life Corporation of India offer the dual benefit of insurance cover and investment, which helps in overall wealth enhancement. The part of the premium paid toward the LIC ULIP plans is used to provide life coverage, & the remaining amount is then invested in the market in a range of multiple securities, thus accumulating enough wealth to help you fulfill your future financial goals.

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