LIC Flexi Plus Plan

LIC Flexi Plus policy is a unit-linked assurance plan in which the policyholder bears the investment risk in the investment portfolio. This plan is a great combination of both, protection and long term savings which offers immense flexibility to the policyholder in terms of choosing his/her policy term, premium paying mode, the selection from two funds for investment, and partial withdrawal facility so that he/she can build a more secure life. LIC has currently withdrawn from this plan.

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Benefits of the LIC’s Flexi Plus

The following are the core benefits offered by LIC’s Flexi Plus insurance policy:

  1. Maturity Benefits

    A maturity benefit is calculated as the sum assured or fund value is payable to the policyholder at the time of maturity of LIC Flexi Plus.

  2. Death Benefits

    A death benefit shall be payable to the policyholder at the time of the insured person’s death. This is applicable only if all the LIC Flexi Plus premium payments until the death have been duly paid.

  3. Tax Benefits

    Tax benefits are applicable to maturity proceeds, premium payments, and on premium payments made.
    * Tax benefit is subject to changes in tax laws

  4. Grace Period

    In case the policyholder is unable to make a premium payment at the stipulated date, a grace period of 30 days is offered by the corporation to ensure the smooth sailing of the policy. At this time, the due premium can be paid without the policy lapsing or any interest charges. This period reduces to 15 days for monthly premium installments.

Eligibility for LIC’s Flexi Plus

Parameters

Details

Policy Tenure

10 – 20 years

Premium Paying Term

N/A

Premium Paying Mode

Monthly (ECS), quarterly, half-yearly, yearly

Entry Age

Minimum – 18 years

Maximum – 50 years

Maturity Age

60 years

Grace Period

30 days (15 days monthly)

Sum Assured

10 times annualized premium or 105% of the total premiums paid (whichever is higher)

Liquidity

No loans are allowed under this plan

Premiums for LIC’s Flexi Plus

LIC Flexi Plus plan offers different modes of premium payments, which can be chosen by the policyholder as per their risk appetite. These installments can be paid in monthly, quarterly, bi-annual, and annual payments. To be able to decipher the exact amount of premium, one can refer to the LIC Flexi Plus calculator easily available online.

Additional Riders for LIC’s Flexi Plus

Add-on riders such as accidental death and disability and critical illness riders among others can be purchased at the time of inception of the online LIC Flexi Plus or on the date of one of its anniversaries.  

Age of entry:

  • Minimum – 18 years
  • Maximum– 50 years

What are the documents required to buy this policy?

To buy LIC Flexi Plus is simple as all one needs to do is submit a duly attested application with the following documents.

  • Identification proof – Aadhar card, driver’s license, passport, PAN card, etc.
  • Address proof – ration card, Driver’s license, electricity bills, Aadhar, voter ID, etc.
  • Income proof – IT returns, salary slips, and financial asset portfolios (if required)

How to buy this plan online?

Several LIC Flexi Plus reviews will suggest whether buying this plan online or offline is more convenient. However, for further details regarding the same, the best way is to contact one of the customer care helpline numbers and speak to a customer care executive who will guide you through the details. Alternatively, there is also a customer-friendly email address displayed on the official company website, which can also be contacted via email.

Exclusions of LIC’s Flexi Plus

In case the life assured dies due to committing suicide, the corporation will then not entertain any death claim or pay out the death benefit. Death by suicide is an exclusion of this plan. However, the fund value of the policy at the time of said death will be payable to the beneficiary or nominee.

LIC Flexi Plus Plan - FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 12 Reviews)
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LIC Flexi Plus Plan Reviews & Ratings

4.2 / 5 (Based on 12 Reviews)
(Showing Newest 12 reviews)
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Varun
Krishna, April 07, 2021
Dual benefit plan
I have recently bought a lic India ulip plan which is a dual benefit plan which provides with insurance and also investment. I like it and bought it. I have got various features under the same.
Monika
Aushgram, March 23, 2021
Great plans
I have founded my type of investment plan and its name is LIC Ulips plans. I really like this plan and have been secured for a longer period of time. It is a product which works on market trend and is one of the best type of investment.
Ritwik
Lakhawati, March 22, 2021
Premium easy to pay
One of the best feature I like about LIC ULIP plan is that you can make the premium payment online. I bought this plan for the growth of me and my family. It will give a best result and outcome. I am happy that I bought this plan. Even the premium rates are reasonable.
Rashi
Bangalore, March 16, 2021
Less risky
I always wanted to invest in some or the other best investment plan and thought of getting it of LIC of India ULIP plan. It is easy to buy online and do not have to go anywhere. I just checked few plans online Bought it. It is less risky and provides great benefits.
Chahak
Banarpal, March 02, 2021
Renew it online
It is easy to renew the LIC India Ulip plan from the online portal. I took this plan 3 years back and I renew it on timely basis. I can make the payment of the premium very easily. That’s the best part. And would get best returns.
Nipun
Abu Road, February 22, 2021
Buy online
It is easy to buy a lic India Ulip plan from the online portal. I bought it online by comparing various plans and policies into the website. It is really easy and quick.
Nargis
Dasarathpur, February 16, 2021
Good plans
I have bought a lic India Ulip plans and It is an investment plan for my and my family’s future needs and securities. I am happy to tell this thing because this plan is perfect for me and my wants. I have been into a great investment plan.
Anmol
Banarpal, March 19, 2019
Dual benefits plan
I am a business man and with LIC Ulip Plan I am enjoying dual benefits of premium paid and insurance protection. Good Service.
Megha
Delhi, June 27, 2016
Good experience
Good experience, easy to use
Tarun
Hyderabad, May 13, 2016
Best Plan
LIC ULIP Plan is the best, The policy coverage is high with low premiums. Claims are good and claiming is easy because the fast service given by the company. I really am happy to buy the policy.
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