LIC Future Plus Plan

LIC Future Plus Plan is a unit-linked deferred pension plan, which ensured the financial security of the individual after retirement. The insurance holder can take the plan with or without risk cover. As a unit-linked insurance plan, the LIC future plus plan offers the benefit of insurance coverage along with investment returns. Let’s read further to know in detail about the policy.

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We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

Eligibility Criteria of LIC Future Plus Plan

Let’s take a look at the eligibility criteria of the policy.



Policy Tenure

Minimum 5 years

Premium Paying option

Regular Payment – Equal to policy tenure

Single Premium - Nil

Premium Paying Mode

Half Yearly and Yearly

Entry Age

Life Assured –

Min - 18 years

Max - 65 years

Maturity Age

75 years of life assured

Grace Period

30 Days

Sum Assured

Single Pay - Minimum- Equal to the Premium

Regular Pay – Minimum – 5 to 20 times Annualized Premium


No loan available

Benefits of LIC Future Plus Plan

The following are the benefits offered by LIC Future Plus Plan.

  1. Maturity/Vesting Benefit:

    Policyholders of LIC Future Plus are entitled to receive the pension calculated from the annuity. However, at the time of policy initiation, the policyholder has opted for the commute of one-third of the bid value in the policy fund. In that case, he will be eligible to receive the amount in lump-sum upon maturity, and the pension amount will be reduced proportionately. Otherwise, the sum assured is released as a pension. During the time of vesting, the policyholder needs to decide which fund type he will invest in out of the 4 funds available in this policy, namely, Bond Fund, Income Fund, Growth Fund, and Balanced Fund.

  2. Surrender Benefit:

    The LIC Future Plus Plan allows the policyholder to surrender the policy at any time. If the surrender is done before the first two years of the policy are complete, appropriate deductions are applied to the policy fund. After two years of premium payment, no deductions are done on the premium.

  3. Death Benefit:

    Upon the death of the policyholder, no more premiums are payable for the ensuing policy tenure and the family/nominee is eligible for the pension proceeds as per the original policy. If the policy was in lapsed condition, then the pension amount released to the family will be as per the annuity rates prevalent at that point in time.    

  4. Tax Benefits:

    For the benefits received from this plan, the policyholder and his family can avail themselves the income tax returns. 

    * Tax benefit will correspond to changes in tax laws

Additional Riders Offered By LIC Future Plus Plan

There are two very important additional riders to this plan which can help the policyholder increase the tax savings and also secure the future of his family in case of accidental death or critical illness.

  1. Critical Illness Benefit Rider:

    This rider enables the family/nominee to receive lump-sum support from the corporation in case the life assured is diagnosed with any of the 15 critical illnesses enlisted under LIC. The minimum sum assured is Rs. 50,000 and the maximum is Rs. 50,00,000/-. 

  2. Accident Benefit Rider:

    The accident benefit rider allows the policyholder's nominee to receive an additional sum assured if a case of an accident rises during the policy tenure. The minimum sum assured is Rs. 25,000/- and the maximum sum assured is Rs. 25,00,000/-. 

Documents Required to Purchase LIC Future Plus Plan

To buy LIC Future Plus Plan policy, one has to provide:

  • Identity proof - Aadhar card, voter ID, passport
  • Address proof- Aadhar card, electricity bill, driving license, ration card, voter ID, and passport
  • Income proof - Income tax returns and salary slips

Exclusions of LIC Future Plus Plan

LIC Future Plus Plan reviews have shown that the product was a definite pension machine with short-term risk. The plan, therefore, has been renewed by many policyholders repeatedly.

A suicide clause is not available under this plan except that if the suicide happens within the first year of policy activation, the basic value is returned to the family under surrender rules.

LIC Future Plus - FAQs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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