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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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

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LIC Future Plus Plan Reviews & Ratings

4.2 / 5 (Based on 12 Reviews)
(Showing Newest 10 reviews)
Lakhimpur, April 12, 2021
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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