Best Investment Plans
  • Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • Life Cover

    10 times of Annual Premium
  • Zero LTCG Tax

    Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

LIC Bima Plus Plan

Unit Linked Insurance Plans, also known as ULIPs, are a combination of investment and life insurance plans. These cover the policyholder’s life by providing death benefits and gives the person insured an opportunity to invest in various funds for multiple income growth. So these plans offer a flexible approach to investment along with a protection cover. The policy invests in different types of equity and debt funds. LIC Bima Plus Plan is such a unit-linked participating plan that provides an opportunity for the person insured to grow their funds and get a life cover at the same time. This plan also has a maturity benefit and tax benefits. This is a withdrawn plan.

Parameters

Details

Policy Tenure

10 years

Premium Paying Term

Single and regular premium payment term

Premium Paying Mode

Annually and semi-annually

Entry Age

LIC Bima Plus Policy-

Minimum - 12 years

Maximum - 55 years

For Rider-

Minimum - 18 years

Maximum - 55 years

Maturity Age

65 years

Grace Period

For annually and semi-annually, it is 30 days

Sum Assured

5 times the annualized premium

Liquidity

Not Available

Core Benefits of the LIC Bima Plus Plan

The benefits of the online LIC Bima Plus Plan are:-

  • Maturity Benefit: 5% of the total premiums paid plus the cash value of the funds available as on maturity date are paid as maturity benefit, considering the LIC Bima Plus policy status is active.
  • Death Benefit: On the unfortunate demise of the policyholder except for accidental death, the nominee gets the following:-

For plans in which the sum assured is up to 2 Lakh:

  • On the demise of the person insured in the first 6 months from the commencement of the policy, the person insured gets 30% of the sum assured plus cash value.
  • For the demise of the person insured in the next 6 months, the person insured gets 60% of the sum assured plus cash value.
  • After the 1st year, the person insured gets the full sum assured plus cash value for the death of the policyholder.
  • On the death of the person insured during the last policy year, the person insured gets the full sum assured plus cash value plus 5% of the total premiums paid.

For plans in which the sum assured is greater than 2 lakhs:

  • On the death of the person insured, the nominee gets an amount equal to the sum assured and then bid value as on the date of death of the policyholder.
  • On the death of the policyholder during the final year, the policyholder gets 5% of all the premiums paid plus full sum assured plus cash value.
    • Surrender Value: On surrendering the policy, the person insured gets fund value. If the policy is surrendered before 5 years, some charges will be deducted.
    • Tax Benefit: There is a tax exemption on the premium paid under Section 80 C of Income Tax Act, 1961 by the policyholder. *Tax benefits are subject to change with tax laws.

The Premium for LIC Bima Plus Plan

The LIC Bima Plus Plan premium is a single pay and regular payment plan. For the one-time premium payment, the minimum premium is Rs 20,000.

  • The minimum premium is Rs 2,500 for a half-yearly premium for the regular payment plan.
  • The minimum premium is Rs 5000 for the yearly premium for the regular payment plan.
  • There is no limit for the maximum premium for single pay as well as regular pay policy.

*Standard terms and conditions apply.

Use the LIC Bima Plus Plan calculator to calculate the premium amount.

Additional Riders for LIC Bima Plus Plan

The LIC Bima Plus policy has one rider, which is the accident benefit rider. The rider covers permanent disability or death due to an accident of the policyholder. The benefit is paid to the nominee. The maximum sum insured in this plan can be up to Rs 25 lakhs.

Eligibility for LIC Bima Plus Plan

The LIC Bima Plus Policy has the following eligibility condition:-

Entry Age -

  • Minimum - 12 years
  • Maximum - 55 years

Maturity Age - 65 years

What are the Documents Required to Buy this Policy?

To buy LIC Bima Plus Plan one must have the following documents:-

  • Address Proof: Aadhaar Card, Voter Card, Driving License, PAN Card, and others.
  • Identity Proof: Birth certificate, Ration Card, Passport, Aadhaar Card, etc.
  • Income Proof: Form 16, ITR, and salary slips.

How to Buy this Plan Online?

To buy LIC Bima Plus Plan, the policyholder must go to the policy seller’s website and do the following:-

  • The person insured chooses LIC Bima Plus Policy below ULIP plans and selects the purchase now button.
  • The applicant must enter the birth date, name, email address, contact number, address, and other relevant information
  • Select the sum assured, premium mode, & the amount of the premium gets calculated on entering the details.
  • One needs to pay the premium by entering credit/debit card details.

On payment of premium, the plan documents get mailed to the policyholder at their registered email address. To check LIC Bima Plus Plan status, visit or contact LIC customer care centre.

*Withdrawn Policy

Exclusions of LIC Bima Plus Plan

As per LIC Bima Plus Plan reviews, some of the exclusions are suicide, self-harm, insanity, death due to participation in adventure sports, injuries in riots, civil wars, breach of the law, etc.

LIC Bima 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 Bima 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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