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 This is a withdrawn plan.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 |
The benefits of the online LIC Bima Plus Plan are: -
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.
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:
For plans in which the sum assured is greater than 2 lakhs:
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.
*Standard terms and conditions apply.
Use the LIC Bima Plus Plan calculator to calculate the premium amount.
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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.
The LIC Bima Plus Policy has the following eligibility condition: -
Entry Age -
Maturity Age - 65 years
To buy LIC Bima Plus Plan one must have the following documents: -
To buy LIC Bima Plus Plan, the policyholder must go to the policy seller’s website and do the following: -
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 center.
*Withdrawn Policy
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.