LIC Future Plus Policy is a unit-linked pension plan. The policyholder has the option to invest in this plan with the risk cover or without it. This plan can be either a single premium or regular premium plan. The policyholder can choose his level of cover based on the type of plan that he has chosen and the premium he is willing to pay. Loans and assignments are not allowed under LIC Future Plus Plan. Dating back of the policy is also not allowed.Read more
The premiums that have been assigned will be invested to purchase units according to the fund type opted by the insured. The Unit Account might incur deductions due to various charges. The value in the fund units is subject to change based on the investment return of the assets.
The eligibility under the LIC Future Plus Plan for the base policy is as follows:
For a single premium, it is equal to the single premium
For regular premium, it is equal to 5-20 times the annualized premium
Here are the key benefits offered under LIC Future Plus Plan:
The Sum Assured as provided by the Basic Plan, along with the Bid Value of units the account of the policyholder holds, will become payable to the nominee of the LIC Future Plus Policyholder in the event of his death within the policy term. The monies might be transferred as a lump sum or as a pension on his life. The amount of the pension depends on the annuity rates.
The Bid Value of the units in the policy holder's account will be payable to the nominee in the event that the policy is taken without risk cover. This amount may be payable as a lump sum or as a pension on his life.
The Bid Value of the units held in the policy holder's account will also be payable to the nominee in the event that the policy has lapsed. This amount, too, is payable as a lump sum or as a pension on his life.
According to this benefit provided by the LIC Future Plus Plan, the Bid Value of the units the policyholder's account holds will mandatorily be used to provide a pension to the policyholder in the event that a policyholder survives to the date of vesting. The pension will be based on the prevailing annuity rates.
This is an optional Rider Benefit that one can get by paying an extra premium amount.
Accident Benefit Sum Assured is payable to the nominee in the event of the policy holder’s accidental death during the policy term. This option stands cancelled if the Basic Sum Assured is zero. This assured benefit has an overall limit of Rs. 25 lakh.
The Sum Assured for the Critical Illness Rider is given if the policyholder is diagnosed with a critical illness. It should be a definite diagnosis, and the critical here in this rider is Rs. 5 lakhs. This amount cannot exceed the Sum Assured applicable to the Basic Plan. This option stands cancelled in the event that the Basic Sum Assured is zero.
The documents required to claim a LIC Future Plus Policy are as follows
In case of the policy holder’s death:
In the case of the policy maturity
The minimum premium amount for LIC Future Plus Plan Regular premium is Rs. 5000, while for Single-Premium, it is Rs. 10, 0000.
There is no upper limit to the premium amount paid, and it is subject to underwriting.
The premium received by the insurer will be invested in both Unit and Non-Unit funds.
LIC Future Plus Plan can most conveniently be purchased online. It saves the time, effort, and added expenses that the policyholder might have to bear in purchasing the policy from a branch office of the corporation. The following steps are to be undertaken:
Step 1: Visit the official website of the Life Insurance Corporation of India.
Step 2:Click on “Products.”
Step 3:Search for LIC Future Plus Plan
Step 4:Enter all the details requested like name, age, address proof, contact number, etc.
Step 5:Choose the financial parameters suitably and upload scanned copies of all the documents.
Step 6:Study the quote of premium provided.
Step 7:Pay the premium online.
In the event that a policyholder of the LIC Future Plus Policy should commit suicide (whether sane or insane at the time) at any time during the policy term, on or after the date at which the risk period under the policy has started but before 1 year from the date of starting of risk, no risk claim will be paid by the corporation. The Bid Value in the policy holder's account gets paid to the policyholder's nominee, minus the charge for the premature surrender of the policy. The corporation will entertain no other claims.
The eligibility to opt for this rider benefit is as follows:
A2. The eligibility criteria for the Accidental Benefit Rider option are as follows:
A3. There are 4 categories of funds that are available for investment under this plan.
A4. In the instance that a policyholder has opted for risk cover, the charges for it shall be taken by the cancellation of a certain number of units from the policy holder's unit fund. This will cover the risk even if premiums are not paid up. During the auto cover period, any premiums that have remained unpaid may be paid up by the policyholder free of interest.
A5. The policyholder has the option of reviving the policy anytime during the term but within a period of 5 years from the date of the first unpaid premium. The policyholder should pay up all the unpaid premiums. He will be asked to submit proof of his continued insurability, and if the corporation is satisfied, the policy will be renewed.
A6. No. There is no loan provided under this plan.
A7. The risks borne by the policyholder under LIC Future Plus plan are as follows:
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*The investment risk in an investment portfolio is borne by the policyholder."
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
***Tax benefit is subject to changes in tax laws.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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