LIC Future Plus

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.

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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.

Eligibility Criteria for LIC Future Plus

The eligibility under the LIC Future Plus Plan for the base policy is as follows:

  • The minimum age at entry is 18 years completed.
  • The maximum age at entry is 65 years (nearer birthday)
  • The minimum age at vesting is 40 years (age last birthday)
  • The maximum age at vesting is 75 years (age last birthday)
  • The minimum policy term is 5 years for both single and regular premium policies
  • The minimum premium is Rs. 10000 for a single premium and Rs. 5000 p.a. for regular premium
  • Sum assured under the basic plan

For a single premium, it is equal to the single premium

For regular premium, it is equal to 5-20 times the annualized premium

Core Benefits of LIC Future Plus

Here are the key benefits offered under LIC Future Plus Plan:

Death Benefits

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.

Benefit on Vesting

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.

Accident Benefit Option

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.

Critical Illness Benefit Rider

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.

Documents Required to Buy LIC Future Plus

The documents required to claim a LIC Future Plus Policy are as follows

In case of the policy holder’s death:

  • Claims form
  • Original policy document
  • NEFT mandate
  • Death certificate
  • Proof of age

In the case of the policy maturity

  • Discharge form
  • Original policy document
  • NEFT mandate
  • Proof of age

The Premium Structure of LIC Future Plus

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.

Online Purchase of LIC Future Plus Policy

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.

Key Exclusions of LIC Future Plus Plan

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.

FAQs

  • Q1. What is the eligibility to opt for the Critical Illness Benefit Rider Option under LIC Future Plus Policy?

    The eligibility to opt for this rider benefit is as follows:

    • The minimum age at entry is 18 years (completed)
    • The maximum age at entry is 50 years (age nearer birthday)
    • The maximum maturity age is 60 years (age nearer birthday)
    • The minimum Sum assured is Rs. 50000 provided the Sum Assured under the basic plan is more than or equal to Rs. 50000
    • The maximum Sum assured is Rs. 500000
  • Q2. What is the eligibility to opt for Accident Benefit Rider Option under LIC Future Plus Plan

    A2. The eligibility criteria for the Accidental Benefit Rider option are as follows:

    • The minimum age at entry is 18 years (completed)
    • The maximum age at entry is 65 years (age nearer birthday)
    • The maximum maturity age is 70 years (age nearer birthday)
    • The minimum Sum assured is Rs. 25000
    • The maximum Sum assured is Rs. 2500000
  • Q3. What are the types of funds in which a policyholder can invest under the LIC Future Plus Policy?

    A3. There are 4 categories of funds that are available for investment under this plan.

    Bond Fund

    • The government granted securities are not less than 80%
    • Short term investments are 100%
    • No investment in listed equity shares.

    Income Fund

    • The government granted securities are not less than 40%
    • Short term investments are 90%
    • Up to 20% investment in listed equity shares.

    Balanced Fund

    • The government granted securities are not less than 30%
    • Short term investments are up to 80%
    • Up to 30% investment in listed equity shares.

    Growth Fund

    • The government granted securities are not less than 10%
    • Short term investments are up to a maximum of 60%
    • Maximum 60% investment in listed equity shares.
  • Q4. What is auto cover under the LIC Future Plus 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.

  • Q5. Is the revival of the LIC Future Plus Policy possible if it has lapsed?

    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.

  • Q6. Can a policyholder avail of a loan under the LIC Future Plus Plan?

    A6. No.  There is no loan provided under this plan.

  • Q7. What are the risks borne by the policyholder under the LIC Future Plus Policy?

    A7. The risks borne by the policyholder under LIC Future Plus plan are as follows:

    • The Unit Value of the policy holder's unit account is subject to market and other risks.  Therefore, there is no guarantee that the objectives of the funds will be achieved.
    • The value of units within each fund might increase or decrease.
    • All the benefits under the policy might also be affected by changes in tax laws and other financial enactments.

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.

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Average Rating
(Based on 26 Reviews)
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LIC Future Plus Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Himanshi
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Kamal
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Sharad
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Nitesh
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Manu
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Gauri
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Bhushan
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Trilok
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Ajeet
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Jayant
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Saurabh
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Devesh
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Lokesh
Jaipur, July 19, 2016
Trustworthy
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Gautam
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Arun
Ahmednagar, March 09, 2016
term
help me, plane choose
Sanjeev
Noida, January 02, 2016
plan
life insurance
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