Review of LIC Index Plus

I recently bought LIC's Index Plus plan, which has provided me with financial security and the added benefit of investment growth. Its flexibility and comprehensive coverage make it a standout choice for long-term savings and insurance.By Sarita Rai  

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58.9 Million
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Miss Sarita purchased LIC's Index Plus plan and secured their future by choosing a policy that combines life insurance coverage with investment opportunities. By choosing this LIC of India policy, Sarita ensured substantial protection for their family. Choosing the type of investment fund allowed her to tailor the plan according to her risk appetite, maximizing potential returns. The plan's guaranteed additions and partial withdrawal options also provided flexibility and additional financial security throughout the policy term.

What is the LIC Index Plus Plan?

LIC Index Plus Plan is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan that combines life insurance coverage with investment opportunities. It offers flexibility in choosing the type of investment fund, sum assured, and premium amount. The plan provides life insurance cover throughout the policy term, a refund of mortality charges at maturity, and guaranteed additions to the unit fund at specific intervals. 

Eligibility Criteria of LIC Index Plus

Parameters  Minimum Maximum
Entry Age 90 days [50] years (nearer birthday) [60] years(nearer birthday)
Maturity Age 18 years 75-85 years
Policy Term 10-15 years 25 years
Basic Sum Assured 7 times of Annualized Premium 10 times of Annualized Premium
Premium Paying Mode  Yearly/Half Yearly/Quarterly/Monthly

Benefits of LIC's Index Plus Plan

Below mentioned are some of the benefits that Miss Sarita will get after purchasing the policy:

  • Life Insurance Cover: This policy provides comprehensive life insurance coverage throughout the policy term, ensuring financial protection for loved ones. This means that if something unfortunate happens to Miss Sarita, her family’s financial needs will be taken care of.

  • Refund of Mortality Charges: On surviving till maturity, the total mortality charges deducted are refunded, excluding any extra charges due to underwriting decisions and taxes.

  • Guaranteed Additions: As a percentage of the annual premium, guaranteed additions are added to the unit fund at specified policy durations, enhancing the investment value. The below 

    End of the Policy Year Guaranteed Additions (as a percentage of one Annualized Premium)
    Annualized Premium less than Rs. 48,000/-  Annualized Premium Rs. 48,000/- and above
    6 3% 5%
    10 6% 10%
    15 12% 20%
    20 15% 25%
    25 18% 30%
  • Flexibility: Miss Sarita could choose from different investment funds based on her risk appetite, select the sum assured, decide on the premium amount, and choose the policy term according to her financial goals.

  • Partial Withdrawals: After a 5-year lock-in period, partial withdrawals are allowed to address liquidity needs.

  • Optional Rider Benefits: Enhance coverage by opting for LIC’s Linked Accident Benefit Rider, providing additional protection in case of accidental death.

Policy Details of LIC Index Plus

  • Grace Period: 30 days is allowed to pay yearly, half-yearly, or quarterly premiums and 15 days for monthly (NACH) premiums from the date of the first unpaid premium.

  • Switching Options: Policyholders can switch between the two fund types during the policy term. Each policy year, four switches are allowed free of charge, with subsequent switches subject to a charge of ₹100 per switch.

  • Settlement Option: The death benefit can be received in installments, spread over up to 5 years from the date of intimation of death. The policyholder can specify the mode of payment to the nominee, with options including yearly, half-yearly, quarterly, or monthly installments.

  • Payment of Premiums: Premiums can be paid yearly, half-yearly, quarterly, or monthly (through NACH only). The premium payment mode can be changed at any subsequent policy anniversary during the premium paying term, subject to minimum premium and premium multiples provisions.

  • Investment of Funds: Policyholders can choose between two types of funds to invest premiums. After deducting the premium allocation charge, each premium is used to purchase units of the chosen fund. The unit fund is subject to various charges, and its value may increase or decrease based on the Net Asset Value (NAV).

Summing It Up:

LIC's Index Plus plan is an excellent choice for those combining life insurance with investment opportunities. Its flexible options, guaranteed additions, and comprehensive benefits provide a robust financial planning tool to secure your future and ensure peace of mind for your loved ones. Just like Miss Sarita, you can also ensure the security of your loved ones' future.

*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
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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