“I bought a LIC policy from Policybazaar in November 2022. The services provided by the executives and staff members of Policybazaar are commendable. Happy to be their customer.” By Mamta.
Our customer Ms. Mamta recently bought a LIC SIIP plan from PolicyBazaar. She was looking for a comprehensive solution that would provide protection to the family after her unfortunate demise, and will also look after her future financial requirements.
LIC SIIP is a unit-linked plan that offers investment cum insurance benefits to the policyholder throughout the policy term. The plan comes with a pocket-full of benefits.
Let us take a look at the benefits and features of LIC SIIP plan that convinced Ms. Mamta for choosing this plan:
Below mentioned are some of the salient features of the policy :
Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.
The plan offers 4 fund options to choose from which means that she can easily customize her plan as per her requirements. The available fund options are: (i) Bond Fund, (ii) Secured Fund, (iii) Balanced Fund & (iv) Growth Fund.
Unlimited Switching of Funds
Under this feature, she has the option to make four free switches between funds.
**After 4 free switches, every switch will incur a Switching Charge of Rs. 100.
In order to meet the unannounced financial emergency, she can partially withdraw her funds from the 5th year onwards, provided all due premiums are paid on time.
The maximum sum of partial withdrawal during each policy year can be as follows:
|Policy Year||%of Unit Fund|
|6th to 10th||20%|
|11th to 15th||25%|
|16th to 20th||30%|
|21st to 25th||35%|
In case she dies during the policy term of LIC Policy, the highest of the following death benefit will be paid to the nominee:
105% of the total premium paid till the date of death reduced by partial withdrawals if any; or
Unit fund value; or
The basic sum assured amount on death is reduced by partial withdrawal if any.
In case she survives till the end of the policy term, the unit fund value along with the refund of mortality charges will be paid to her which can be further utilized for her future goals..
If she survives till the maturity date, then an amount equal to the total amount of mortality charges which was deducted for the life insurance cover will be paid along with the Maturity Benefit.
For enhanced protection, the plan offers an additional rider namely, LIC's Linked Accidental Death Benefit Rider that can be bought along with the base plan by paying additional premiums.
A percentage of one yearly premium is added to the fund value as a Guaranteed Addition. The % of guaranteed additions at the end of the policy year are:
|End of the Policy year||Guaranteed Additions (% of one yearly premium)|
Along with Ms.Mamta, our other customers who have bought LIC SIIP plan are happy with the plan’s features and all the benefits they can avail. They all agree that the plan offers double benefits of investment and life insurance, and is an affordable way to secure you and your family’s future financial needs.
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