A Review of LIC SIIP 

“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.

Benefits of LIC Plans
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)
High returns market link plans
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
Now Available on Policybazaar
Grow your wealth with LIC
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

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:

Key Features of LIC SIIP Plan:

Below mentioned are some of the salient features of the policy :

    • Tax Benefits

      Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.

    • Customization Available

      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.

    • Partial withdrawals 

      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%

What are the Benefits of LIC SIIP Plan?

  1. Death Benefit

    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.

  2. Maturity Benefits

    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..

  3. Refund of Mortality Charges

    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. 

  4. Additional benefits for Enhanced Protection

    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. 

  5. Guaranteed Additions Available

    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)
    6 5%
    10 10%
    15 15%
    20 20%
    25 25%


Conclusion

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.

FAQ’s asked by the customers

  • Q: Is it worth buying a LIC SIIP Plan?

    Ans: Yes, LIC SIIP not only gives you life security but also allows you to invest your money for your future needs. You can get a maturity of up to Rs.. 30 Lakhs by investing Rs. 5000 every month for 15 years.
  • Q: Does the LIC SIIP plan have any age restrictions?

    Ans: Yes, only individuals between the age of 90 days to 65 years are eligible to buy LIC SIIP plan.
  • Q: What type of plan is LIC SIIP?

    Ans: LIC SIIP is a unit-linked life insurance plan that allows the policyholder to avail of the benefits of both life insurance and investments.
LIC SIIP Plan
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans

LIC of India articles

Recent Articles
Popular Articles
Review of LIC New Endowment Plan

30 Mar 2023

Bought the amazing life insurance policy from LIC. The New
Read more
Everything you need to Know About LIC Renewal Process

30 Mar 2023

Renewing your LIC Policy on time ensures that you and your
Read more
Review of LIC Single Premium Endowment Plan

23 Mar 2023

LIC’s Single Premium Endowment offered by the LIC is one of
Read more
Review of LIC New Pension Plus

23 Mar 2023

Thanks to my son who suggested I should start investing in the
Read more
Review of LIC Jeevan Tarang

23 Mar 2023

Bought this plan in March 2010. I was working in a well-known
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!
The Life Insurance Corporation of India is one of the most prominent insurance companies. It has an unparalleled
Read more
How to Check the Maturity Amount of LIC Policies?
Life Insurance Corporation of India is one of the leading public companies in the service of insurance plans. And
Read more
LIC Online Premium Payment
Life Insurance Corporation of India (LIC) is one of the leading life insurance companies having a large customer
Read more
LIC Dhan Varsha - Plan No. 866
LIC Dhan Varsha is a newly launched single premium plan offered by the Life Insurance Corporation of India. With a
Read more
LIC Policy for Girl Child in India
A LIC policy for a girl child is a plan that acts as a combination of protection and savings while also providing
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL