LIC SIIP Plan 2021

LIC’s SIIP is a non-participating, unit-linked regular premium individual life insurance plan, which offers investment cum insurance cover throughout the tenure of the policy. Individuals can purchase this plan through an online or offline process. As an insurance cum investment plan, LIC’s SIIP plan offers different fun options to invest in.

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Moreover, the plan also provides comprehensive coverage to the family of the insured against any type of eventualities. LIC’s SIIP provides an opportunity for the individual to gain investment returns in the long-term and create a financial cushion for a secure future.

Further here we will discuss in detail various aspects of LIC’s SIIP Plan. 

Benefits Offered by LIC SIIP Plan

Let’s take a look at some of the benefits offered by the policy.

Death Benefit

Death before the date of commencement of risk:

In case of demise of the life assured before the commencement of risk an amount equal to the unit fund value shall be payable to the beneficiary of the policy.

Death after the date of commencement of risk:

In case of demise of the life assured after the commencement of risk, the death benefit is payable as highest of:

  • Unit fund value; or
  • 105% of the total premium paid till the date of death reduced by partial withdrawals if any; or
  • The basic sum assured amount on death is reduced by partial withdrawal if any.

The death benefit can be availed by the beneficiary either as a lump-sum amount or in installments.  

Maturity Benefit

If the life assured survives the date of the maturity of the policy provided all the sue premiums of the policy are dully paid, an amount equal to the unit fund value along with the refund of mortality charges is payable the insured by the insurer.

Guaranteed Additions  

Guaranteed additions as a percentage of one yearly premium as mentioned in the table below is added to the unit fund on completion of a specific policy duration provided al the due premiums of the policy is dully paid.

End of the Policy year

Guaranteed Additions (%of one yearly premium)

6

5%

10

10%

15

15%

20

20%

25

25%

In case, the policy is not in-force but reviewed subsequently, guaranteed addition is payable on the date of revival of the policy.

Eligibility Criteria of LIC’s SIIP

The following are the eligibility criteria for LIC’s SIIP plan.

Criteria

Minimum

Maximum

Entry Age

90 days

65 years

Maturity Age

18 years

85 years

Policy Term

10 years

25 years

Sum Assured

Below 55 years of age- 10 times annualized premium

55 years and above- 7 times the annualized premium

Premium Paying Term

Same as policy tenure

Features of LIC’s SIIP Plan

Let’s take a look at some of the salient features of the policy.

  • The plan offers 4 fund options to choose from.
  • The policyholder can make free switches between funds.
  • The plan offers the option of add-on rider benefits to enhance the coverage of the policy.
  • Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.
  • Partial withdrawals of funds are applicable under the policy.
  • The plan offers an opportunity to gain investment returns in the long-term.  

Optional Benefits Offered by LIC SIIP

Rider Benefits

The plan offers an accidental death benefit rider option, which can be opted by the insured at any policy anniversary provided the outstanding policy tenure is at least 5 years or more. Under this rider option, the accidental benefit sum assured is payable to the beneficiary of the policy as a lump-sum, if the insured person dies an unfortunate death due to an accident. The accidental death benefit sum assured amount cannot exceed the basic sum assured amount of the policy.

The benefit offered under this policy shall be available till the maturity date or till the policy anniversary on which the age of the life assured is 70 years, whichever is earlier provided that the policy is in force.

Partial Withdrawals

The policyholder can avail the facility of partial withdrawal of the units at any time after completion of the 5 years of the policy, provided all the premiums of the policy are dully paid. The partial withdrawals of unit funds are applicable:

  • In the case of a minor- Partial withdrawals are applicable only after the life assured is age 18 years or above.
  • The withdrawals can be made in the form of a fixed amount or in the form of a fixed number of units.
  • The maximum sum of partial withdrawals as a %of fund during each policy year can be as:

Policy Year

%of Unit Fund

6th to 10th

20%

11th to 15th

25%

16th to 20th

30%

21st to 25th

35%

Investments of Funds

Unit Fund- The premium paid towards the policy is utilized to buy units as per the type of funds opted by the policyholder. LIC’s SIIP offers 4 different fund options to choose from.let’s take a look at these fund options and their investment pattern.

Fund Type

Investment in Government securities/ corporate debt

Short-term investment as money market instruments

Investment in listed equity shares

Objectives

Risk-portfolio

Bond Fund

Not less than 60%

Not more than 40%

Nil

To provide comparatively less volatile and safe investment option mainly through accumulation of income through investment in fixed income securities

Low risk

Secured Fund

Not less than 45% & More than 85%

Not more than 40%

Not less than 15% & not more than 55%

To offer a steady income through investment in both fixed income and equity securities

Low- medium risk

Balanced Fund

Not less than 30% & not more than 70%

Not more than 40%

Not less than 30% & not more than 70%

To provide capital appreciation and balanced income through equal investment in both fixed income and equity securities

Medium risk

Growth Fund

Not less than 20% & more than 60%

Not more than 40%

Not less than 40% and more than 80%

To provide long term capital appreciation  through investment majorly in equity and equity securities

High risk

Charges Applicable Under the LIC’s SIIP Plan

Let’s take a look at the charges applicable under the LIC’s SIIP Plan.

Premium Allocation Charge

This is the percentage of premium deducted towards the charges from the received premium. Premium allocation charge constitutes the part of the premium which is used to buy units for the policy.

The following are the premium allocation charges.

Premiums

Offline Sale

Online Sale

1st year

8.00%

3%

2nd – 5th year

5.50%

2%

6th year and thereafter

3.00%

1%

Mortality Charges

Mortality charges are the cost of life insurance cover which is age-specific and is charged at the beginning of each policy month by canceling the appropriate number of units out of the unit fund value. The mortality charge depends on the sum at risk during the policy tenure.

Accidental Benefit Charges ( If Accidental Death Benefit Rider is included in the policy)

Accidental benefit charge applies to the accidental death benefit rider, if opted. This charge is deducted at the initiation of each month by canceling the appropriate number of units out of the unit fund while the policy is in force.  The accidental benefit charge is applicable at the rate of Rs.0.40 per thousand.

Fund Management Charge

This charge is applicable as the percentage of the value of the asset and is appropriated by adjusting the net asset value fund management charges. This charge is imposed at the time of calculation of net asset value (NAV), which is done daily.

Switching Charges

Under LIC’s SIIP plan the policyholder has the option to switch funds up to a maximum 4 times in a financial year. The subsequent switches in that year are subject to switching charges of Rs.100.

Partial Withdrawal Charge

At the time of partial withdrawal, Rs. 100 is deducted as a partial withdrawal charge on the unit fund.

Other Details of LIC’s SIIP Plan

Free-look Period

A free-look period of 15 days in case of offline purchase and 30 days in case of online policy purchase is offered by the insurer during which the insurance holder can cancel the policy is he/she is not satisfied with the terms and conditions of the policy.

Grace Period

A grace period of 30 days is offered by the policy to pay the due premium, in case the policyholder fails to pay the premium within the premium paying tenure.

Loan

There is no loan offered under the policy.

Exclusion

In case the policyholder commits suicide with 12 months from the date of policy initiation or the date of revival of the policy, the beneficiary of the policy will be entitled to receive the unit fund value available as on the date of intimation of death along with death certificate.

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