LIC Index Plus Policy: LIC launches Index Plus Policy: Life Insurance Corporation of India (LIC) announced the launch of its new unit linked life insurance product, LIC Index Plus. The scheme has been launched by LIC following a BSE notification last month on February 5 and LIC Index Plus is available for purchase from February 6, 2024.
In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, you are informed that the Corporation has announced the launch of its new product available for sale from February 6, 2024.
LIC Index Fund is a unit linked, non-participating, individual life insurance plan.Product Details:
- Product Name: LIC Index Plus
- Launch date: February 6, 2024
- Product Category: Unit Linked, Non-Participating, Individual Life Insurance Plan
- Are the needs of domestic and international markets met: Domestic market.
What is LIC Index Plus?
'LIC Index Plus is a unit linked, regular premium, individual life insurance plan that offers savings along with life insurance cover during the entire term of the policy. Guaranteed additional amount as a percentage of the annual premium will be added to the units. The fund will be used to purchase units on completion of a specified period of policy years under the current policy.
Special features of LIC Index Plus policy
- Minimum and maximum entry age
- The minimum age for entry is 90 days (completed). Based on Basic Sum Assured
- The maximum age for entry is 50 or 60 years (close to birthday).
- Minimum age at maturity is 18 years (completed) and Basic Sum Assured
- But the maximum age at maturity is 75 or 85 years (around birthday).
Annual Premium
- The Basic Sum Assured is 7 to 10 times the annual premium for ages 90 days (completed) to 50 years (close to birthday) and 7 times the annual premium for ages 51 years to 60 years.
- The minimum policy term is 10 or 15 years, depending on the annual premium, while the maximum term is 25 years. The premium payment terms are the same as the policy terms.
Minimum Premium Categories
Minimum premium Rs. 30000/- per annum (Rs. 15000/- (Rs. half-yearly), Rs. 7500/- (Rs. per quarter), Rs. 2500/- per month (Rs. H) Mod/Premium payment is based on artwork. Mainly premium – no limit on ownership of underwriting decision.
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