LIC’s SIIP
A Unit-linked, non-participating, regular premium individual life insurance plan, the LIC’s SIIP provides investment cover in addition to insurance for the duration of the policy.
One of the four accessible investment fund kinds is where you can choose to invest premiums. After deducting the Premium Allocation Charge, each premium paid will buy units of the selected fund type. The Net Asset Value (NAV) of the Unit Fund determines the value of the units, which is susceptible to fluctuations in value.
Description
The benefits payable under LIC’s SIIP are as follows:
A) Death Benefit:
- On death before the Date of Commencement of Risk: If the insured person passes away before the Date of Commencement of Risk, an amount equal to the Unit Fund Value shall be payable.
- On death after the Date of Commencement of Risk: If the insured person passes away after the Date of Commencement of Risk, the highest of the following amounts shall be payable:
- Basic Sum Assured reduced by Partial Withdrawals, if any, made during the two years immediately preceding the date of death, or
- Unit Fund Value, or
- 105% of the total premiums received up to the date of death reduced by Partial Withdrawals, if any, made during the two years immediately preceding the date of death.
Additionally, any Mortality charge, Accident Benefit charge, and Tax charges deducted after the date of death shall be refunded to the nominee or beneficiary along with the death benefit. Any Guaranteed Addition added after the date of death (in case of a delay in the information of the death claim) shall be recovered from the Unit Fund. The death benefit can be paid either as a lump sum or in installments, depending on the Settlement Option chosen by the Policyholder/Life Assured.
B) Maturity Benefit: If the Life Assured survives the date of maturity, provided all due premiums under the policy have been paid, an amount equal to the Unit Fund Value shall be payable.
C) Refund of Mortality Charges: Together with the maturity benefit, the whole amount of mortality costs deducted from the life insurance coverage will be reimbursed if the life assured survives the date of maturity and all policy premiums have been paid. These charges do not include any additional amounts that may be charged under the policy as a result of underwriting decisions or, if applicable, tax charges imposed on the mortality charges. Please be aware that in the event that a policy is surrendered or cancelled, there will be no reimbursement of Mortality Charges.
Eligibility Conditions:
| Minimum Age at entry | 90 days (completed) |
| Maximum Age at entry | 65 years (nearer birthday) |
| Minimum Maturity Age | 18 years (completed) |
| Maximum Maturity Age | 85 years (nearer birthday) |
| Policy Term | 10 to 25 years |
| Premium Paying Term | Same as Policy Term |
| Premium Amount – Mode
Minimum (Rs.) Maximum (Rs.) |
Yearly, Half – Yearly, Quarterly, Monthly (Nach)
40,000, 22,000, 12,000, 4,000 No Limit |
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