LIC has introduced a new insurance and savings plan called LIC Index Plus. This plan lets you save money while also providing insurance coverage.
With a minimum premium of Rs 2500, you can start this plan.
You can apply for it if you’re at least 90 days old but no older than 50 or 60, depending on the basic sum assured.
The investment in this plan will involve Nifty 100 and Nifty 50 shares, offering both insurance and investment opportunities.
The plan was launched by LIC Chairperson Siddharth Mohanty.
It’s a unit-linked, regular premium, personal life insurance plan, giving you both insurance and investment benefits as long as the policy remains active.
Flexible investment options like Flexi Growth Fund and Flexi Smart Growth Fund are available.
The risk cover provided will be 7 to 10 times the annual premium, with a guaranteed increase every 5 years.
The lock-in period is 5 years, after which partial withdrawals can be made.
You can invest in this plan for a minimum of 10 years and a maximum of 25 years, and it can be purchased either offline or online. You can surrender the plan at any time.
For those aged 50 or above, the premium will be 7 times the sum assured upon entry.
The policy’s minimum term is 10 to 15 years, with a maximum investment period of 25 years.
There’s no limit on the maximum premium, but the annual premium, which is tax-free up to Rs 2.50 lakh, will be Rs 30 thousand, half-yearly premium Rs 15 thousand, quarterly premium Rs 7500, and monthly premium Rs 2,500.
