This is the ULIP plan of LIC. In this, some money of premium is deducted for insurance. On maturity, the premium that would have been deposited for life insurance is refunded.
You have to deposit at least 4000 rupees every month.
In this article, today you are going to tell about a scheme of Life Insurance Corporation (LIC) which gives the benefit of a life insurance as well as investment. The name of this policy is LIC SIIP. Under this policy, some part of the premium you deposit goes towards insurance and the remaining part goes to the investment.
Talking about eligibility, the minimum entry age is 90 days and the maximum entry age is 65 years. The minimum maturity is 18 years and the maximum policyholder is 85 years of age. The policy term is 10-25 years. This is also its premium paying term. Talking about the premium, the minimum will have to be deposited 4000 rupees every month, quarterly 12000 rupees, half yearly 22 thousand rupees and annual rupees 40 thousand rupees. There is no limit to the maximum premium.
Maturity and Death Benefit
Talking about the death benefit, you will get the benefit of what is more in the basic sum assured or the fund value. There is a double benefit in maturity benefits. As mentioned earlier this is like an investment scheme in which some part of the premium is deducted for insurance. If the policy holder is alive till the policy matures, then the Mortality Charge is refunded in addition to the fund value. All the money that would have been deposited towards your life insurance from the start of the policy, are returned.
The most important thing about this policy is the facility of guaranteed return. Despite this it is an ULIP plan, in spite of it there are some guaranteed returns from LIC. On completion of six years of the policy, a guaranteed return of 5 percent of the annual premium, 10 years of the 10th year, 15 percent of the 15th year, 20 percent of the 20th year and 25 percent of the 25th year.
Basic Sum Assured
If the policy holder is less than 55 years of age, he will get basic sum assured at 10 times the annual premium. When you are 55 or older, you get 7 times the basic sum assured. If the annual premium of A is 1 lakh and his age is 50 years, then the basic sum assured for him will be 10 lakh. If A’s age is 56 years, then his basic sum assured will be Rs 7 lakh at an annual premium of 1 lakh.
Since this policy can also be taken in the name of children, it is important to have the right information about risk coverage. If the child is 8 years old, then the benefit of risk cover is given. If his age is less than this, then he will get the benefit of what will be the first in the completion of two years of the policy or his age is 8 years.
Talking about tax benefits, the premium is tax free under 80C. Death benefit is tax free under 10 (10D). However, the maturity benefit is taxable. Apart from this, there is the benefit of Accidental Death Benefit Rider. Funds can be changed up to four times in a policy year. Partial withdrawals can also be done after completion of five years of the policy.
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