LIC SIIP (Plan No. 852) - Benefits and Reviews

“Systematic Investment Insurance Plan” called as LIC SIIP Plan is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan which offers insurance cum investment cover throughout the term of the policy. You can buy this plan offline (through an intermediary) as well as online. To purchase this plan online

LIC SIIP is a combination of Systematic Investment Plan + Life Insurance. Which gives you the high return on the investment.

LIC SIIP Plan Eligibility Conditions:

Particulars	Eligibility
Minimum Age at entry:	90 days (completed)
Maximum Entry Age:	65 years (nearer birthday)
Minimum Maturity Age:	18 Years (Completed)
Maximum Age at Maturity:	85 years (nearer birthday)
Minimum Policy term:	10 Years
Maximum Policy term:	25 Years
Basic Sum Assured:	10 times of Annualized Premium for age below 55 Years 7 times of Annualized Premium for age 55 years and above

Eligibility Conditions to buy LIC SIIP Plan 852

Minimum Premium for LIC SIIP

Mode	Premium
Yearly	₹ 40,000
Half Yearly	₹ 22,000
Quarterly	₹ 12,000
Monthly	₹ 4,000

Minimum Premium Calculation for LIC Systematic Investment Insurance Plan

Fund Types:

The allocated premiums will be utilized to buy units as per the fund type opted by the Policyholder out of the four fund types options available

Bond Fund
Secured Fund
Balanced Fund
Growth Fund

Policy Benefits under LIC SIIP:

Death Benefit

On death 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: An amount equal to the highest of the following shall be payable

Basic Sum Assured reduced by any Partial withdrawals made during the two years period immediately preceding the date of death; or
Unit Fund Value or
105% of total premiums received upto the date of death reduced by partial withdrawal made during the two years period immediately preceeding the date of death.

The liability of admissible claim shall be booked effective from the date of receipt of intimation of death with death certificate. Mortality charge, Accident Benefit Charge, and Tax Charge thereon recovered subsequent to the date of death shall be paid back to the nominee or beneficiary along with death benefit.

Any Guaranteed Addition added subsequent to the date of death (in case of delay in intimation of death claim) shall be recovered from Unit fund.

The death benefit shall be payable either in lumpsum amount or in instalments, if Settlement Option is opted.

Maturity Benefit

On Life Assured surviving the stipulated date of maturity, an amount equal to the Unit Fund Value is payable.

Guaranteed Additions

Guaranteed Additions as a percentage of Single Premium as mentioned in the Table below shall be added to the Unit Fund on completion of specific duration of policy years.

End of Policy Year	Guaranteed Additions (as percentage of one Annualized Premium)
6	5%
10	10%
15	15%
20	20%
25	25%

Guaranteed Additions under LIC SIIP

The allocated Guaranteed Addition shall be converted to units based on NAV of the underlying Fund type as on the date of suh addition and shall be credited to Unit fund.

For policies which are not inforce but revived subsequently, Guaranteed Addition shall be credited on the date of revival of the policy, provided all due premiums have been paid.

Any Guaranteed Addition added subsequent to the date of death (in case of delay in intimation of death claim) shall be recovered from the Unit Fund.

Optional Rider Benefits

LIC’s Linked Accidental Death Benefit is available as an optional rider. This rider can be opted for at the inception or any policy anniversary during the policy term subject to the eligibility conditions and restrictions given below. Whenever this Rider is opted for, the Accident Benefit Charges, will be deducted at the beginning of each policy month during the period of cover and the benefit cover under this rider shall be available till the Date of Maturity.

Policy Loan

No loan facility shall be available under LIC SIIP plan.

Taxes

Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.