LIC Index Plus is a regular premium payment, non-participating, Unit Linked Insurance Plan. Index Plus plan offers insurance-cum-savings. Proposer can choose the amount they want to pay for the premium. Each premium paid shall be subject to allocation charges. On completion of specified policy term, Guaranteed additions as a percentage of Annualized Premium shall be added to the unit fund under in force policy.
LIC Index Plus policy details
| Minimum Entry Age | 90 days |
| Maximum Entry Age | 50 years under Basic Sum Assured is 10 times of Annualised Premium 60 years under Basic Sum Assured is 7 times of Annualised Premium |
| Minimum Maturity Age | 18 years |
| Maximum Maturity Age | 75 years under Basic Sum Assured is 10 times of Annualised Premium 85 years under Basic Sum Assured is 7 times of Annualised Premium |
| Policy term | 15 to 25 years for Annualised Premium less than ₹48,000 10 to 25 years for Annualised Premium ₹48,000 and above |
| Minimum Premium | Yearly – ₹30,000 Half Yearly- ₹15,000 Quarterly- ₹ 7,500 Monthly NACH – ₹ 2,500 Premium in multiple of ₹ 250 for Monthly NACH and in multiple of ₹ 1,000 for other modes. |
| Maximum Premium | No limit |
| Date of Commencement of Risk | For age at entry less than 8 years: On completion of 2 years from DOC or on Policy Anniversary coinciding with or following the completion of 8 years of age, whichever is earlier. For age at entry 8 years or more: Risk will commence immediately. |
| Death Benefit | Before Commencement of Risk: Fund Value After Risk Commences: Basic SA or 105% of Total Premiums Paid (less any Partial Withdrawals made during last 2 years) or Fund Value whichever is higher. |
| Basic Sum Assured | 7 times OR 10 times of Annualized Premium for Age 90 Days to 50 years. 7 times of Annualized premium for Age 51 to 60 years. |
| Maturity Benefit | Fund Value + Refund of Mortality Charges (Excluding any extra premium and Taxes on Mortality Charges) |
| Fund Options | Flexi Growth Fund and Flexi Smart Growth Fund |
| Available Riders | Accident Benefit Rider |
| Other Options | 1. Switching between any fund types. 2. Death Benefit in installments for 5 years. 3. Partial Withdrawal from 6th year. 4. Increase/Decrease in Benefits not allowed. 5. Accident Rider can be cancelled. 6. Top Up not allowed. 7. Alteration to another Plan is not allowed. |
| Mode of Premium Payment | Yearly Half Yearly Quarterly Monthly Nach only |
| Grace Period | 15 days for monthly mode and 30 days for other modes |
| Policy Loan | Not Available |
| Surrender/Paid up | Allowed After 5 years. |
| Revivals | Within 3 years of FUP |
| Discontinuation after 5 years | If the policy is not revived within 3 years of the first unpaid premium, then the fund value will be paid at the end of 3 years or Maturity, whichever is earlier. |
| Cooling off | 30 Days from the date of receipt of the Policy in Physical/Electronic mode, whichever is earlier. |
| Suicide Clause | Only Fund Value is payable. |
| Back Dating | Not Allowed. |
| Proposal Form | Separate form. |
| Tax Benefits | On Basic Premiums: u/s 80C Maturity: Tax-Free u/s 10(10D) under Basic Sum Assured is 10 times of Annualised Premium and Taxable under Basic Sum Assured 7 times of Annualised Premium. Death Benefit: Tax-Free |
Example of LIC Index Plus Policy
Age- 35
Term – 20 years
Annualised Premium ₹ 50000
Fund Flexi Growth Fund
Basic Sum Assured:10 times
