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PLAN FEATURES
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Minimum Age
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90 Days (Completed)
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Maximum Age
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65 Years (Nearest Birthday)
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Maximum Maturity Age
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85 Years (Nearest Birthday)
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Plan Term
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10 to 25 Years
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Sum Assured
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(A)Age below 55 yrs - 10 * Annualized Premium.
(B)For Age 55 and above - 7 * Annualized Premium
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Rider Available
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Accidental Death Benefit
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Tax Benefit
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Life Cover
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(A) On death before the Date of Commencement : An
amount equal to the Policyholder`s Fund Value shall
be payable.
(B) On death after the Date of Commencement of
Risk: An amount equal to the higher of Basic Sum
Assured or Policyholder`s Fund Value.
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Maturity Benefit
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At the end of policy term policy holder will get fund
value
Guaranteed additions shall be added and converted
to units at pre-defined specific intervals.
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Why Should buy SIIP Plan ?
Features of LIC’s SIIP Plan
Let’s take a look at some of the salient features of the policy.
The plan offers 4 fund options to choose from.
The policyholder can make free switches between funds.
The plan offers the option of add-on rider benefits to enhance the coverage of the policy.
Tax benefits can be availed U/S 80C and 10(10D) of the Income Tax Act.
Partial withdrawals of funds are applicable under the policy.
Optional Benefits Offered by LIC SIIP
Rider Benefits
The plan offers an accidental death benefit rider option. Under this rider option, the accidental benefit sum assured is payable to the beneficiary if the insured person dies an unfortunate death due to an accident.
Some important to note –
The accidental death benefit sum assured amount cannot exceed the basic sum assured amount of the policy.
It can be bought at any policy anniversary provided that there are at least 5 more years remaining in the policy term.
The benefit offered under this policy shall be available till the maturity date or till the policy anniversary on which the age of the life assured is 70 years, whichever is earlier.
Partial Withdrawals
The policyholder can avail the facility of partial withdrawal of the units at any time after completing 5 years of the policy, provided all the premiums are dully paid. Some conditions are:
In the case of a minor- Partial withdrawals are applicable only after the life assured is age 18 years or above.
The withdrawals can be made in the form of a fixed amount or in the form of a fixed number of units.
The maximum sum of partial withdrawal during each policy year.