Flexi Plus Insurance Plan : LIC Life Insurance Corporation of India
Organisation :Life Insurance Corporation of India
Facility : Flexi Plus Insurance Plan
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Home Page :http://www.licindia.in/
Get more details here:https://licindia.in/
Insurance Plans – Flexi Plus :
LIC’s Flexi Plus is a unit linked assurance plan, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of the survival of the Policyholder. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
Key benefits under this plan are :
** Flexibility to choose the policy term
** Flexibility to choose the premium paying mode as per your convenience
** Flexibility to choose from 2 fund types to suit your investment needs
** Flexibility of partial withdrawals to meet your emergency needs
Payment of Premiums :
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.
Eligibility Conditions And Other Restrictions :
(a) Minimum Age at entry 18 years (last birthday)
(b) Maximum Age at entry 50 years (nearest birthday)
(c) Maximum Maturity Age 60 years (nearest birthday)
(e) Policy Term* 10 to 20 years
Investment of Funds :
Unit Fund :
The premiums allocated to purchase units will be strictly invested according to the investment pattern committed in various fund types. Various types of fund and their investment pattern will be as under :
Applicability of Net Asset Value (NAV) :
** The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
** Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim, revival after discontinuance, switches and in case of complete withdrawal etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, revival after discontinuance, switches and in case of complete withdrawal etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable.
** In case of discontinuance, as specified in Para 8 below, wherein the policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable.
** In respect of maturity claim, NAV of the date of maturity shall be applicable.
** The timing (presently 3 p.m.) is as per the existing guidelines and changes in this regard shall be as per the instructions from IRDA.
Charges under the Plan :
Premium Allocation Charge : This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:
Mortality Charge :
This is the cost of life cover, which includes payment of Sum Assured and all future premiums payable under the plan. This charge shall depend upon the Sum at Risk i.e. sum of Sum Assured and total amount of all future premiums payable under the policy as on the date of deduction of mortality charge.