LIC Fortune Plus Plan

The Fortune Plus Plan from Life Insurance Corporation of India (LIC) is a unit linked insurance plan, wherein the policyholder will have to pay premiums for the first 5 policy years only. Under this plan, the payable premium for the first year will amount to 50% of the total premium payable during the policy tenure. Policyholders can choose to invest in any one of the 4 funds offered by the insurer, as per his/her appetite for risk. The minimum premium under this policy is Rs.20,000, which is payable as the first premium amount. Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Who is LIC’s Fortune Plus Plan for?

LIC has a predefined eligibility criteria which customers who wish to purchase this policy need to keep in mind.

Parameters	Criteria for eligibility
Minimum age at entry	12 years
Maximum age at entry	60 years
Minimum age at maturity	18 years
Maximum age at maturity	65 years

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured

The sum assured is the amount of money which the insurer guarantees to pay to the policyholder/nominee before any bonuses are included. Thus, this sum of money is what is guaranteed to you by the insurance company.

Sum Assured

Highest of: 5 x Annualised Premium Half of the Policy Tenure x First Year’s Annualised Premium

Premiums*

The premium is a certain sum of money that the policyholder pays to the insurer in order to enjoy the risk cover provided by the policy.

Minimum term of the policy	5 years
Maximum term of the policy	20 years
Premium Payment Mode	Yearly Half-Yearly Quarterly Monthly
Minimum Single Premium Amount	Rs.20,000 (as first premium)

*Premiums vary based on age, location, plan term, and other factors.

Plan Coverage - What LIC’s Fortune Plus Plan covers?

Death Benefit	If the policyholder passes away during the policy tenure, the nominee will be paid the sum assured or the fund value, based on whichever is the higher of the two.
Maturity Benefit	At the completion of the policy tenure, the life assured will be paid the fund value.

Riders/Add-On Plans – Additional coverage under LIC’s Fortune Plus Plan

If the policyholder is over 18 years of age, he/she can opt for an additional Accident Benefit rider, provided it is over the minimum amount of Rs.25,000 and under the maximum amount of Rs.50 lakh. Thus, in case the policyholder meets with an accidental death, the Accident Benefit will be paid to the nominee in addition to the base policy’s sum assured amount.

Exclusions - What LIC’s Fortune Plus Plan doesn’t cover?

If the policyholder happens to commit suicide within 12 months of purchasing the insurance policy, the insurer will pay the fund value to the nominee. No death benefit will be paid by the insurer.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

Free-Look Period	Policyholders can return their policy within the 15-day free-look period.
Revival	A lapsed policy can be revived within 2 years from the date of the first premium that was unpaid.
Loan	Policyholders are not provided the option to avail a loan against this policy.
Surrender Benefit	If the policy is surrendered after the completion of 3 policy years, the insurer will pay the fund value of the policy as the surrender benefit to the policyholder.
Assignment	Assignment facility is provided for this policy.

Tax Benefits – How you can save with LIC’s Fortune Plus Plan?

The premiums that one pays towards this policy and the payouts received are both eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. However, it should be noted that tax laws can change without prior notice. Thus, make sure to consult with a tax advisor from time to time.

Other Benefits – How you can save with LIC’s Fortune Plus Plan?

• Online Premium Payment: Policyholders have the option of paying their premium through both online and offline channels. If you wish to pay your premium online, you can navigate to LIC’s official website and pay your premium amount via credit card, debit card, or net banking.
• Customer Service: Customers can contact the insurer through their phone helpline service, email ID, or SMS-based helpline channel for any assistance that they might require.
• Choice of Insurance Plans and Riders: The insurer has a varied product portfolio, with a host of endowment plans, money-back plans, term insurance plans, whole life plans, etc. on offer.
• Online Premium Calculator: Before purchasing a policy, it is vital that you request for a premium quote from the insurer. On LIC’s official website, you have the option of selecting the plan, keying-in certain details, and viewing the premium for the policy.

Why you should buy the Fortune Plus Plan from Life Insurance Corporation of India (LIC)?

The Fortune Plus Plan from LIC provides policyholders a risk cover against death and the option to invest in funds, thus helping them increase their wealth over a period of time. The policy also offers the option of making partial withdrawals after the third policy year, thus helping policyholders meet any emergency liquidity needs.

Life Insurance Corporation of India (LIC) is one of the oldest and most preferred insurance providers in the nation. With a claim settlement ratio of 98.33% for FY15-16, it is safe to assume that the likelihood of one’s claim being settled in a hassle-free manner is rather high. The insurer has also won a range of awards for their services, product offerings, etc.

Note: This plan has been withdrawn by LIC.