Keeping in mind the need to safeguard the investments of their customers, LIC has rolled out the Samridhi Plus Plan. The LIC Samridhi Plus Plan offers protection for the customer against market fluctuation. Policyholders are entitled to the fund value at the end of the policy term. With the LIC Samridhi Plus Plan, policyholders have the choice between the Single Premium or a Limited Premium.
To be eligible to the LIC Samridhi Plus Plan, customers need to meet certain criteria with regard to their age and the premium paying term.
|Minimum entry age||18 years|
|Maximum entry age||65 years|
|Policy Term||10 years|
|Premium Paying Term||5 years|
Sum Assured: The sum assured varies if the policyholder has chosen either the Single Premium or the Limited Premium.
Limited Premium: If the policyholder is below the age of 45 years, he/she is entitled to a maximum of 20 times the annualised premiums and a minimum of 10 times the annualised premiums as the sum assured.
If the policyholder is above the age of 45, he/she is entitled to a maximum of 10 times the annualised premiums and a minimum of 7 times the annualised premiums.
Single Premium: If the policyholder is below the age of 45 years, he/she is entitled to a minimum of 1.25 times the annualised premium and for policyholders below the age of 45, he/she is liable to a minimum of 1.10 times the annualised premium. Policyholders up to the age of 55 years, they are entitled to a maximum sum assured of 5 times the annualised premium and 1.25 times the annualised premium if they are aged between 56 years to 65 years.
Premiums: Policyholders can choose between the Single Premium option or the Limited Premium option.
|Minimum sum assured||Single Premium: 1.25 times the annualised premium for policyholders below the age of 45 years and 1.10 times the annualised premium for policyholders above the age of 45 years. Limited Premium: 10 times the annualised premium for policyholder below the age of 45 and 7 times the annualised premium for policyholders above the age of 45.|
|Maximum sum assured||Single Premium: 5 times the annualised premium for policyholders up to 55 years of age. 1.25 times the annualised premium for policyholders between the age of 56 years to 65 years. Limited premium: 10 times the annualised premium for policyholder below the age of 45 years and 7 times the annualised premium for policyholders above the age of 45 years.|
|Premium||Minimum: Single Premium: Rs.1 lakh per annum (For 5 year premium paying term)
The LIC Samridhi Plus Plan comes with death and maturity benefits. The details are listed below.
|Death benefit||In case of untimely death of the policyholder, the nominee is entitled to the sum assured and the fund value at that point.|
|Maturity benefit||Om maturity of the policy term, policyholder are entitled to the sum assured.|
LIC Samridhi Plus Plan comes with key features such as revival, grace period, free-look period and so on.
|Discontinuance||If the policyholder fails to pay the premium within the grace period a notice will be sent by the insurer to revive the policy or make a complete withdrawal. If he/she decides to discontinue the policy, the fund value at that point will be given to the policyholder.|
|Partial withdrawals||Policyholders can make partial withdrawals from the fund value from the commencement of the 5th year of the policy. The minimum partial withdrawal is Rs.2,000.|
|Revival||Policyholders can revive the policy 15 days after the grace period.|
|Grace period||Policyholders are granted a grace period of 30 days to pay the premium.|
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she does not agree with the terms and conditions of the policy, the policy can be returned.|
In accordance with the Income Tax Act 1961, policyholders of the LIC Samridhi Plus Plan can avail tax benefits under:
The LIC Samridhi Plus Plan offers policyholders the benefit of protection of their investments against market fluctuation. In addition, the LIC Samridhi Plus Plan offer a lump sum coverage to the nominee of policyholder in case of untimely or unfortunate death, giving them financial security when they need it the most.
A state-owned insurance group, LIC is currently the largest insurer in the country with an asset value of $240 billion. Adding to their reputation in the country, in the financial year of 2016-2017, LIC recorded a claim settlement ratio of 98. 19% - the highest till date by a margin. LIC sets themselves apart from other insurers by having a dedicated customer support team that works round-the-clock and holds customer satisfaction as their priority.
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