• LIC Wealth Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Wealth Plus Plan from the Life Insurance Corporation of India (LIC) is a unit-linked insurance plan that will protect one’s investments during volatile times. This plan provides a guaranteed NAV at the end of the policy term. In addition, the policy also provides other payouts such as a death benefit, maturity benefit, etc. as per the eventuality.

    The minimum premium payable for this plan is Rs.2,000 under the monthly mode of premium payment. Policyholders between the ages of 18 years and 62 years can also opt for an additional Accident Benefit, which will provide their nominees an added payout in case one meets with an accident. Policyholders can avail tax benefits as per prevailing tax laws under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

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

    Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans. Listed below is the eligibility criteria for the Wealth Plus Plan from LIC.

    Parameters Criteria for eligibility
    Minimum age at entry 10 years
    Maximum age at entry 65 years
    Maximum age at maturity 73 years

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

    Sum Assured

    The sum assured is the basic amount of money which is guaranteed by the insurer in case the life assured passes away during the policy tenure. The policy buyer will have to opt for the sum assured at the time of purchasing the policy.

    Minimum Sum Assured
    • 3-Year Premium Payment Term: 5 x Annualised Premium
    • Single Premium Policy: 1.25 x Single Premium
    Maximum Sum Assured
    • 3-Year Premium Payment Term:
    • 10 x Annualised Premium (if policyholder’s age at entry is 50 years or below)
    • 5 x Annualised Premium (if policyholder’s age at entry is 51 years or above)
    • Single Premium Policy:
    • 5 x Single Premium (if policyholder’s age at entry is 40 years and below)
    • 2.5 x Single Premium (if policyholder’s age at entry is between 41 and 50 years)
    • 1.25 x Single Premium (if policyholder’s age at entry is 51 years and over)


    The premium is a nominal sum of money that the policyholder pays to the insurer in order to enjoy the coverage offered by the policy.

    Policy Term 8 Years
    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • Quarterly
    • Monthly
    • Single Premium
    Minimum Single Premium Amount
    • Monthly Mode of Premium Payment: Rs.2,000
    • Single Premium Policy: Rs.40,000 p.a.

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

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

    Death Benefit In the event of the life assured’s death, the nominee will receive the sum assured along with the fund value as part of the death benefit.
    Maturity Benefit At the end of the policy tenure, the policyholder’s fund value as per the highest NAV (Net Asset Value) that was recorded over the first 7 policy years or the NAV as applicable at the end of the policy tenure will be paid, based on whichever is the highest of the two.

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

    Policyholders who are between the ages of 18 and 62 years can purchase the Accident Benefit rider, equal to the sum assured offered under the base policy provided it is between Rs.50,000 and Rs.50 lakh. Thus, in case the policyholder meets with an accidental death, an additional accident benefit will be paid to the nominee.

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

    In case the policyholder commit suicide within 12 months of purchasing the plan, no death benefit will be paid. However, the policyholder’s fund value will be given to the nominee.

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

    Free-Look Period The free-look period is 15 days for this policy. Policies can be returned during the free-look period if they do not satisfy the policy buyer.
    Loan Policyholders can’t opt for a loan against this policy.
    Policy Revival Policies that are lapsed can be revived within a period of 2 years.
    Partial Withdrawals Post completion of the third policy year, units may be encashed partially.
    Surrender Benefit Policies can be surrendered after 3 policy years. Surrender value payable will be equal to the policyholder’s fund value.
    Assignment Assignment facility is provided under this policy.

    Tax Benefits – How you can save with the LIC’s Wealth Plus Plan

    Policyholders can claim tax benefits under section 80C and Section 10(10D) of the Income Tax Act, 1961 for premiums paid and benefits received.

    Other Benefits

    • Track NAV: Policyholders can track and view the performance of various funds through the insurer’s website.
    • Customer Service: The insurer provides a range of customer service channels to customers, including a city-based contact number, email ID, and SMS helpline service.
    • Online Applications: Certain policies can be directly purchased through the insurer’s website without going through an agent or a middleman.
    • Premium Payment: Policyholders can choose to pay their premiums through online or offline channels. Premiums can be paid through LIC’s official website, franchisees, authorised merchants, Axis bank and Corporation bank branches, or at the insurer’s nearest branch.

    Why you should buy the Wealth Plus Plan from Life Insurance Corporation of India?

    The Wealth Plus Plan from LIC offers a range of benefits to policyholders at an affordable cost. Further, the insurer also allows policyholders to make partial withdrawals in case they are in need of emergency liquidity. These benefits make this policy an attractive choice to customers looking for a protection cum investment option.

    Life Insurance Corporation of India (LIC) is one of the best insurance firms in the country. The insurer has reported a high claim settlement ratio (CSR) for the past financial years, with a CSR of 98.33% for FY15-16. The insurer also has a varied product portfolio that is guaranteed to meet the varying demands of their customers.

    *This policy has been withdrawn by LIC.

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