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Are you looking for a flexible life insurance plan that offers both protection and investment opportunities? Look no further than LIC Index Plus. As the Best LIC Agent in Kolkata, I’m excited to share everything you need to know about this innovative unit-linked insurance plan.
Table of Contents
Key Takeaways
- LIC Index Plus offers a combination of life insurance and investment opportunities
- Choose between two high-risk equity funds based on your risk appetite
- Enjoy Guaranteed Additions to boost your fund value
- Flexibility in premium payment and policy terms to suit your needs
- Partial withdrawals allowed after 5 years for liquidity
- Regular review and proper fund selection are crucial for maximizing benefits
What is LIC Index Plus?
LIC Index Plus is a unit-linked, non-participating, individual life insurance plan that provides life coverage along with investment options. It’s designed for those who want to secure their family’s future while also potentially growing their wealth.
Key Features:
- Life insurance cover throughout the policy term
- Choice of investment funds based on your risk appetite
- Guaranteed Additions to boost your fund value
- Flexibility in premium payment and policy term
- Option to enhance coverage with an Accident Benefit Rider
- Partial withdrawals allowed after 5 years
Why Choose LIC Index Plus?
- Customizable Coverage: You can choose a Basic Sum Assured of either 7 or 10 times your Annualized Premium, depending on your age at entry.
- Investment Flexibility: Select from two fund options – Flexi Growth Fund or Flexi Smart Growth Fund – based on your risk tolerance and financial goals.
- Guaranteed Additions: Boost your fund value with Guaranteed Additions, added at specific policy milestones.
- Liquidity: After the 5-year lock-in period, you can make partial withdrawals to meet unexpected expenses.
- Tax Benefits: Enjoy potential tax advantages under existing tax laws (subject to change).
Understanding the Investment Options
LIC Index Plus offers two fund options:
| Fund Type | Investment Strategy | Risk Profile |
|---|---|---|
| Flexi Growth Fund | Focuses on stocks in the NSE NIFTY100 Index | Very High Risk |
| Flexi Smart Growth Fund | Invests in stocks from the NSE NIFTY50 Index | Very High Risk |
Both funds aim to provide long-term capital appreciation through equity investments. The choice between them depends on your risk tolerance and investment goals.
Guaranteed Additions: A Unique Benefit
One of the standout features of LIC Index Plus is the Guaranteed Additions. These are added to your fund value at specific policy milestones, giving your investments an extra boost.
Guaranteed Additions (as a percentage of one Annualized Premium):
| End of Policy Year | For Premium < ₹48,000 | For Premium ≥ ₹48,000 |
|---|---|---|
| 6 | 3% | 5% |
| 10 | 6% | 10% |
| 15 | 12% | 20% |
| 20 | 15% | 25% |
| 25 | 18% | 30% |
“The Guaranteed Additions feature sets LIC Index Plus apart from many other ULIPs in the market. It provides an additional layer of security to your investments.” – Somenath Naskar, LIC Agent in Kolkata
Eligibility and Policy Terms
- Minimum Age at Entry: 90 days (completed)
- Maximum Age at Entry: 60 years (for 7x Sum Assured), 50 years (for 10x Sum Assured)
- Policy Term: 10 to 25 years (depending on premium amount)
- Premium Payment Term: Same as Policy Term
- Premium Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (NACH)
Charges Under LIC Index Plus
It’s important to understand the various charges associated with this plan:
- Premium Allocation Charge: Varies based on policy year and online/offline purchase
- Mortality Charge: Cost of life insurance cover
- Fund Management Charge: 1.35% p.a. for both fund types
- Policy Administration Charge: Applicable from 6th policy year onwards
- Switching Charge: First 4 switches per year are free, ₹100 per switch thereafter
- Partial Withdrawal Charge: ₹100 per withdrawal
Always review the policy document for the most up-to-date information on charges.
How to Make the Most of LIC Index Plus
- Start Early: The earlier you invest, the more time your money has to grow.
- Choose the Right Fund: Select the fund that aligns with your risk tolerance and financial goals.
- Stay Invested: Try to avoid premature withdrawals to maximize the potential returns.
- Review Regularly: Periodically assess your policy’s performance and make switches if necessary.
- Consider the Rider: Evaluate if the Accident Benefit Rider is suitable for your needs.
As your trusted LIC Agent in Kolkata, I’m here to help you navigate the intricacies of LIC Index Plus and find the perfect fit for your financial needs. Remember, while this plan offers exciting opportunities, it’s important to carefully consider your financial situation and goals before investing.
Ready to secure your future with LIC Index Plus? Give me a call at 7980031260, and let’s discuss how this plan can work for you!
Frequently Asked Questions
Can I change my fund option after purchasing the policy?
Yes, you can switch between the two fund options. The first 4 switches in a policy year are free.
What happens if I miss a premium payment?
There’s a grace period of 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly mode. If you don’t pay within this period, the policy may enter a discontinuance state.
Is there a lock-in period for this policy?
Yes, there’s a lock-in period of 5 years from the date of commencement of the policy.
Can I surrender the policy? What are the implications?
Yes, you can surrender the policy. If surrendered within the lock-in period, the fund value less discontinuance charges will be transferred to a Discontinued Policy Fund. If surrendered after the lock-in period, the fund value will be paid immediately.
Are there any tax benefits with LIC Index Plus?
Tax benefits may be available as per the prevailing tax laws. However, these are subject to change, and you should consult a tax advisor for the most current information.
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