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LIC Flexi Plus (ULIP)


LIC Flexi Plus Plan (Table 811) is a simple Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
In this plan, premium needs to be paid for the entire policy tenure. The premium that is paid is invested in either of the 2 available funds-Debt Fund or Mixed Fund, as per the risk appetite of the policyholder.
The Fund Value is paid on policy maturity as Maturity Benefit to the policyholder. However, if the Life Insured dies within the policy tenure, then the nominee gets the Sum Assured as immediate Death Benefit and policy continues. The future premiums are waived off and paid by the company so as to pay the Fund Value of policy maturity as per schedule. There are no additional riders in this plan.

Features of LIC Flexi Plus :


• Premium needs to be paid for the entire policy tenure
• There are 2 funds for Investment -Debt Fund or Mixed Fund
• The Fund Value is paid on policy maturity as Maturity Benefit to the policyholder
• On the death of life insured within the policy term :

The Sum Assured as immediate Death Benefit and policy continues
The future premiums are waived off and paid by the company
The Fund Value is paid on policy maturity as per schedule



LIC Flexi Plus Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) (10 X Annualized Premium) or (105% of the total premiums paid )
Policy Term (in years) 10 20
Premium Payment Term(in years) Equal to Policy term
Entry Age of Life Insured 18 50
Age at Maturity - 60
Annual Premium (in Rs.) 15,000 1,00,000
Payment modes Single, Yearly, Half-yearly, Quarterly and Monthly


Benefits of LIC Flexi Plus :


Maturity Return – When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit.

Death Benefit - In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured as immediate Death Benefit and policy continues. The future premiums are waived off and paid by the company so as to pay the Fund Value of policy maturity as per schedule.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Not Available