LIC Samridhi Plus

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Policy Discontinued

LIC Samridhi Plus is a Unit Linked Insurance Plna (ULIP) with the highest NAV guarantee. The plan will offer the highest NAV obtained by the fund in the first 100 months or the NAV on maturity, whichever is higher. A minimum NAV of Rs. 10/- is also guaranteed.

 

Key Features of LIC Samridhi Plus Plan

 

§  Highest NAV is guaranteed at maturity of the higher of first 100 months or at maturity

§  Premiums need to be paid only for a period of maximum 5 years

§  Additional benefit through Accident Benefit rider

 

 

Benefits you get from LIC Samridhi Plus Plan

 

Death Benefit – In case of death of the policy holder, the nominee gets the Sum Assured and the Fund Value. The fund value will be calculated at the prevailing NAV at the time of death.

 

Maturity Benefit - If the policy holder survives the policy term, then he gets the Fund Value according to the highest NAV achieved in the first 100 months of the policy or at maturity whichever is higher.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D) subject to the provisions stated therein.

 

 

Eligibility conditions in LIC Samridhi Plus Plan

 

 

Minimum

Maximum

Policy Term (in years)

10 years

Premium Payment Term (in years)

Single

5 years

Lock-in period

5 years

Entry Age of Policyholder

8 years

65 years

Age at Maturity

18 years

75 years

Sum Assured (in Rs.) for Regular premium

If age below 45 years: 10 x AP

If age 45 and above: 7 x AP

If age below 45: 20 x AP
If age 45 years and above: 10 x AP

Regular premium

Yearly =15,000

Half-Yearly = 8,000

Quarterly = 4,000

Monthly (ECS only) = 1,500

Rs 1,00,000 p.a.

Payment modes

Single, Annual, Semi Annual, Quarterly and Monthly(ECS)

Top-up premium

NA

NA

Sum Assured (in Rs.) for Single premium

If age below 45 years: 1.25 x AP

If age 45 years and above: 1.10 x AP

5 x Single premium, if age at entry is up to 55 years.
1.25 x  Single premium, if age at entry is 56 to 65 years

Single premium

Rs 30,000

No Limit

 * AP = Annual Premium

 

Sample illustration of returns in LIC Samridhi Plus Plan

 

Premium = Rs.20,000

Age = 30 years

Policy Term = 10 years

Premium Payment Term = 5 years

Sum Assured = Rs 2,00,000

Total Investment = Rs. 20,000 x 5 years = Rs. 1,00,000

LIC Samridhi Plus Plan's Sample Returns

 

Additional Features and Benefits of LIC Samridhi Plus Plan

 

Riders – Only 1 additional benefit can be taken in the form of riders by paying extra premium

 

Type of Rider

Available with Policy

Accidental death benefit

Yes

Permanent/Accidental disability benefit

No

Waiver of premium benefit

No

Critical illness (or dread diseases) benefit

No

Increased death benefit / Term rider

No

Hospital cash benefit

No

Surgical care benefit

No

 

Investment Fund Options

There is only 1 fund available called the Samridhi Plus fund.

 

Top-up

There is no top up facility under this policy

 

Switching

No switching is allowed in this plan as there is only 1 fund.

 

Partial Withdrawal

You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.

Partial withdrawals will be allowed only twice in one policy year and the minimum amount for each partial withdrawal can be of Rs 2000.

 

 

What happens if?

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy- There is no loan available under this plan.

 

 

Alternate Highest NAV ULIPs from different insurance companies

 

Reliance Life Highest NAV Advantage Plan

Bajaj Allianz Max Advantage

SBI Life Smart Performer Plan

 

 

Other ULIP plans from Life Insurance Corporation of India

 


LIC Pension Plus

LIC Endowment Plus

 

 

 

 

LIC Samridhi Plus Policy Review


LIC Samridhi Plus
is a Unit Linked Insurance Plan (ULIP) with the highest NAV guarantee. The plan will offer the highest NAV obtained by the fund in the first 100 months or the NAV on maturity, whichever is higher. A minimum NAV of Rs. 10/- is also guaranteed.

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Samridhi Plus brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Samridhi Plus Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

please muje battayiye ki yah plan kya hai my cell no

By Santosh Kokane on Sep 11, 2014 Reply

Replied By Manoj Aswani (MIC Staff) on Sep 12, 2014 Reply

My name is MITHU SEAL . I had already made a policy on 29.03.11 of single premium 30,000 for 10 yrs how much will i get after aftr maturity ? plzz help me out itzz really urjent .. and also needful

By Maitry Aich Sarkar on Jul 01, 2014 Reply

Hi Mithu
You should visit the branch of your insurance company or speak to the sales representative and request for a Sample Illustration. This document will provide you with all the details.

Replied By Manoj Aswani (MIC Staff) on Jul 03, 2014 Reply

my name is nidhi bansal. i want to summit amount 250000rs dt 26.04.2011. i want to which premium till date. policy no -116610260.

By Sunil Bansal on Jun 19, 2014 Reply

You will need to visit the LIC branch from where your policy was issued. The informtion about your LIC branch is mentioned on your policy document.

MyInsuranceClub is an insurance comparison website and we do not have your policy information.

Replied By Manoj Aswani (MIC Staff) on Jun 19, 2014 Reply

IT IS THE BEST MONEY BACK POLICY OF THE INSURANCE SECTOR
I BELIEVE IN THIS POLICY

By Pravinjeenalprajapati on Jan 04, 2013 Reply

polocy is good.Iam LIC Agent in 22year service.

By Mahesh on Mar 03, 2012 Reply

Sir my policy No 198343833 please I know my total premium with interset and how many persent interset foundme my Email - amitkumar1485@rediffmail.com

By Amitkumar on Nov 17, 2011 Reply

I liked your Policy Reviews and insurance site a lot. Insurance is very difficult to understand but the way you have given policy features, benefits, premiums and expert review is amazingly simple for anyone to understand.

By Sushil Kumar Shinde on Aug 03, 2011 Reply

ITERM PLAN BY AEGON WILL HELP PEOPLE SAVE MONEY. I compared this term plan with others and it actually is very cheap!

By R Patel on Jul 15, 2011 Reply

my annual income is around 8.4lacs. kindly inform me how much can I take insurance?

By Satish Kumar on Jul 03, 2011 Reply

i also invest in this policy then i believe in this policy

By Jitedra Gupta on May 09, 2011 Reply

IT IS THE BEST MONEY BACK POLICY OF THE INSURANCE SECTOR..

By Das Sujoy on Mar 15, 2011 Reply

This is a good ULIP as it offers highest NAV for 100 months. The returns may be low as LIC may invest in debt funds to ensure that NAV does not grow too much though. But is a great plan as it takes the fight to the private life insurance companies who do not offer guarantee for such a long period. Let us see what competition will offer

By Swaraj Nagpal on Feb 28, 2011 Reply

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