LIC Samridhi Plus

  • 18,552 Views

 

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.

Leave a Comment

Company Information

Connect with Us

Important: Insurance is the subject matter of solicitation

© 2009-14 MyInsuranceClub.com