LIC Flexi Plus Plan

Eligibility for the LIC Two Year Temporary Assurance Policy

The table below illustrates the eligibility criteria for the policy.

Key Features of the LIC Flexi Plus

The key features of the policy are as listed below -

Benefits and Features of the LIC Flexi Plus

1. Key Benefits
   1. Customers have the flexibility to decide the term of their policy.
   2. Customers have the option to select the mode to pay the premium based on their convenience.
   3. Policyholders can decide which fund type to opt for based on their investment requirements.
   4. Customers have the flexibility to withdraw partially to meet their financial emergency requirements.
2. Death Benefit - In case of untimely death during the tenure of the policy, when the cover is applicable
   1. Instant lump sum amount equal to the sum that has been assured will be paid to the legal heir or nominee.
   2. An amount that is equal to the sum of all the future premiums that is payable after death will be credited to the fund of the policyholder. The units shall be distributed at the unit price appropriate for the fund type that has been opted under the policy on the date liability of death was booked.
   3. On the date of maturity, units that are available in the fund of the policyholder will be multiplied by NAV as on that particular date and the total value of the fund will be given to the legal heir/nominee.
3. Maturity Benefit - In case the policyholder survives maturity date, an amount that is equal to the customer's fund value will be paid.
4. Risk borne by the insured
   1. Flexi Plus by LIC is different from most of the traditional insurance products and is a Unit Linked life insurance product.
   2. The premiums paid in such policies are subject to risks associated with markets and the NAVs of these units may increase or decrease based on the fund's performance and also factors that influence the market. The responsibility of the decisions fall on the policyholder.
   3. Customers are advised to know the charges that are applicable and the risks associated with the policy.
   4. The numerous funds offered under this policy are the fund names and do not provide information regarding the quality, returns or future prospects of these plans.
   5. All benefits under this policy are subject to financial enactments and tax laws.
5. Income Tax Benefit
   1. Customers can avail the same under Section 80 C for premiums that have been paid and Section 10(10D) for maturity returns.
6. Partial Withdrawal
   1. Customers are allowed to partially withdraw based on their financial requirements, post 5th anniversary of policy.
7. Mortality Charge
   1. Mortality Charge refers to the cost of the life cover and is inclusive of payment of the sum assured along with future payable premiums under the plan. It is dependent on the sum of - the sum assured along with total amount of future premiums that are payable under the option based on the deduction date of mortality charge.
8. Charges applicable - Charges mentioned below will be deducted during the term of the policy
   1. Policy Administration Amount
   2. Fund Management Amount
   3. Switching Amount
   4. Discontinuation Charge (if any)
   5. Service Tax
   6. Miscellaneous charges

How the LIC Flexi Plus

This unit linked assurance plan by LIC provides customers with a lump sum benefit on death along with a maturity benefit that is applicable despite policyholder's survival. Customers who require protection and long term savings can avail this option. Policyholders have the option of choosing their policy tenure along with the mode to pay their premium. They can also choose the fund type that is convenient to them along with the premium payment interval. The tenure of the policy lasts between 10 to 20 years. Customers between the ages of 18 to 50 can apply for this policy

Premium Amount for the LIC Flexi Plus

Riders

There are no additional riders in this LIC policy.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017