LIC Flexi Plus Plan

The Flexi Plus plan by Life Insurance Corporation is one of the most beneficial plans available that provides customers with the freedom and flexibility to choose their terms and mode of paying premium among others. It is a unit linked assurance plan that provides the insured with a lump sum and maturity benefit. Long term savings along with good cover and financial flexibility is assured with this plan. The premium for this policy, is paid for the entire tenure and is invested in any of the two available options that are Mixed Fund or Debt Fund based on the risk taking choice of the insured.

Debt Fund

Investment made in the Government/Securities guaranteed by the Government/Corporate Debt Short term investment options Investment made in listed equity shares Risk
Not below 60 percent Not above 40 percent Nil Risk is low

Mixed Fund

Investment made in the Government/Securities guaranteed by the Government/Corporate Debt Short term investment options Investment made in listed equity shares Risk
Not below 45 percent Not above 40 percent 15 percent to 25 percent For those with steady income - lower-medium risk

Eligibility for the LIC Two Year Temporary Assurance Policy

The table below illustrates the eligibility criteria for the policy.

Minimum Age of Entry 18 years and above
Maximum Age of Entry 50 years and below
Minimum Age at Maturity -
Maximum Age at Maturity 60 years

Key Features of the LIC Flexi Plus

The key features of the policy are as listed below -

Plan Type Unit Linked Insurance Plan
Plan Basis Individual
Policy Term 10 years to 20 years
Maturity Benefits The fund value is paid to the insured on maturity.
Premium Payment Frequency Regular terms of monthly (through ECS mode), quarterly, half yearly and yearly intervals over the policy term.
Grace Period 30 days for quarterly, yearly and half yearly payments and 15 days for monthly payments.
Loan Availability Loans cannot be procured against this policy.
Switching Customers have the option to switch between the two types of funds throughout the duration of the policy, however if premiums have not been paid then the option is not available.
Death Benefit Nominee receives sum assured and future premiums are waived.
Reinstatement Policy, once surrendered, cannot be reinstated.
Maturity Benefit An amount that is equal to the insured customer’s fund value will be paid.
Sum Assured 10 times annualised premium or a 105 percent of the total premiums paid including those that have fallen due but have not been paid, whichever amount is higher.
Change in risk cover Customers will not be able to increase or decrease the risk cover in their policy.
Cooling Off Period Policy can be returned within 15 days and the refund amount will be returned within the period.
Assignment Assignment is not allowed during the tenure of the policy.
Riders No additional riders in this policy.
Exclusion In case customers commits suicide within a year of policy, claims will not be entertained except to the extent of the customer’s fund value on death.

Benefits and Features of the LIC Flexi Plus

  • Key Benefits
    • Customers have the flexibility to decide the term of their policy.
    • Customers have the option to select the mode to pay the premium based on their convenience.
    • Policyholders can decide which fund type to opt for based on their investment requirements.
    • Customers have the flexibility to withdraw partially to meet their financial emergency requirements.
  • Death Benefit - In case of untimely death during the tenure of the policy, when the cover is applicable
    • Instant lump sum amount equal to the sum that has been assured will be paid to the legal heir or nominee.
    • 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.
    • 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.
  • Maturity Benefit - In case the policyholder survives maturity date, an amount that is equal to the customer’s fund value will be paid.
  • Risk borne by the insured
    • Flexi Plus by LIC is different from most of the traditional insurance products and is a Unit Linked life insurance product.
    • 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.
    • Customers are advised to know the charges that are applicable and the risks associated with the policy.
    • 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.
    • All benefits under this policy are subject to financial enactments and tax laws.
  • Income Tax Benefit
    • Customers can avail the same under Section 80 C for premiums that have been paid and Section 10(10D) for maturity returns.
  • Partial Withdrawal
    • Customers are allowed to partially withdraw based on their financial requirements, post 5th anniversary of policy.
  • Mortality Charge
    • 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.
  • Charges applicable - Charges mentioned below will be deducted during the term of the policy
    • Policy Administration Amount
    • Fund Management Amount
    • Switching Amount
    • Discontinuation Charge (if any)
    • Service Tax
    • 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

Mode Minimum Amount Maximum Amount
Yearly 15,000 100,000
Half Yearly 10,000 50,000
Quarterly 5000 25,000
Monthly (Through ECS) 2000 8000


There are no additional riders in this LIC policy.

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

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