If you want to invest in LIC’s plan, then LIC has come up with a SIIP, a unit-linked insurance plan for the customers. Which gives investment opportunities with insurance protection. It provides high returns to the policyholders. Allows to choose equity and debt fund option based on risk appetite.

This plan can provide coverage to the family of the insured in any type of situation. This policy can help investors build their savings into a huge corpus fund.

To take advantage of LIC SIIP policy, the age of the policyholder should be at least 90 days i.e. 3 months and the maximum age should be 65 years. The policy term ranges from 10 to 25 years with a minimum sum assured of 10 times the annualized premium for customers below 55 years of age and 7 times for those above 55 years of age.

Multiple benefits are available-

LIC SIIP offers multiple benefits to the policyholders, which include death and maturity benefits as well as guaranteed benefits. If the life assured dies before the commencement of risk, the beneficiary will receive an amount equal to the Unit Fund Value. In case of death after commencement of risk, the beneficiary can choose to receive the Unit Fund Value.

Keep these things in mind-

– There are four fund options to choose from in LIC SIIP. Free switch between funds, add-on rider benefits to enhance the coverage of the policy and tax exemption under the Income Tax Act. The customer can also make a partial withdrawal after completing five policy years.

There are two optional benefits of LIC SIIP. An Accidental Death Benefit rider option and partial withdrawal facility. The Basic Sum Assured of the policy cannot exceed the Accidental Death Benefit Sum Assured. If you want to make a partial withdrawal, you can withdraw money in the form of a fixed amount or a fixed number of units.

LIC SIIP offers four fund options to choose from namely Bond Fund, Secured Fund, Balanced Fund and Growth Fund. The investment pattern of these funds varies depending on the type of security they invest in and the risk-weight of their portfolio.

If a policyholder invests Rs 50,000 in the Balanced Fund option of LIC SIIP for ten years, the rate of interest will be 10% and after ten years the total fund value will be Rs 9,39,700.

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