Lic siip plan

Today, in the second issue of The Newsletter, BIG RISK BIG WIN with Rishi will take a look at one of the best forms of investment (SIP) and how LIC (Life Insurance Corporation of India) has done a masterful job in perfecting this investment plan. Now the question remains, "IS SIIP BETTER THAN SIP?". Let's start by looking into both of the investment plans. SIP is a Systematic Investment Plan and SIIP is a Systematic Investment Insurance Plan. SIP: Systematic Investment Plan: Instead of making a lump-sum commitment, Mutual Funds offer a Systematic Investment Plan (SIP), which allows investors to invest a specified amount(less as Rs. 500) in a Mutual Fund scheme at regular intervals, such as once a month or once a quarter. It's convenient because you may direct your bank to debit the amount every month. SIPs allow us to invest in a disciplined manner without having to worry about market volatility or market timing. Mutual Funds' SIPs are by far the best way to get started in the world of long-term investing. To get the most out of your investments, your mantra should be "Start Early, Invest Regularly." SIIP: Systematic Investment Insurance Plan: So now that we know the basics of SIP, let's discuss what actually is a SIIP. SIIP is an Insurance plan by LIC (Life Insurance Corporation of India) that resembles SIP in almost every aspect. The SIIP from LIC is a non-participating, life insurance plan that provides investment cum insurance coverage during the policy's term. LIC's S...

SIIP -Plan 852-(Systematic Investment Insurance Plan) with effect from 2nd March 2020. The intention is to provide an opportunity for the customers to monetize the investment opportunities provided by the market. LIC has decided to launch the product at a time when its non-linked insurance business performance has been excellent with more than 70 % market share. And the public sector insurance behemoth looks for sealing the lacunae in the market-linked policies sector with the launch of SIIP (852) and Nivesh Plus (849). Date of Commencement of Risk Age Age at entry less than 8 years Age at entry more than 8 years Condition The risk will commence either of completion of 2 years from the date of commencement of policy or policy anniversary coinciding with or immediately following the completion of 8 years of age whichever is earlier. Risk will commence immediately from the date of commencement of the policy. On the life assured surviving the stipulated date of maturity, an amount equal to the total amount of mortality charges deducted in respect of life insurance cover shall be payable along with the maturity benefit. Mortality charge refund will not be applicable for discontinued or paid up policies and while surrendering a policy. Fund Type Investment in Government/Government Guaranteed Securities/Corporate Debt Short -term Investments such as money market instruments Investment in listed equity shares Objective Risk Profile Bond Fund Not less than 60% Not more than 40% Ni...

LIC Policy: The LIC SIIP is a unit-linked insurance plan that combines opportunities for investment with insurance protection. It allows policyholders to choose from a mix of equity and debt fund options, based on their risk profile to generate higher returns. The plan can provide comprehensive financial coverage to the insured's family against any type of eventualities. Over the years, the policy can help investors grow their savings into a sizeable corpus that they can use to finance important life events. To be eligible for LIC SIIP, the policyholder must be at least 90 days old, with a maximum age of 65 years. The policy term ranges from 10 to 25 years, with a minimum sum assured of 10 times the annualized premium for individuals below the age of 55 years and 7 times for those above 55 years of age. The minimum premium amount ranges from Rs. 4,000 to Rs. 40,000, depending on the frequency of payments. LIC SIIP offers a range of benefits to policyholders, including death and maturity benefits, as well as guaranteed additions. In case the insured dies before the risk commences, an amount equal to the unit fund value is payable to the beneficiary. On death after the risk commences, the beneficiary can choose to receive the unit fund value, 105% of the total premium paid till the date of death reduced by partial withdrawals if any, or the basic sum assured amount on death reduced by partial withdrawal if any. If the policyholder survives the date of maturity, the unit fund...

LIC Child Plans LIC offers a huge range of insurance products, including child plans, protection plans in the form of term plans, savings , pension plans, and investment plans available in both ULIP and conventional forms. LIC Child Plans are child insurance policies specifically designed to ensure a financially secure future for children and help them achieve the major milestones in life. Best Child Insurance Plans Offered by LIC This is a unit-linked insurance plan meaning that the insurance holder gets to invest in the equity market to grow their wealth. The insurance buyer can choose a policy term that aligns with their child’s education goals. Once they hit that age and the policy matures, they can choose to receive the accumulated returns along with the fund value in installments or as a lump sum depending on the circumstances. Benefits of LIC SIIP Plan • A part of the premium goes towards investment in market-linked funds and the remaining towards the life cover. • If the policyholder dies within the policy term, his/her family receives the benefit amount. • The policyholder gets 4 fund options to choose from depending on their risk appetite. • If the chosen portfolio is not performing well, they can switch to a different one at no extra cost. This LIC child plan is an endowment insurance policy that offers a guaranteed payout at maturity and a death benefit for the family if the policyholder dies. This amount along with bonuses can be used by the policyholder once ...

New Delhi: Life Insurance Corporation (LIC) offers a slew of insurance policies to investors seeking to grow their small amount of money paid monthly into a large sum at the time of maturity of the scheme. In one such policy, LIC is offering insurance cover along with an impressive return on your money. The state-owned insurance company has named the policy as LIC SIIP, which is a unit-linked, regular premium individual life insurance scheme. LIC SIIP features LIC is offering 4 types of investment funds in this plan. You can invest in any of the plans of your choice. You can also opt for paying the instalments of the policy on a monthly, quarterly, half-yearly or annual basis. How to buy LIC SIIP? You can start investing in the LIC SIIP policy via offline and online modes. The LIC SIIP plan’s scheme number is 852 and UIN is 512L33C01. The policy is easily available for investing on LIC’s website. There is also a grace period of 30 days for premium payment on a quarterly, half-yearly and yearly basis. For monthly instalment, you’ll get a grace period of 15 days. Maturity period of LIC SIIP plan The minimum age limit for this SIIP plan of LIC is 90 days and the maximum is 65 years. You can opt for the option of paying a premium for 10 years to 25 years. There is no limit on upper limit on the premium amount, which means that you can invest as much as you want. Also Read: However, the minimum monthly premium should be Rs 4,000, while it is Rs 40,000, Rs 22,000 and Rs 12,000 f...

The policyholder must be minimum 90 days and maximum 65 years old to be eligible for the LIC SIIP plan. The minimum policy term is 10 years while the maximum term is 25 years. For policyholders below the age of 55 years, the minimum basic sum assured is 10 times of annualised premiums while for those aged 55 years and above, the basic sum assured is seven times the annualised premiums. The minimum premium amount is Rs 40,000 for yearly payments, Rs 22,000 for half-yearly payments, and Rs 12,000 if the premium is paid quarterly. For monthly payments, the minimum premium amount is Rs 4,000. The minimum maturity age limit is 18 years and the maximum age limit is 85 years. Benefits and Features of LIC SIIP policy The policy offers four different fund options. These include Bond fund, balanced fund, secured fund, and growth fund. The policyholders can also switch between the types of fund. Other features of the policy include rider benefits and partial withdrawals. Under rider benefits, the accidental benefit sum assured goes to the nominee if the insured person dies in an accident. It must be noted that the accidental sum assured cannot be more than the basic sum assured amount of the policy. The rider benefit is available till the maturity date or till the policy anniversary upto the age of 70 years of the life insured, whichever is earlier. Under the partial withdrawals benefit, policyholders can partially withdraw units at any time once they complete the lock-in period of f...