LIC’s SIIP Plan No 852, or the LIC Systematic Investment Insurance Plan, is a unique insurance-cum-investment plan that is designed to cater to the needs of investors looking for a safe and reliable investment option. This plan is offered by Life Insurance Corporation of India (LIC), which is the largest life insurance company in India.
Benefits of LIC’s SIIP Plan:
- Dual Benefits: LIC’s SIIP Plan provides dual benefits of life insurance and investment. It offers the option of investing a fixed amount of money in the market to generate wealth while also providing life cover to the policyholder.
- Flexibility: The plan is flexible in terms of investment amounts, and policyholders can invest as low as Rs. 4,000 per month.
- Systematic Investment: The plan is a Systematic Investment Plan (SIP) that allows policyholders to invest regularly in the market, which helps in averaging out the market fluctuations and generating stable returns.
- Tax Benefits: The premiums paid towards LIC’s SIIP Plan are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity amount received from the policy is also tax-free under Section 10(10D) of the Income Tax Act.
- Loyalty Additions: The plan offers loyalty additions, which are additional units allocated to the policyholder’s fund value based on the duration of the policy.
Eligibility for LIC’s SIIP Plan:
- The minimum age of entry for the plan is 90 days, and the maximum age of entry is 65 years.
- The minimum policy term is 10 years, and the maximum policy term is 25 years.
- The minimum premium amount for the plan is Rs. 4,000 per month.
Review of LIC’s SIIP Plan:
LIC’s SIIP Plan is a good investment option for individuals who are looking for a safe and reliable investment plan that also provides life cover. The plan offers the flexibility to invest as low as Rs. 4,000 per month.
The plan’s loyalty additions and tax benefits make it an attractive investment option, and the systematic investment approach helps in generating stable returns. However, it is important to note that like any other market-linked investment plan, the returns from LIC’s SIIP Plan are subject to market risks. Therefore, individuals should carefully evaluate their investment objectives and risk appetite before investing in the plan.
Overall, LIC’s SIIP Plan is a good investment-cum-insurance option for individuals who are looking for a reliable and long-term investment plan that offers tax benefits and life cover.
