LIC Flexi Plus

LIC Flexi Plus (Table No. 811) not only provides lump sum benefit on the death of policyholder but also the maturity benefit irrespective of the survival of the Policyholder. This policy provides protection and long-term savings both at the same time.

Features at glance :

• Flexibility term 10-20 years
• Flexibility premium paying mode
• Fund types: Debt Fund and Mixed Fund
• Partial withdrawals in case of emergency
• Anyone between 18-50 years old can buy this plan.
• Flexible premium Rs.15000-Rs.1,00,000
• 10 times sum assured of your annual premium

Premium:
You may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (through ECS mode).

Eligibility Conditions And Restrictions for LIC Flexi Plus:

• Minimum Age at entry:    18 years (last birthday)
• Maximum Age at entry:    50 years (nearest birthday)
• Maximum Maturity Age:    60 years (nearest birthday)
• Policy Term:    10 to 20 years

Partial Withdrawals:  You may encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:

1. Partial withdrawals may be in the form of a fixed amount or in the form of a fixed number of units.
2. Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.

Fund Types:

1. Debt fund
2. Mixed Fund

Debt Fund:

• Investment in Government / Government Guaranteed Securities / Corporate Debt:  Not less than 60%
• Short-term investments such as money market instruments: Not more than 40%
• Investment in Listed Equity Shares: Nil
• Details and objective of the fund for risk /return: Low risk

Mixed Fund

• Investment in Government / Government Guaranteed Securities / Corporate Debt:  Not less than 45%
• Short-term investments such as money market instruments: Not more than 40%
• Investment in Listed Equity Shares: Not less than 15% & Not more than 25%
• Details and objective of the fund for risk /return: Steady Income –Lower to Medium risk

Premium:

Premium Allocation Charges

Mortality Charge:

Fund Management Charge:

• 0.50% p.a. of Unit Fund for “Debt” Fund
• 0.60% p.a. of Unit Fund for “Mixed” Fund

Policy Administration Charge:
Policy Year    Policy Admin Charge (per month)
1st Year    Rs. 50
2nd Year    Rs. 41.20
3rd Year    Rs. 42.44
4th Year    Rs. 43.71
5th Year    Rs. 45.02
6th Yr onwards    Rs. 34.78 in 6th year escalating at 3% p.a. thereafter.

In case, you discontinue the policy, here are the charges:

Sum Assured under the LIC Flexi Plus Plan:

10 times your annual premium or 105% of the total premiums paid including any premiums which have fallen due but not paid, whichever is higher.

Example: If 30 years old Mr. Raj buys Flexi Plus for 10 years term and pays a yearly premium of Rs.15,000/- he will get the sum assured of Rs.1.5lakh.

Scenario 1: Mr. Raj dies within 10 years while the policy is in force, his nominee will get Rs.1.5 lakh (15000*10) plus all the future premium will be paid by LIC and his policy will continue till maturity. On Maturity, his nominee will again get the fund value depending on the market NAV.

Scenario 2: Mr. Raj survives till maturity, he will get the fund value.

Update: LIC Flexi Plus Table No. 811 Has Been Discontinued.