LIC’s SIIP is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan which offers insurance cum investment cover throughout the term of the policy.¹

You can buy this plan Offline (through an intermediary) as well as Online.

To purchase this plan online, kindly log on to www.licindia.in.

You have a choice of investing premiums in one of the four types of investment funds available. Each premium paid, after deduction of Premium Allocation Charge, will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).²

Benefits:

• Death Benefit:

  • On death before the Date of Commencement of Risk: An amount equal to the Unit Fund Value shall be payable.

  • On death after the Date of Commencement of Risk: An amount equal to the highest of the following shall be payable:

    • Basic Sum Assured³ reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the⁴ date of death; or

    • Unit Fund Value; or

    • 105% of the total premiums received upto the date of death reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death.⁵

• Maturity Benefit: On Life Assured surviving the date of maturity provided all due premiums under the policy have been paid, an amount equal to Unit Fund Value shall be payable.⁶

• Refund of Mortality Charges: On Life Assured surviving the date of maturity provided all due premiums under the policy have been paid, an amount⁷ equal to the total amount of mortality charges deducted in respect of life insurance cover shall be payable along with the Maturity Benefit.⁸