LIC Samriddhi Plus Plan is a unit linked insurance plan wherein the payment under this plan is made on the maturity of the policy. This payment will be the earlier of
- Nav on the date of maturity
Or
- Nav of the first hundred months of your policy
Here,nav stands for net asset value.
Features and benefits of the plan
- The policy term is 10 years.
- The plan comes with a flexible premium paying term wherein you can choose to make either a single premium payment or pay it over a period of 5 years from the commencement of the policy.
- You can choose to pay premium through any mode - quarterly, half yearly and annually. If you wish to pay premiums monthly then the condition is that you need to pay it through ecs mode only.
- In case you choose '5 year premium paying term', the minimum premium amount would be as follows:
Quarterly - Rs 4,000
Half-yearly - Rs 8,000
Annually - Rs 15,000
- For a single premium payment mode, the minimum premium amount is Rs 30,000.
- While the maximum annual premium amount for 5 year payment term is Rs 1 lakh, there is no cap on the same for single premium payment term.
- The minimum sum assured in case of 5 year payment is 10 times the annualized premium (in case of those policyholders who entered the policy when their age was below 45 years). Likewise, for those who entered the policy when their age was 45 and above will receive a minimum sum assured equal to 7 times the annualized premium.
For a single premium term, it is 1.25 times the single premium (for below 45 age category) and 1.1.0 times the single premium (for 45 and above age category).
- Similarly, the maximum sum assured in case of 5 year payment is 20 times the annualized premium (for below 45 age category) and 10 times the annualized premium (for 45 and above age category). Likewise, for a single premium term, the maximum sum assured is 5 times the single premium (for up to 55 age category) and 1.25 times the single premium (for 56 to 65 age category).
- Death benefit - in case of death of the policyholder, the nominee will receive higher of 'the sum assured under the basic plan' and 'policyholder's fund value'
- An additional rider for protection against unfortunate accidents can also be taken under this plan by paying an extra premium.
Eligibility
Individuals falling within the age bracket of 8 to 65 years can sign up for this plan. Also the maximum age of maturity is 75 years.