LIC Flexi Plus is a ULIP plan. Flexi Plus (Table No. 811) not only provides lump sum benefit on death of policy holder 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:
- Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
- Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder's Fund.
Fund Types:
- Debt fund
- 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:
| Mode | Minimum (Rs.) | Maximum (Rs.) |
| Yearly | 15,000 | 100,000 |
| Half-Yearly | 10,000 | 50,000 |
| Quarterly | 5,000 | 25,000 |
| Monthly (ECS) | 2,000 | 8,000 |
Premium Allocation Charges
Premium | Allocation Charge |
1st Year | 7.50% |
2nd to 5th Year | 5.00% |
Thereafter | 3.00% |
Mortality Charge:
| Age | 25 | 35 | 45 | 50 |
| Rs. | 1.36 | 1.66 | 3.73 | 6.29 |
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 policy, here are the charges:
| Where the policy is discontinued during the policy year | Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- | Discontinuance charges for the policies having annualized premium above Rs. 25,000/- |
1 | Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/- | Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/- |
2 | Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/- | Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/- |
3 | Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/- | Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/- |
4 | Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/- | Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/- |
5 and onwards | NIL | NIL |
Sum Assured under the LIC Flexi Plus Plan:
10 times of 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 yearly premium of Rs.15,000/- he will get sum assured of Rs.1.5lakh.
Scenario 1 : Mr. Raj dies within 10 years while 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.
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