LIC of India Launches new Unit-Linked Insurance Plan, LIC’s Index Plus
(Press Release): The Life Insurance Corporation of India (LIC) has introduced a new insurance plan, LIC’s Index Plus (Plan 873), effective from February 5, 2024. The plan, a Unit Linked, Regular Premium, Individual Life Insurance offering, provides life insurance cover combined with savings throughout the policy term.
The Unique Identification Number (UIN) for LIC’s Index Plus is UIN: 512L354V01. This plan offers guaranteed additions as a percentage of the Annualized Premium, added to the unit fund at specific policy years' completion. These additions are then used to purchase units.
Key Features of LIC’s Index Plus:
- Age Criteria: Minimum entry age is 90 days (completed), and the maximum entry age is 50 or 60 years (nearer birthday), depending on the basic Sum Assured.
- Sum Assured: Ranges from 7 to 10 times the Annualized Premium for entry age 90 days to 50 years, and 7 times for entry age 51 to 60 years.
- Maturity Age: Minimum age at maturity is 18 years (completed), and the maximum age is 75 or 85 years (nearer birthday) based on the basic Sum Assured.
- Policy Term: Minimum term is 10 or 15 years, and the maximum term is 25 years, with the premium paying term being the same as the policy term.
- Premium: Minimum premium varies based on the payment frequency, ranging from Rs. 30,000 (Yearly) to Rs. 2,500 (Monthly).
- Funds: Policyholders can choose from two funds - Flexi Growth Fund and Flexi Smart Growth Fund, primarily investing in selected stocks from NSE NIFTY 100 or NSE NIFTY50 index.
- Withdrawals: Partial withdrawals are available after a 5-year lock-in period, subject to conditions.
- Survival Benefit: On surviving the maturity date, an amount equal to the unit fund value is payable.
- Death Benefit: The amount payable on the death of the life assured varies based on whether it occurs before or after the commencement of risk.
The plan also provides an option to choose LIC’s Linked Accidental Death benefit rider and allows partial withdrawals of units after the lock-in period. It is a non-participating plan and can be purchased offline through agents or online directly through the LIC website.
For detailed information, interested individuals are advised to refer to the full Product Prospectus and Sales Brochure available on the LIC website: [www.licindia.in]
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UK Parliament debates India-Pakistan conflict, appeals for de-escalation
London (PTI): The rising tensions between India and Pakistan in the wake of the Pahalgam attack and Operation Sindoor targeting terror camps in PoK was debated at length in the British Parliament, with members across parties appealing for UK efforts to aid de-escalation in the region.
India launched Operation Sindoor on early Wednesday, hitting nine terror targets in Pakistan-occupied Kashmir (PoK) and Pakistan's Punjab province in retaliation for the April 22 terror attack that killed 26 people in Jammu and Kashmir's Pahalgam.
UK Foreign Office Minister Hamish Falconer opened the debate in the House of Commons on Wednesday with a statement reiterating Prime Minister Keir Starmer's earlier remarks over the importance of diplomacy and dialogue.
He also expressed concerns related to the very “personal” aspect of the conflict for a large number of British Indians and British Pakistanis in the country.
“Our consistent message to both India and Pakistan has been to show restraint. They need to engage in dialogue to find a swift, diplomatic path forward,” said Falconer.
“The UK has a close and unique relationship with both countries. It is heartbreaking to see civilian lives being lost. If this escalates further, nobody wins. We clearly condemned the horrific terrorist attack last month,” he said referring to the Pahalgam terror attack and said it was the worst such attack for many years for that region.
“Now, we need all sides to focus urgently on the steps needed to restore regional stability and ensure the protection of civilians,” Falconer said.
He asserted that the UK will continue to work closely with international partners in pursuit of “short-term de-escalation and longer-term stability”. “We now need to see calm heads. Britain will continue to play its full part for de-escalation and diplomacy,” he said.
UK shadow foreign secretary Priti Patel highlighted India’s right to take “reasonable and proportionate” steps to defend itself, and to dismantle the “vile terrorist infrastructure” that has caused death and continues to threaten Indian security.
“Terrorists based in Pakistan threaten India and western interests — it was the country that Osama bin Laden was hiding in — and because of the long history of violence being inflicted by terrorists on India, the UK has in place long-standing security cooperation agreements with India,” noted the British Indian MP.
She went on to question if Britain could offer specific support that might help avert escalation and also asked for the government’s assessment of who carried out the terror attack in Kashmir on April 22.
India-born Labour MP Jas Athwal addressed the Commons on a personal note, highlighting that his parents were born in Pakistan. “I know only too well that neither nation will take a backward step, so what can the minister do to assure me and my residents in Ilford South that we will do everything possible to bring both the superpowers to the negotiating table to restore peace to this volatile part of the world,” he asked.
Conservative Party MP Bob Blackman called for terrorist bases to be removed “once and for all” from Pakistan.
“It was made clear at the time by India that either Pakistan removes the terrorist spaces along the line of control, or India would remove them… nine sites were hit; Those were terrorist bases where terrorists were being trained to commit further atrocities in India,” he said.
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