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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Karnataka High Court stays FIR against Tejasvi Surya over tweet on farmer's suicide
Bengaluru: The Karnataka High Court has issued an interim stay on the investigation against BJP MP Tejasvi Surya, who faced an FIR for allegedly spreading fake news regarding the suicide of a farmer in Haveri district.
The court's order came after Surya filed a petition seeking the quashing of the FIR filed by the Haveri police in response to his post on social media platform X (formerly Twitter).
Justice M Nagaprasanna, while granting the stay, observed that the allegations against Surya, under section 505(2) of the Indian Penal Code (IPC), did not, prima facie, constitute an offence. The judge further noted that Surya had deleted the tweet and cited a media interview by the deceased farmer's father, which could potentially support Surya's position. The case will be heard again on December 4, 2024.
Surya's tweet had linked the farmer's suicide to the Karnataka government's handling of the Waqf issue, claiming the farmer took his life after his land was allegedly taken over by the Waqf Board. The tweet read, "A farmer in Haveri commits suicide after finding his land taken over by Waqf! In their haste to appease minorities, CM Siddaramaiah and Minister B. Z. Zameer Ahmed Khan have unleashed catastrophic effects in Karnataka that are becoming impossible to contain with every passing day."
In response to the police's clarification that the farmer's death was due to loan-related stress, Surya deleted the tweet. However, the state government argued that Surya's post could incite communal tensions and negatively impact society.
Justice Nagaprasanna questioned whether the state's action of registering an FIR was justified, stating, "Is what is happening also correct? Just yesterday, I said that every action has an equal and opposite reaction."
