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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Iran foreign minister Araghchi meets Pakistan Army chief Munir
Islamabad (PTI): Iranian Foreign Minister Abbas Araghchi on Saturday met Pakistan Army chief Field Marshal Asim Munir here, as Islamabad continued its efforts to facilitate engagement between the US and Iran.
The meeting, according to a short video posted by the Iranian embassy on social media, was also attended by Iranian foreign ministry spokesperson Esmaeil Baghaei, and Iran's ambassador Reza Amiri Moghadam.
Araghchi calls on Munir, the embassy said in the video caption.
It did not provide further details about the discussions.
Araghchi arrived here late Friday for engagements with the Pakistani leadership. He was received by senior officials, including Munir, foreign minister Ishaq Dar and interior minister Mohsin Naqvi.
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However, there is no clarity on whether direct talks between Washington and Tehran will take place during the visit.
"No meeting is planned to take place between Iran and the US. Iran's observations would be conveyed to Pakistan," Baqaei said in a social media post on Saturday.
Araghchi, before leaving for Islamabad, said that he was embarking on a timely tour of Islamabad, Muscat, and Moscow, and the purpose of his visits is to "closely coordinate with our partners on bilateral matters and consult on regional developments".
"Our neighbours are our priority," he said.
As the Iranian team landed in Islamabad, White House Press Secretary Karoline Leavitt said that US Special Envoy on the Middle East Steve Witkoff and President Donald Trump's adviser Jared Kushner would be leaving for Pakistan on Saturday "to engage in direct talks" with representatives of the Iranian delegation.
However, the US team has not yet arrived.
Meanwhile, Pakistan's Deputy Prime Minister and Foreign Minister Dar, in a social media post, expressed hope for "meaningful engagements" between the two warring parties to promote regional peace and stability.
The first round of US-Iran talks held on April 11 and 12 failed to produce a breakthrough, prompting a flurry of diplomatic efforts by host Pakistan to cool tensions and revive hopes for another round of dialogue.
On Tuesday, Trump extended the two-week ceasefire with Iran indefinitely to give Tehran more time to prepare a unified proposal to end the war, just hours before the truce was set to expire.
The Iran war began on February 28 with US-Israeli strikes.
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