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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Kumaraswamy accuses Cong govt of 'neglecting' farmers in Karnataka
Mysuru (PTI): Union Minister H D Kumaraswamy on Tuesday accused the Congress government in Karnataka of "neglecting" the farmers in the state and being involved in corruption.
The JD(S) leader took part in an event where President Droupadi Murmu inaugurated the 1066th Jayanthi celebrations of Adi Jagadguru Sri Shivarathreeshwara Shivayogi Mahaswamiji at Malavalli in Mandya district, which comes under his Lok Sabha constituency.
"I saw a report that 2,800 farmers have died by suicide after this government came to power (in state). The government seems to be not concerned about the farmers. This government on coming to power said that it will give Rs 24,000 crore as loan to 32 lakh farmers for their farming activities, but till November, about Rs 12,000 crore has been paid to 24 lakh farmers, limiting to what was there earlier by managing the books of account," Kumaraswamy said.
Speaking to reporters here, he said, "These things show the failures of this government. Also, there is a corrupt system. I will not speak about it now. After December 20, I will speak to you in detail. There are a lot of issues to share with you."
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Responding to a question, the JD(S) leader, who turned 66 today, said there is no use of giving any documents. "I'm waiting for the right time."
Regarding the Congress government introducing a bill against "hate speech" in the Assembly, Kumaswamy said it is aimed at silencing the opposition in the state, but they won't be successful.
"What do Congress leaders have to say about their workers' comments against Prime Minister Narendra Modi?. He cited slogans -- 'Modi teri kabr khudegi, aaj nahi to kal khudegi' (Modi's grave will be dug.. if not today, then tomorrow) -- allegedly raised against Modi at a Congress rally in Delhi on Sunday.
