LIC's SIIP

LIC's SIIP

(A Unit Linked, Non-Participating, Individual Life Insurance Plan)

LIC's SIIP is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan which offers insurance cum investment cover throughout the term of the policy.

You have a choice of investing premiums in one of the four types of investment funds available. Each premium paid, after deduction of Premium Allocation Charge , will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).

A) Death Benefit:
On death before the Date of Commencement of Risk:
An amount equal to the Unit Fund Value shall be payable.

B) Maturity Benefit:
On Life Assured surviving the date of maturity provided all due premiums under the policy have been paid, an amount equal to Unit Fund Value shall be payable.

C) Refund of Mortality Charges:
On Life Assured surviving the date of maturity provided all due premiums under the policy have been paid, an amount equal to the total amount of mortality charges deducted in respect of life insurance cover shall be payable along with the Maturity Benefit. These charges shall not include any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges, if any.

Refund of Mortality Charge shall not be payable in case of surrendered or discontinued policy.