LIC SIIP ULIP Plan 852 – Benefits, Features, Parameter and Review – Full details with Example
Table of Contents
LIC SIIP Plan 852 is the second ULIP scheme launched by LIC in the year 2020. Along with SIIP, LIC has also introduced a single premium ULIP plan, called LIC Nivesh Plus ULIP Plan 849. The scheme is also available in online and offline modes. You can invest in four different fund options as per this plan.
LIC SIIP Plan No 852 – Key Features
- LIC SIIP plan 852 is regular premium policy with monthly, quarterly, half yearly and yearly saving option.
- The insurance coverage will be 7 times if age is above 55 and 10 times if age is below 55.
- You can select from four different fund options bond, secured, balanced and growth.
- Switching is allowed between all four funds 4 times in a year.
- You can partial withdrawal money after 5th years onward.
- This plan provides life risk cover with investment.
- Guaranteed addition offered in addition to unit fund value.
- The facility of surrender is available after the lock-in period of 5 years.
- This plan also provide additional riders such as accidental rider.
LIC SIIP Plan No 852 – Eligibility/Parameter
| Minimum entry age | 90 days |
| Maximum entry age | 65 years |
| Minimum maturity entry age | 18 years |
| Maximum maturity entry age | 85 years |
| Policy term | 10 years to 25 years |
| Minimum Premium | Rs. 40,000 yearly |
| Rs. 22,000 quarterly | |
| Rs. 12,000 half yearly | |
| Rs. 4,000 monthly | |
| Maximum Premium | No Limit |
| Lock in period | 5 years |
| Sum Assured | Below age 55 years: 10 times of annualized premium |
| Above age 55 years: 7 times of annualized premium |
Benefits of LIC SIIP Plan 852
- Benefits payable on death of the Life Assured before the stipulated Date of Maturity under this policy:
On death before the Date of Commencement of Risk: An amount equal to the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk: An amount equal to the highest of the following shall be payable.
- Basic Sum Assured (less partial withdrawals in the last two years); or
- Unit Fund Value; or
- 105% of the total premiums received (less partial withdrawals in the last two years)
Maturity Benefit
- Benefits payable on maturity: On Life Assured surviving the stipulated Date of Maturity, an amount equal to the Unit Fund Value is payable.
On Life Assured surviving the term of the policy, an amount equal to the Unit Fund value will be payable.
Refund of Mortality Charge
On the life assured surviving the stipulated date of maturity, 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.
Mortality charge refund will not be applicable for discontinued or paid up policies and while surrendering a policy.
Guaranteed Additions
Guaranteed additions as a percentage of one annualized premium as mentioned in the table below shall be added to the Unit Fund on completion of specific durations of policy years.
| End of Policy Year | Guaranteed Additions (as percentage of annualized Premium) |
| 6 | 5% |
| 10 | 10% |
| 15 | 15% |
| 20 | 20% |
| 25 | 25% |
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Investment Fund Types
There are 4 funds available in LIC SIIP Plan 852.
| (1) Bond Fund |
| Investment in Govt Securities / Corporate Debt – 60% to 100% |
| Short Term investments incl money market instruments – 0% to 40%. |
| The risk profile is Low Risk. |
| (2) Secured Fund |
| Investment in Govt Securities / Corporate Debt – 45% to 85%. |
| Short Term investments incl money market instruments – 0% to 40%. |
| Investment in Equity – 15% to 55%. |
| The risk profile is Lower to Medium Risk. |
| (3) Balanced Fund |
| Investment in Govt Securities / Corporate Debt – 30% to 70% |
| Short Term investments incl money market instruments – 0% to 40%. |
| Investment in Equity – 30% to 70% |
| The risk profile is Medium Risk. |
| (4) Growth Fund |
| Investment in Govt Securities / Corporate Debt – 20% to 60% |
| Short Term investments incl money market instruments – 0% to 40%. |
| Investment in Equity – 40% to 80% |
| The risk profile is High Risk. |
LIC SIIP Plan 852 with an Example
To Illustrate the benefits of LIC SIIP Plan 852, Let’s take an example of a person who is purchasing LIC SIIP Plan 852 with following details.
| Regular Premium | ||
| Basic Premium | GST (@ 0%) | Total Premium |
|
1,00,000 |
Nil |
1,00,000 |
| Age | 34 Years |
| Policy Term | 21 Years |
| Policy Purchase Year | 2020 |
Maturity Details
If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.
| Maturity Year | Maturity Age | Maturity Amount(approx) |
|---|---|---|
| 2041 | 55 | 61,85,851 |
| Age | Premium | NAV | Normal Risk | Surrender Value |
| 34 | 100000 | 10 | 1000000 | 0 |
| 35 | 100000 | 11 | 1000000 | 0 |
| 36 | 100000 | 12.1 | 1000000 | 0 |
| 37 | 100000 | 13.31 | 1000000 | 0 |
| 38 | 100000 | 14.64 | 1000000 | 0 |
| 39 | 100000 | 16.1 | 1000000 | 721791 |
| 40 | 100000 | 17.71 | 1000000 | 895970 |
| 41 | 100000 | 19.48 | 1082517 | 1082517 |
| 42 | 100000 | 21.43 | 1287880 | 1287880 |
| 43 | 100000 | 23.57 | 1513487 | 1513487 |
| 44 | 100000 | 25.93 | 1772029 | 1772029 |
| 45 | 100000 | 28.52 | 2046027 | 2046027 |
| 46 | 100000 | 31.37 | 2347486 | 2347486 |
| 47 | 100000 | 34.51 | 2679459 | 2679459 |
| 48 | 100000 | 37.96 | 3044327 | 3044327 |
| 49 | 100000 | 41.76 | 3461081 | 3461081 |
| 50 | 100000 | 45.94 | 3904520 | 3904520 |
| 51 | 100000 | 50.53 | 4391632 | 4391632 |
| 52 | 100000 | 55.58 | 4927535 | 4927535 |
| 53 | 100000 | 61.14 | 5517466 | 5517466 |
| 54 | 100000 | 67.25 | 6185851 | 6185851 |
| Maturity (Fund Value) | = | 61,85,851 | ||
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Premium Allocation Charge
Premium Allocation Charge: This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy.
| Premium Allocation Charges (% of premium) | ||
| Year | Offline Sale | Online sale |
| First Year | 8.00% | 3.00% |
| 2nd to 5th Year | 5.50% | 2.00% |
| Thereafter | 3.00% | 1.00% |
Fund Management Charges
| 1.35% p.a. of Unit Fund for all the four Funds available under this Plan. ie Bond Fund, Secured Fund, Balanced Fund and Growth Fund |
| 0.50% p.a. of Unit Fund for “Discontinued Policy Fund” |
Discontinuance Charges
This charge will be levied by canceling the appropriate number of units out of unit fund value as on the date of discontinuance of the policy.
| Year of discontinuation | Annualized premium(AP) up to Rs.50,000 | Annualized premium (AP) above Rs.50,000 |
| 1 | Lower of 20% of AP or PV subject to a maximum of Rs.3,000 | Lower of 6% of AP or PV subject to a maximum of Rs.6,000 |
| 2 | Lower of 15% of AP or PV subject to a maximum of Rs.2,000 | Lower of 4% of AP or PV subject to a maximum of Rs.5,000 |
| 3 | Lower of 10% of AP or PV subject to a maximum of Rs.1,500 | Lower of 3% of AP or PV subject to a maximum of Rs.4,000 |
| 4 | Lower of 5% of AP or PV subject to a maximum of Rs.1,000 | Lower of 2% of AP or PV subject to a maximum of Rs.2,000 |
| 5 and on wards | Nil | Nil |
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If you want to download proposal form for LIC’s Nivesh Plus ULIP Plan 849 and LIC SIIP Plan 852, you can download it from the link given below.
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