Introduction to SIIP Plan 852: LIC’s SIIP Plan 852 is a Single Premium Unit Linked Insurance Plan designed to offer insurance protection and investment opportunities in a single policy. Here’s a comprehensive look at its features, eligibility criteria, and benefits.
Key Features of LIC SIIP Plan 852:
- Single Premium Payment:
- Policyholders make a one-time lump sum payment at the beginning of the policy term. This payment covers both the insurance component and investment allocation.
- Insurance Coverage:
- Provides life cover throughout the policy term. In case of the policyholder’s demise during the term, the nominee receives the sum assured or the fund value, whichever is higher.
- Investment Options:
- Offers a range of investment funds managed by LIC, including equity, debt, and balanced funds. Policyholders can choose the allocation based on their risk tolerance and investment objectives.
- Flexibility:
- Allows partial withdrawals after the completion of the lock-in period, providing liquidity for financial emergencies or planned expenses.
- Lock-in Period:
- SIIP Plan 852 has a mandatory lock-in period of five years from the commencement of the policy. During this period, withdrawals are restricted, promoting long-term investment discipline.
- Tax Benefits:
- Eligible for tax deductions under Section 80C of the Income Tax Act on the premium paid. Additionally, the maturity proceeds or death benefits received are tax-free under Section 10(10D), subject to current tax laws.
- Minimum and Maximum Entry Age:
- Minimum Entry Age: Typically, policyholders must be at least 18 years old to apply for SIIP Plan 852.
- Maximum Entry Age: The maximum age at entry can vary, often up to 65 years depending on the insurer’s terms and conditions. It’s advisable to check with LIC for specific age limits.
- Policy Term:
- The policy term for SIIP Plan 852 can range from a minimum of 5 years up to 30 years or more, providing flexibility in aligning the investment horizon with financial goals.
- Premium Amount:
- The minimum and maximum premium amounts may vary based on age, sum assured, and other factors. It’s important to consult with LIC or their authorized agents for precise premium details.
Benefits of LIC SIIP Plan 852:
- Dual Benefit: Combines insurance protection with investment growth potential.
- Flexibility: Allows customization of investment allocations and partial withdrawals.
- Tax Efficiency: Offers tax benefits on premiums paid and tax-free proceeds under specified sections of the Income Tax Act.
Suitability: LIC SIIP Plan 852 is suitable for:
- Individuals seeking a single premium investment option.
- Those looking for a balance between insurance coverage and market-linked returns.
- Investors with a medium to long-term investment horizon and tolerance for market risks.
Conclusion: LIC SIIP Plan 852 provides a comprehensive solution for individuals looking to secure their financial future through a combination of insurance and investment. Understanding its features, eligibility criteria, and benefits can help you make an informed decision aligned with your financial goals. For personalized advice and detailed policy terms, consider consulting with a LIC agent or visiting LIC’s official website. contact 7231814845