LIC Index Plus Plan 873

LIC Index Plus Plan - Table No. 873 is a new ULIP scheme launched by LIC on 6th February 2024 - Premium and Maturity Calculator


LIC Index Plus Plan 873

LIC Index Plus Plan 873

LIC Index Plus ULIP Plan 873

Description


LIC of India launched a new ULIP Plan name is LIC’s Index Plus Plan 873 with effect from 6th February 2024. 'LIC’s Index Plus 873' is a Unit Linked, Regular Premium, Individual Life Insurance Plan which offers life insurance cover cum savings throughout the term of the policy.

Guaranteed additions as a percentage of Annualized Premium shall be added to the unit fund on completion of specific duration of policy years under an in-force policy. You can invest in 2 different fund options as per this plan given below.

There is an option to choose any one of the two funds to invest premiums initially and at the time of switching, i.e.

(1) Flexi Growth Fund and (2) Flexi Smart Growth Fund wherein investment will be primarily in selected stocks which are a part of NSE NIFTY 100 index or NSE NIFTY50 index respectively.

LIC Index Plus Plan 873 – Key Features


  • LIC Index Plus Plan 873 is regular premium policy with monthly, quarterly, half yearly and yearly saving option.
  • The insurance coverage will be 7 times only if age is above 51 and 7 times and 10 times if age is below 51.
  • You can select from 2 different fund options (1) Flexi Growth Fund and (2) Flexi Smart Growth Fund.
  • Switching is allowed between 2 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 Index Plus Plan No 873 - Eligibility/Parameter


Minimum entry age

90 days to 50 years

for Basic Sum Assured7 times and 10 times of annualized premium

51 years to 60 years

for Basic Sum Assured7 times of annualized premium

Maximum entry age 65 years
Minimum maturity age 18 years 
Maximum maturity age

75 years - 10 times of annualized premium

and 85 years - 7 times of annualized premium

Policy term 10 years to 25 years according annualized premium
Minimum Premium Rs. 30,000 yearly
Rs. 15,000 quarterly
Rs. 7,500  half yearly
Rs. 2,500 monthly - NACH
Maximum Premium No Limit
Lock in period 5 years
 Basic Sum Assured Below age 51 years: 7 times and 10 times of annualized premium
Above age 51 years: 7 times of annualized premium

Benefits of LIC Index ULIP Plus 873


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.

  1. Basic Sum Assured (less partial withdrawals in the last two years); or
  2. Unit Fund Value; or
  3. 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

For annualized premium less than 48,000 = 3%

For annualized premium 48,000 and above = 5%

10

For annualized premium less than 48,000 = 6%

For annualized premium 48,000 and above = 10%

15

For annualized premium less than 48,000 = 12%

For annualized premium 48,000 and above = 20%

20

For annualized premium less than 48,000 = 15%

For annualized premium 48,000 and above = 25%

25

For annualized premium less than 48,000 = 18%

For annualized premium 48,000 and above = 30%

Investment Fund Types


There are 2 funds available in LIC Index Plus Plan 873.

(1) Flexi Growth Fund

Investment in Govt Securities / Corporate Debt – 0% to 20%

Short Term investments incl money market instruments – 0% to 40%.

Investment in Equity – 40% to 100%

The risk profile is Very High.
(2) Flexi Smart Growth Fund

Investment in Govt Securities / Corporate Debt – 0% to 20%

Short Term investments incl money market instruments – 0% to 40%.
Investment in Equity – 40% to 100%

The risk profile is Very High.

LIC Index Plus ULIP Plan 873 with an Example


To Illustrate the benefits of Index Plus ULIP Plan 873, Let's take an example of a person who is purchasing Index Plus ULIP Plan 873 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 2024

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)
2045 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

Premium Allocation Charge

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 4.00% 1.50%

Fund Management Charges

1.35% p.a. of Unit Fund for all the four Funds available under this Plan. ie (1) Flexi Growth Fund and (2) Flexi Smart 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 onwards

Nil

Nil



Comments & Reviews

PRABHU PRAJAPAT Wrote:

2024-02-27 19:05:43

I am lic agent What commission index plus 873

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Lal Chand Wrote:

2024-02-18 05:51:55

Give complete information About Index Plus Plan

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Ht Wrote:

2024-02-10 21:51:37

Is maturity tax free ?

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Puneet verma Wrote:

2024-02-09 10:30:03

Pls give me details of lic indux plus

Admin Wrote:

2024-02-09 10:54:07

Please read this post for full information

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Sarvesh Wrote:

2024-02-08 11:04:23

Is Lic Considered 8 % inflation rate while calculating maturity details or NAV?

Admin Wrote:

2024-02-08 23:01:48

LIC of India Considered NAV rate while calculating maturity.

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MANOHARAN Wrote:

2024-02-06 11:44:30

Good policy of unit linked. but this is not the right time to take policy. it will be better if the bse index had dropped to 60000 and switching the fund. as i could see the difference between Flexi Growth Fund and Flexi smart Growth Fund, there is no difference. I think there is printing mistake.

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Pragnesh Bhalchandra Desai Wrote:

2024-02-06 11:24:32

Plan 873 official circular, please send me email.

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Maya Wrote:

2024-02-06 08:21:00

LIC new Index plus 873 ULIP Share market plan launched today because of mostly people of new generation attract to invest in share market and mutual fund.

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