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📈 What is LIC ULIP Plan?
- A market-linked life insurance plan that combines investment and insurance
- Premiums are partly used for life cover and partly invested in equity, debt, or balanced funds
- Offers wealth creation along with financial protection
✅ Key Features
- Dual Benefit: Life insurance + market-linked investment
- Fund Options: Choose from equity, debt, or balanced funds based on risk appetite
- Flexible Switching: Switch between fund types without tax implications
- Partial Withdrawals: Allowed after a lock-in period of 5 years
- Transparency: View NAV (Net Asset Value) and fund performance regularly
- Tax Benefits: Premiums eligible under Section 80C and maturity benefits under Section 10(10D), subject to tax rules
💡 Benefits
- Wealth Building: Potential for higher returns compared to traditional plans
- Financial Protection: Life cover ensures your family’s safety
- Investment Control: Choose and manage your fund strategy
- Goal-Based Planning: Useful for long-term goals like education, marriage, or retirement
📄 Eligibility Criteria (Varies by Plan)
- Entry Age: Usually 90 days to 65 years
- Policy Term: 10 to 25 years
- Minimum Premium: ₹20,000 per annum (varies by plan)
- Lock-in Period: 5 years (as per IRDAI guidelines)
🧾 Popular LIC ULIP Plans
- LIC New Endowment Plus: Combines long-term savings and protection with fund choices
- LIC SIIP (Systematic Investment Insurance Plan): ULIP with monthly investment and regular life cover
