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SAMRIDHI PLUS – LIC OF INDIA – SAMRIDHI PLUS UNIT LINK PLAN

Written By Franklin V on Wednesday, May 4, 2011 | 11:05 AM

LIC of India’s Samridhi Plus Summary:

LIC of India’s Samridhi Plus is a ULIP plan. LIC Samridhi Plus (Plan No.804) is a close ended plan which would be open for sale for a maximum period of 3 months.

LIC Samridhi Plus Plan at Glance:
  • Guaranteed Highest NAV of the first 100 months at Maturity
  • Policy Term 10 years
  • Lock in period 5 years
  • Limited Premium Payment (5 years or single premium)
  • Unlimited investment under Single Premium
  • Insurance Protection
  • Easy liquidity through Partial Withdrawals
  • Entry age 8 to 65 years

LIC Samridhi Plus with a policy term of 10 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 100 months of the policy or the NAV as applicable at the end of the policy term, whichever is higher. The premium payment under this plan is limited to single or 5 years. The policyholder can choose the level of cover within the limits, depending on his/her age.

Benefits payable on death in case of Samridhi Plus:
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher

Maturity Benefit in LIC’s Samridhi Plus:
Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.

Guaranteed NAV:
In Samridhi Plus there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for guarantee of NAV shall be 100 months from the date of commencement of policy.
Eligibility condition and restrictions for LIC Samridhi Plus
a) Minimum Basic Sum Assured:
5 year Premium paying term policies:
For age at entry below 45 years: 10 times the annualized premium
For age at entry 45 years and above: 7 times the annualized premium
Single Premium: 
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
b)Maximum Basic Sum Assured: 
5 years Premium paying term policies:
For age at entry below 45 years: 20 times the annualised premium
For age at entry 45 years and above: 10 times the annualised premium
Single Premium Policies: 
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years
Top-up: No Top-up shall be allowed under the plan.
Entry age: 8-65 years
Maturity age: 18-75 years
Policy Term 10 yrs
Premium paying term: 5yrs or single premium
Minimum Premium:
Yearly Premium: Rs.15000/-
Half Yearly: Rs.8,000/-
Quarterly: Rs.4,000/-
ECS Monthly Rs.1500/-
Min. Single Premium: Rs.30,000/-
Maximum premium:
Single Premium: No Limit
Regular Premium: 1 lac p.a.
Benefit illustration (Assuming Gross Interest Rate of 10% P.a.)
Age:  30 years
Sum Assured:  Rs.200000/-
Policy Term :  10 years
Premium:  Rs.20000/- p.a.
Premium Paying Term:  5 years
Maturity Amount:  Rs.1,73,355/-


Accident Benefit in 
Samridhi Plus life insurance plan:
Accident Benefit is available at extra Rs.0.50 per thousand Sum Assured
Premium Allocation Charge:
For Single premium policies:    3.3%
For Regular premium policies:
PremiumAllocation Charge
First year6%
2nd-5th year4.50%
Other Charges:
Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a
How to Apply for LIC Of India’s Samridhi Plus plan?
Contact Authorized LIC agents
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