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.

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

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.

Investment Fund Types

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

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.

Maturity Details

If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.

Premium Allocation Charge

Fund Management Charges

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.