LIC SIIP Plan 852 is the second ULIP scheme launched by LIC in the year 2020. Along with SIIP, LIC has also introduced a single premium ULIP plan, called LIC Nivesh Plus ULIP Plan 849. The scheme is also available in online and offline modes. You can invest in four different fund options as per this plan.

LIC SIIP Plan No 852 – Key Features

• LIC SIIP plan 852 is regular premium policy with monthly, quarterly, half yearly and yearly saving option.
• The insurance coverage will be 7 times if age is above 55 and 10 times if age is below 55.
• You can select from four different fund options bond, secured, balanced and growth.
• Switching is allowed between all four 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 SIIP Plan No 852 - Eligibility/Parameter

Benefits of LIC SIIP Plan 852

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.

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

Also Read this : LIC's best market returns plan Index Plus 873

Investment Fund Types

There are 4 funds available in LIC SIIP Plan 852.

LIC SIIP Plan 852 with an Example

To Illustrate the benefits of LIC SIIP Plan 852, Let's take an example of a person who is purchasing LIC SIIP Plan 852 with following details.

Maturity Details

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

Premium Allocation Charge

Premium Allocation Charge: This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy.

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.