LIC Future Plus

The premiums that have been assigned will be invested to purchase units according to the fund type opted by the insured.  The Unit Account might incur deductions due to various charges.  The value in the fund units is subject to change based on the investment return of the assets.

Eligibility Criteria for LIC Future Plus

The eligibility under the LIC Future Plus Plan for the base policy is as follows:

• The minimum age at entry is 18 years completed.
• The maximum age at entry is 65 years (nearer birthday)
• The minimum age at vesting is 40 years (age last birthday)
• The maximum age at vesting is 75 years (age last birthday)
• The minimum policy term is 5 years for both single and regular premium policies
• The minimum premium is Rs. 10000 for a single premium and Rs. 5000 p.a. for regular premium
• Sum assured under the basic plan

For a single premium, it is equal to the single premium

For regular premium, it is equal to 5-20 times the annualized premium

Core Benefits of LIC Future Plus

Here are the key benefits offered under LIC Future Plus Plan:

Death Benefits

The Sum Assured as provided by the Basic Plan, along with the Bid Value of units the account of the policyholder holds, will become payable to the nominee of the LIC Future Plus Policyholder in the event of his death within the policy term.  The monies might be transferred as a lump sum or as a pension on his life.  The amount of the pension depends on the annuity rates.  

The Bid Value of the units in the policy holder's account will be payable to the nominee in the event that the policy is taken without risk cover.  This amount may be payable as a lump sum or as a pension on his life.

The Bid Value of the units held in the policy holder's account will also be payable to the nominee in the event that the policy has lapsed.  This amount, too, is payable as a lump sum or as a pension on his life.

Benefit on Vesting

According to this benefit provided by the LIC Future Plus Plan, the Bid Value of the units the policyholder's account holds will mandatorily be used to provide a pension to the policyholder in the event that a policyholder survives to the date of vesting.  The pension will be based on the prevailing annuity rates.

Accident Benefit Option

This is an optional Rider Benefit that one can get by paying an extra premium amount.  

Accident Benefit Sum Assured is payable to the nominee in the event of the policy holder’s accidental death during the policy term.  This option stands cancelled if the Basic Sum Assured is zero.  This assured benefit has an overall limit of Rs. 25 lakh.

Critical Illness Benefit Rider

The Sum Assured for the Critical Illness Rider is given if the policyholder is diagnosed with a critical illness.  It should be a definite diagnosis, and the critical here in this rider is Rs. 5 lakhs.  This amount cannot exceed the Sum Assured applicable to the Basic Plan.  This option stands cancelled in the event that the Basic Sum Assured is zero.

Documents Required to Buy LIC Future Plus

The documents required to claim a LIC Future Plus Policy are as follows

In case of the policy holder’s death:

• Claims form
• Original policy document
• NEFT mandate
• Death certificate
• Proof of age

In the case of the policy maturity

• Discharge form
• Original policy document
• NEFT mandate
• Proof of age

The Premium Structure of LIC Future Plus

The minimum premium amount for LIC Future Plus Plan Regular premium is Rs. 5000, while for Single-Premium, it is Rs. 10, 0000.

There is no upper limit to the premium amount paid, and it is subject to underwriting.

The premium received by the insurer will be invested in both Unit and Non-Unit funds.

Online Purchase of LIC Future Plus Policy

LIC Future Plus Plan can most conveniently be purchased online.  It saves the time, effort, and added expenses that the policyholder might have to bear in purchasing the policy from a branch office of the corporation.  The following steps are to be undertaken:

Step 1: Visit the official website of the Life Insurance Corporation of India.

Step 2:Click on “Products.”

Step 3:Search for LIC Future Plus Plan

Step 4:Enter all the details requested like name, age, address proof, contact number, etc.

Step 5:Choose the financial parameters suitably and upload scanned copies of all the documents.

Step 6:Study the quote of premium provided.

Step 7:Pay the premium online.

Key Exclusions of LIC Future Plus Plan

In the event that a policyholder of the LIC Future Plus Policy should commit suicide (whether sane or insane at the time) at any time during the policy term, on or after the date at which the risk period under the policy has started but before 1 year from the date of starting of risk, no risk claim will be paid by the corporation.  The Bid Value in the policy holder's account gets paid to the policyholder's nominee, minus the charge for the premature surrender of the policy.  The corporation will entertain no other claims.

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