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LIC SIIP is a unit-linked, regular premium life insurance plan that offers both life cover and market-linked investment returns.
It helps you build wealth through equity or debt market funds while also securing your family with life insurance protection.
| Feature | Details |
|---|---|
| Plan Type | Unit Linked, Regular Premium, Life Insurance Plan |
| Objective | Protection + Market-based wealth creation |
| Policy Term | 10 to 25 years |
| Premium Paying Term | Same as policy term |
| Minimum Age at Entry | 90 days |
| Maximum Age at Entry | 65 years |
| Maximum Maturity Age | 85 years |
| Minimum Premium | ₹4,000/month (monthly mode) or ₹40,000/year (annual mode) |
| Sum Assured | 7 to 10 times the Annual Premium (for adults) |
| Fund Options | 4 different investment funds |
| Switching Facility | Allowed — 4 free switches per year |
| Partial Withdrawals | Allowed after 5 years |
| Top-Up Premiums | Can add extra investment anytime (subject to rules) |
| Fund Type | Description | Risk Level |
|---|---|---|
| Bond Fund | Invests mainly in government and corporate bonds | Low |
| Secured Fund | Combination of debt and equities | Low to Medium |
| Balanced Fund | Balanced mix of debt and equity | Medium |
| Growth Fund | Mostly in equities for higher return potential | High |
You can choose one or more funds based on your risk appetite.
Let’s assume:
Your premium (after deduction of small charges) is invested in market-linked funds of your choice.
The fund value grows based on market performance — similar to mutual funds, but with insurance protection.
If the policyholder dies anytime during the term, the nominee receives:
Death Benefit = Higher of (Sum Assured or Fund Value)
(Minimum guaranteed: 105% of total premiums paid)
If the policyholder survives till maturity:
Maturity Benefit = Fund Value (based on NAV on maturity date)
If the fund grows at an average of 8% per year:
| Charge | Description |
|---|---|
| Premium Allocation Charge | Deducted from premium before investment |
| Policy Administration & Fund Management Charges | Nominal, deducted monthly |
| Mortality Charge | For life cover |
| Switching Charges | 4 free per year, then nominal charge |
| Benefit | Description |
|---|---|
| Life Cover | Financial protection for the family in case of death. |
| Market-Linked Returns | Opportunity to earn higher returns through funds. |
| Flexibility | Switch between funds anytime. |
| Partial Withdrawals | After 5 years for emergencies. |
| Loyalty Additions | Added from 6th year onwards for long-term investors. |
| Tax Benefits | Eligible under Sections 80C & 10(10D) of the Income Tax Act. |
✅ Dual benefit — insurance + investment
✅ Flexible fund choices and switching
✅ Potential for higher long-term growth
✅ Life cover ensures family safety
✅ Ideal for medium to long-term wealth creation
You invest ₹1 lakh every year for 20 years. LIC invests your money in market funds you choose (like Balanced or Growth).
If you live the full term — you get the market value of your investments (which can grow significantly).
If something happens to you — your family still gets ₹10 lakh or more.
| Category | LIC SIIP Offers |
|---|---|
| Type | Unit Linked (ULIP) |
| Investment | Market-based (Equity/Debt) |
| Protection | Life Cover |
| Maturity | Fund Value |
| Income | Depends on market performance |
| Best For | Long-term investors seeking growth + protection |
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