A Smart ULIP with Insurance & Market-Linked Returns
LIC of India introduced the LIC SIIP ULIP Plan 752 (Table No. 752) in 2020 as a Regular Premium Unit Linked Insurance Plan (ULIP). This plan is ideal for individuals who want to combine life protection with long-term wealth creation by investing in the market.
With the LIC SIIP Plan, you can invest regularly, enjoy insurance coverage, and gain from the potential returns of equity and debt markets through multiple fund options.
✅ Key Features of LIC SIIP Plan 752
- Regular Premium Plan: Pay monthly, quarterly, half-yearly, or yearly.
- Flexible Insurance Coverage:
- If age ≤ 55 years: Sum Assured = 10 times of annual premium
- If age > 55 years: Sum Assured = 7 times of annual premium
- Four Fund Options: Bond, Secured, Balanced, Growth
- Switching Facility: 4 free fund switches per year
- Partial Withdrawals Allowed: After 5 policy years
- Guaranteed Additions: Based on policy year and premium
- Tax Benefits: Available under Sec 80C & 10(10D)
- Online & Offline Availability
🎯 Eligibility Criteria of LIC SIIP 752
| Parameter | Details |
|---|---|
| Minimum Entry Age | 90 days (Completed) |
| Maximum Entry Age | 65 years |
| Minimum Maturity Age | 18 years (Completed) |
| Maximum Maturity Age | 85 years |
| Policy Term | 10 to 25 years |
| Premium (Yearly) | ₹40,000 (Minimum) – No maximum limit |
| Premium (Half-Yearly) | ₹12,000 |
| Premium (Quarterly) | ₹22,000 |
| Premium (Monthly) | ₹4,000 |
| Lock-in Period | 5 years |
| Sum Assured | 10x or 7x of premium based on age |
💰 Benefits of LIC SIIP Plan 752
🔹 Death Benefit
- Before commencement of risk: Only the unit fund value is payable.
- After commencement of risk: Highest of the following:
- Basic Sum Assured (minus partial withdrawals in last 2 years), or
- Unit Fund Value, or
- 105% of total premiums paid (excluding last 2 years’ withdrawals)
🔹 Maturity Benefit
On survival till policy maturity:
- Full Unit Fund Value is payable.
🔹 Refund of Mortality Charges
- On survival till maturity, LIC refunds all mortality charges deducted during the policy term.
- This refund is not applicable for surrendered, paid-up or discontinued policies.
🎁 Guaranteed Additions
These are added to the Unit Fund after completing specific policy durations, as a percentage of Annualized Premium:
| End of Policy Year | Guaranteed Addition (%) |
|---|---|
| 6th Year | 5% |
| 10th Year | 10% |
| 15th Year | 15% |
| 20th Year | 20% |
| 25th Year | 25% |
📊 Investment Fund Options in LIC SIIP
| Fund Type | Govt/Corp Debt | Equity | Risk Profile |
|---|---|---|---|
| Bond Fund | 60% to 100% | 0% | Low Risk |
| Secured | 45% to 85% | 15–55% | Low–Medium Risk |
| Balanced | 30% to 70% | 30–70% | Medium Risk |
| Growth | 20% to 60% | 40–80% | High Risk |
Switching is allowed between funds — 4 free switches/year, then ₹100/switch.
📈 LIC SIIP Plan 752 – Illustrative Example
Let’s assume Mr. Aged 34 years purchases LIC SIIP Plan 752 in the year 2020 with:
- Annual Premium: ₹1,00,000
- Policy Term: 21 Years
- Sum Assured: ₹10,00,000 (10x premium)
📅 Yearly Projection Table
| Age | Premium Paid | NAV | Fund Value (₹) | Risk Cover | Surrender Value (₹) |
|---|---|---|---|---|---|
| 34 | 1,00,000 | 10 | 10,00,000 | 10,00,000 | 0 |
| 35 | 1,00,000 | 11 | 10,00,000 | 10,00,000 | 0 |
| 36 | 1,00,000 | 12.1 | 10,00,000 | 10,00,000 | 0 |
| 37 | 1,00,000 | 13.31 | 10,00,000 | 10,00,000 | 0 |
| 38 | 1,00,000 | 14.64 | 10,00,000 | 10,00,000 | 0 |
| 39 | 1,00,000 | 16.10 | 10,00,000 | 10,00,000 | ₹7,21,791 |
| 40 | 1,00,000 | 17.71 | 10,00,000 | 10,00,000 | ₹8,95,970 |
| 41 | 1,00,000 | 19.48 | ₹10,82,517 | ₹10,82,517 | ₹10,82,517 |
| 45 | 1,00,000 | 28.52 | ₹20,46,027 | ₹20,46,027 | ₹20,46,027 |
| 50 | 1,00,000 | 45.94 | ₹39,04,520 | ₹39,04,520 | ₹39,04,520 |
| 54 | 1,00,000 | 67.25 | ₹61,85,851 | ₹61,85,851 | ₹61,85,851 |
🎯 Maturity Amount (Approx): ₹61,85,851
💸 Charges Applicable in LIC SIIP Plan
🔹 Premium Allocation Charges
| Year | Offline Sale | Online Sale |
|---|---|---|
| 1st Year | 8.00% | 3.00% |
| 2nd to 5th | 5.50% | 2.00% |
| 6th Year On | 3.00% | 1.00% |
🔹 Fund Management Charge (FMC)
- 1.35% per annum for active funds.
- 0.50% for discontinued policy fund.
🔹 Discontinuance Charges
| Year | Premium ≤ ₹50,000 | Premium > ₹50,000 |
|---|---|---|
| 1 | 20% or max ₹3,000 | 6% or max ₹6,000 |
| 2 | 15% or max ₹2,000 | 4% or max ₹5,000 |
| 3 | 10% or max ₹1,500 | 3% or max ₹4,000 |
| 4 | 5% or max ₹1,000 | 2% or max ₹2,000 |
| 5+ | NIL | NIL |
💼 Partial Withdrawals in LIC SIIP
- Allowed after 5 policy years
- Only if Life Assured is 18 years or older
- Limit depends on policy year:
| Policy Year | Max Withdrawal (%) |
|---|---|
| 6–10 | 15% of Fund Value |
| 11–15 | 20% |
| 16–20 | 25% |
| 21–25 | 30% |
🔄 Surrender Rules
- Before 5 Years: Fund value (after charges) is moved to “Discontinued Policy Fund”. Payout after 5 years.
- After 5 Years: Full Fund Value payable. No discontinuance charges.
- Reinstatement of surrendered policy is not allowed.
🔐 Other Policy Conditions
- Suicide Clause: If Life Assured dies by suicide within 12 months, only Fund Value is paid.
- Loan Facility: Not available
- Top-ups: Not permitted
- Grace Period: 30 days (quarterly/half-yearly/yearly modes)
📝 Conclusion
LIC SIIP Plan 752 is a powerful ULIP that offers:
- Dual benefit of life insurance + market-linked growth
- Flexibility in investment choices
- Guaranteed additions and mortality charge refund on maturity
- Partial withdrawals and fund switching
- Tax savings and long-term wealth accumulation
It’s a suitable plan for individuals who want to systematically invest while securing their family’s future.
