LIC's SIIP
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LIC's SIIP (Plan No. 852, UIN No. 512L334V01) was a unit-linked, non-participating individual life insurance plan launched on March 2, 2020. It was designed to provide policyholders with the opportunity to invest in the stock market through a systematic investment approach, aiming for wealth creation over the long term. However, this plan was withdrawn from sale on January 1, 2025, and is no longer available for new policyholders.
🔍 Key Features
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Premium Payment: Regular premium payments.
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Investment Fund Options: Policyholders could choose to invest in two funds:
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Nifty 50 Fund: Invests in the stocks comprising the Nifty 50 index.
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Nifty 50 Index Fund: Aims to replicate the performance of the Nifty 50 index.
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Systematic Investment Plan (SIP): The plan facilitated a disciplined investment approach, allowing policyholders to invest a fixed amount regularly.
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Tax Benefits: Premiums paid were eligible for tax deductions under Section 80C of the Income Tax Act.
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Maturity Benefit: At the end of the policy term, the accumulated value of the chosen fund(s) was payable.
📌 Important Notes
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Withdrawal from Sale: LIC's SIIP was withdrawn from sale on January 1, 2025, and is no longer available for new policyholders.
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Existing Policyholders: Policyholders with existing SIIP policies can continue their investments as per the terms and conditions of their respective policies.