{"uin":"512L354V01","name":"LIC's Index Plus","url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01","insurer":{"slug":"lic","name":"Life Insurance Corporation of India","url":"https://indiainsurances.com/insurer/lic"},"line":"life","category":"ulip","category_name":"ULIPs (unit-linked plans)","irdai_type":"ULIP","kind":"product","status":"active","approved_on":"2024-02-06","withdrawn_on":null,"summary":"LIC's Index Plus is a non-par unit linked individual life savings plan with a choice of two equity index funds (Flexi Growth Fund and Flexi Smart Growth Fund), a 5-year lock-in and a death benefit of the highest of Basic Sum Assured, fund value or 105% of premiums. It adds Guaranteed Additions to the fund from year 6, refunds mortality charges at maturity and has no policy loan.","analysis":{"state":"extracted","analysed_at":"2026-10-16 04:48:10.728208+00","note":"Every stated fact carries a verbatim quote found in the cited clause."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"not-stated","value":null,"display":null,"note":"No named plans or variants. Charges differ by sale channel (offline or online) and the policyholder chooses one of two funds; see premium_allocation_charge and funds.","quote":null,"sources":[],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"quote-verified","value":"10 to 25 years for Annualized Premium of Rs 48,000 and above; 15 to 25 years for Annualized Premium less than Rs 48,000.","display":"10 to 25 years (15 to 25 years if Annualized Premium is less than Rs 48,000)","note":"From the sales brochure; the policy document and CIS leave it to the Schedule.","quote":"vi | Minimum and Maximum Policy Term | Annualized Premium | Minimum Term | Maximum Term\nLess Than ` 48,000 | 15 | 25\n` 48,000 and above | 10 | 25","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-1"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"cross-checked","value":"The claim must be intimated to the Corporation at the earliest possible time.","display":"At the earliest possible time","note":null,"quote":"Policyholder or the Life Assured or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured event resulting into a claim under the insurance policy, at the earliest possible time.","sources":[{"clause":"4","heading":null,"page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-4"}],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"cross-checked","value":["claim forms, as prescribed by the Corporation","original policy document","NEFT mandate from the claimant for direct credit of the claim amount to the bank account","proof of title","proof of death","medical treatment prior to the death","school/ college/ employer's certificate, whichever is applicable","proof of age of the Life Assured, if the age is not admitted","First Information Report (FIR), Panchnama and Post Mortem report (unnatural or accidental death)"],"display":"Death claim: claim forms, original policy, NEFT mandate, proof of title, proof of death and other listed documents","note":"Surrender and other terminations need the discharge form, original policy document, NEFT mandate and proof of age if not admitted earlier.","quote":"The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, medical treatment prior to the death, school/ college/ employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted. ... In case of unnatural death or death on account of or arising from an accident, the Corporation may call for the copies of First Information Report (FIR), Panchnama and Post Mortem report.","sources":[{"clause":"6(a)","heading":"Death Claim","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-6-a-2"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"cross-checked","value":"Death claims not requiring investigation are settled in 15 days; early death claims requiring investigation are decided and paid in 45 days. Maturity claims are settled on the due date.","display":"15 days (45 days if investigation is needed)","note":"From the CIS turn-around-time table; the policy wording gives no settlement period.","quote":"Death claims settlements not requiring Investigation s | 15 Days ... Early Death Claims requiring investigation s -decision & | 45 Days ... Settlement of Maturity Claims | On due date","sources":[{"clause":"Row 1","heading":"Death Claims","page":4,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/22#c-row-1-2"},{"clause":null,"heading":"If the policy is Surrendered after 5","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/22#c-if-the-policy-is-surrendered-after-5-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"cross-checked","value":["Suicide within 12 months from the Date of Commencement of Policy or from the Date of Revival: only the Unit Fund Value is paid"],"display":"Suicide within 12 months: only the Unit Fund Value is paid","note":"The CIS lists suicide as the only exclusion. The clause does not apply where age at entry or revival is below 8 years.","quote":"In case of death due to suicide within 12 months from the Date of Commencement of Policy or from the Date of Revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value as available on the date of intimation of death along with death certificate.","sources":[{"clause":"4","heading":"Suicide Exclusion: Notwithstanding the provision of benefits payable on death mentioned","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-4-6"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"cross-checked","value":"Complain first to the Grievance Redressal Officers at the LIC Branch, Divisional, Zonal or Central Office (or through the Customer Portal or co_complaints@licindia.com). If there is no satisfactory response within 15 days, approach IRDAI's Policyholder's Protection and Grievance Redressal Department (Bima Bharosa). For claim grievances the Insurance Ombudsman can also be approached.","display":"LIC Grievance Redressal Officer, then IRDAI after 15 days; Insurance Ombudsman for claim grievances","note":"Death claim repudiations can be referred to the Zonal Office or Central Office Claims Dispute Redressal Committee.","quote":"The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/ Central Office to redress grievances of customers. ... Customers can also contact at e-mail id co_complaints@licindia.com for redressal of any grievances. ... In case the customer is not satisfied with the response or do not receive the response from us within 15 days, then the customer may approach the Policyholder’s Protection and Grievance Redressal Department ... For redressal of Claims related grievances, claimants can also approach Insurance Ombudsman","sources":[{"clause":"Section 45","heading":"of the Insurance Act, 1938","page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-section-45"},{"clause":"Section 45(iv)","heading":null,"page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-section-45-iv"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"sum_assured","label":"Sum assured","section":"Cover","meaning":"The minimum and maximum life cover, or the rule that sets it (for example 10 times the annual premium).","status":"cross-checked","value":"Basic Sum Assured is 7 or 10 times the Annualized Premium (as chosen) for entry age 50 years and below, and 7 times for entry age 51 years and above. Rupee minimum and maximum are not printed.","display":"7 or 10 times Annualized Premium (7 times for entry age 51 years and above)","note":"No rupee minimum or maximum Basic Sum Assured is stated.","quote":"Where Basic Sum Assured is equal to either 7 or 10 times of Annualized Premium as chosen by the Policyholder in case age at entry of Life Assured is 50 years and below and 7 times of Annualized Premium in case age at entry of Life Assured is 51years and above","sources":[{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-1-ii"}],"law":[]},{"key":"death_benefit","label":"Death benefit","section":"Cover","meaning":"What your family gets if you die during the term, and how it is calculated.","status":"cross-checked","value":"After risk commences, the highest of: Basic Sum Assured less partial withdrawals in the two years before death; Unit Fund Value; or 105% of total premiums received less such withdrawals. Before risk commences (minors under 8), the Unit Fund Value is paid.","display":"Highest of Basic Sum Assured, Unit Fund Value or 105% of premiums received","note":"Before the Date of Commencement of Risk only the Unit Fund Value is paid. Can be taken in instalments over up to five years under the Settlement Option.","quote":"An amount equal to the highest of the following shall be payable\n• Basic Sum Assured reduced by Partial Withdrawals, if any,made during the two years period immediately preceding the date of death ; or\n• Unit Fund Value as on date of intimation of death; or\n• 105% of the total premiums received up to the Date of Death","sources":[{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-1-ii"}],"law":[]},{"key":"maturity_benefit","label":"Maturity benefit","section":"Cover","meaning":"What you get if you survive to the end of the term.","status":"cross-checked","value":"The Unit Fund Value on the date of maturity, plus a refund of the total mortality charges deducted, provided all due premiums have been paid.","display":"Unit Fund Value plus refund of mortality charges","note":"Mortality charge refund excludes extra underwriting charges and tax, and is not paid on surrendered or discontinued policies. Guaranteed Additions are added to the fund at the end of policy years 6, 10, 15, 20 and 25.","quote":"On the Life Assured surviving the stipulated Date of Maturity, an amount equal to the Unit Fund Value as on date of maturity shall be payable. ... C. Refund of Mortality Charge: On Life Assured surviving the stipulated Date of Maturity, provided all due premiums under the policy have been paid, 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.","sources":[{"clause":"1","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-1-3"},{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-1-ii"}],"law":[]},{"key":"premium_paying_term","label":"Premium paying term","section":"Premium","meaning":"For how many years you pay premiums.","status":"quote-verified","value":"Premiums are paid for the whole policy term.","display":"Same as policy term","note":"From the sales brochure; the policy document and CIS leave it to the Schedule.","quote":"vii | Premium Paying Term | Same as Policy Term","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-1"}],"law":[]},{"key":"maturity_age","label":"Maximum maturity age","section":"Eligibility","meaning":"The oldest age at which cover ends.","status":"quote-verified","value":"85 years (nearer birthday) where Basic Sum Assured is 7 times Annualized Premium; 75 years (nearer birthday) where it is 10 times.","display":"85 years (75 years for 10 times cover)","note":"Minimum maturity age 18 years (completed). From the sales brochure; the policy document and CIS leave it to the Schedule.","quote":"ix | Minimum Maturity Age | [18] years (Completed)\nx | Maximum Maturity Age | Basic Sum Assured | Maximum Maturity Age\n7 times of Annualized Premium | 85 years(nearer birthday)\n10 times of Annualized Premium | 75 years (nearer birthday)","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-1"}],"law":[]},{"key":"suicide_clause","label":"Suicide clause","section":"Exclusions","meaning":"What is paid if death is by suicide within the first 12 months.","status":"cross-checked","value":"Death by suicide within 12 months from the start of the policy or from revival: the nominee gets the Unit Fund Value on the date of intimation of death, and the policy ends.","display":"Unit Fund Value only, if within 12 months of start or revival","note":"Charges other than FMC recovered after death are added back. Does not apply if age at entry or revival is below 8 years.","quote":"In case of death due to suicide within 12 months from the Date of Commencement of Policy or from the Date of Revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value as available on the date of intimation of death along with death certificate.","sources":[{"clause":"4","heading":"Suicide Exclusion: Notwithstanding the provision of benefits payable on death mentioned","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-4-6"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 21","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 35","url":"https://indiainsurances.com/law/irdai-life-products-2024"}]},{"key":"surrender","label":"Surrender value","section":"Renewal and rights","meaning":"What you get if you stop the policy early, and from when.","status":"cross-checked","value":"The policy can be surrendered at any time. During the 5-year lock-in, the fund value less the Discontinuance Charge moves to the Discontinued Policy Fund and is paid at the end of the lock-in. After the lock-in, the Unit Fund Value is paid with no Discontinuance Charge.","display":"Any time; proceeds paid after the 5-year lock-in","note":"No risk cover while in the Discontinued Policy Fund; only FMC of 0.50% p.a. is deducted there. Discontinued Policy Fund minimum guaranteed interest is currently 4% p.a.","quote":"A policy can be surrendered anytime during the policy term. ... If a Policyholder applies for surrender of the policy during the 5 years’ Lock-in-Period, then the Unit Fund Value after deducting the applicable Discontinuance Charge as specified in Condition 7.g of Part E of this Policy Document shall be transferred to the Discontinued Policy Fund ... If a Policyholder applies for surrender of the policy after 5 years’ Lock-in-period, then the Unit Fund Value as on the date of intimation of surrender shall be payable to the Policyholder and the policy shall terminate.","sources":[{"clause":"3","heading":"Non – Forfeiture regulations","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-3-4"},{"clause":"3(i)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-3-i"},{"clause":"3(ii)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-3-ii"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.1 to 26.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.4 and 26.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 27","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.16 and 1.17","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(1) to (3)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(4) and (5)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(6) to (9)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)(c)(V)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"paid_up","label":"Paid-up value","section":"Renewal and rights","meaning":"What cover continues if you stop paying premiums after a few years.","status":"cross-checked","value":"If premiums stop after the 5-year lock-in, the policy becomes reduced paid-up: the Basic Sum Assured is reduced in the ratio of premiums paid to premiums payable, rider cover ends, and charges continue.","display":"Reduced paid-up after the 5-year lock-in; sum assured cut in proportion to premiums paid","note":"If premiums stop during the lock-in, cover ends and the fund moves to the Discontinued Policy Fund. The policy stays reduced paid-up only until the end of the three-year revival period (or maturity, if earlier); then the Unit Fund Value is paid and the policy ends. Guaranteed Additions are not paid on a reduced paid-up policy.","quote":"Upon expiry of the grace period, in case of discontinuance of policy due to non payment of premiums, the policy shall be converted into a reduced paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum called Paid-Up Sum Assured and shall be equal to { Basic Sum Assured multiplied by the ratio of Total number of premiums paid to the original number of premiums payable }. ... then the policy shall subsist as a reduced paid up policy till the end of the revival period or up to the date of maturity, whichever is earlier.","sources":[{"clause":"3(II)","heading":null,"page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-3-ii-3"},{"clause":"3(ii)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-3-ii-4"}],"law":[]},{"key":"revival","label":"Revival period","section":"Renewal and rights","meaning":"How long after lapsing you can restart the policy.","status":"cross-checked","value":"A discontinued policy can be revived within three consecutive complete years from the date of the first unpaid premium, or up to maturity if earlier, on paying all due premiums without interest.","display":"Three years from the first unpaid premium (or up to maturity, if earlier)","note":"Subject to Continued Insurability; outstanding charges are deducted from the fund.","quote":"Revival Period is the period of three consecutive complete years from the date of first unpaid premium or up to date of Maturity, whichever is earlier. ... On payment of all due and unpaid premiums without interest.","sources":[{"clause":"61","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-61"},{"clause":"5(a)","heading":null,"page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-5-a"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.7","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.10","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.28","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.39","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"policy_loan","label":"Policy loan","section":"Renewal and rights","meaning":"Whether you can borrow against the policy.","status":"cross-checked","value":"No loan is available under this policy.","display":"No","note":null,"quote":"No loan facility is available under this policy.","sources":[{"clause":"9","heading":"Policy Loan","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-9-3"}],"law":[]},{"key":"riders_available","label":"Riders available","section":"Cover","meaning":"Optional add-ons such as accidental death, critical illness or waiver of premium.","status":"cross-checked","value":["LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02)"],"display":"LIC’s Linked Accidental Death Benefit Rider","note":"Can be added at a policy anniversary if outstanding term is at least 5 years, up to age nearer birthday 65.","quote":"LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02)","sources":[{"clause":"5","heading":"Rider Benefits","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-5-3"}],"law":[]},{"key":"section45","label":"Claims after 3 years (Section 45)","section":"Claims","meaning":"After 3 years a life policy cannot be questioned on any ground, and only for fraud with proof before that.","status":"cross-checked","value":"Section 45 of the Insurance Act, 1938 applies: the policy cannot be called in question on any ground after three years from the date of issue, risk commencement, revival or rider, whichever is later; within three years it can be questioned on the ground of fraud or of an incorrect statement or suppression of a material fact.","display":"Cannot be questioned after three years; within three years only for fraud or a material misstatement","note":null,"quote":"The provision of Section 45 of the Insurance Act 1938 as amended from time to time shall be applicable. ... No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. ... A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later on the ground of fraud ... on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal","sources":[{"clause":"Section 45","heading":"as per the Insurance Act 1938, as amended from time to time","page":29,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-section-45-2"},{"clause":"Section 45","heading":"of the Insurance Act, 1938","page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-section-45"},{"clause":"Section 45(d)","heading":null,"page":29,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-section-45-d"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 45","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.6","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"tax_note","label":"Tax note in the document","section":"Premium","meaning":"What the document says about tax benefits. Not stated when it only says taxes are charged on the premium. Tax law changes; confirm separately.","status":"not-stated","value":null,"display":null,"note":"No tax benefit is printed. The documents say only that benefits are subject to the tax laws and that tax is levied on the charges; the sales brochure says to consult a tax advisor on income tax benefits.","quote":null,"sources":[],"law":[]},{"key":"free_look","label":"Free-look period","section":"Renewal and rights","meaning":"Days after you receive the policy in which you can return it for a refund if you do not agree with its terms.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days","note":"Refund is the value of units plus unallocated premium and proportionate mortality and rider charges, plus tax charges, less medical examination cost and stamp duty at Rs.0.20 per thousand sum assured.","quote":"During the Free Look period of 30 days from the date of receipt of the electronic or physical mode of the Policy Document by the Policyholder, whichever is earlier","sources":[{"clause":"10","heading":"Free Look period","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-10-2"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 5","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(1), 20(2)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, II.8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grace_period","label":"Grace period","section":"Renewal and rights","meaning":"Days you get after the due date to pay without losing cover or continuity.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days (15 days for monthly premiums)","note":"15 days for monthly (through NACH) premiums.","quote":"A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through NACH) premiums from the date of First Unpaid Premium.","sources":[{"clause":"7","heading":"Grace period","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-3"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 8","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 9","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 8","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.2","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 1.3","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"eligibility_entry_age","label":"Entry age","section":"Eligibility","meaning":"The youngest and oldest age at which you can buy this policy.","status":"quote-verified","value":"From 90 days (completed) to 60 years (nearer birthday); the oldest entry age is 50 years (nearer birthday) where Basic Sum Assured is 10 times Annualized Premium.","display":"90 days to 60 years (50 years for 10 times cover)","note":"Risk starts later for entry ages below 8 years. From the sales brochure; the policy document and CIS leave it to the Schedule.","quote":"iv | Minimum Age at entry | [90] Days (completed)\nv | Maximum Age at entry | Basic Sum Assured | Maximum Age at entry\n10 times of Annualized Premium | [50] years (nearer birthday)\n7 times of Annualized Premium | [60] years(nearer birthday)","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-1"}],"law":[]},{"key":"premium_modes","label":"Premium payment options","section":"Premium","meaning":"How often you can pay: yearly, half-yearly, quarterly, monthly.","status":"cross-checked","value":["yearly","half-yearly","quarterly","monthly (through NACH)"],"display":"Yearly, half-yearly, quarterly or monthly (through NACH)","note":"Top-ups are not allowed.","quote":"A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through NACH) premiums","sources":[{"clause":"7","heading":"Grace period","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-3"}],"law":[]},{"key":"premium_type","label":"Premium payment type","section":"Premium","meaning":"Single premium, regular premium (every year of the term) or limited premium (fewer years than the term).","status":"quote-verified","value":["Regular premium"],"display":"Regular premium, paid for the whole policy term","note":"From the sales brochure; the policy document and CIS do not name the premium type.","quote":"LIC’s Index Plus is a Non-Par Linked, Regular Premium, Individual Life Insurance plan ... vii | Premium Paying Term | Same as Policy Term","sources":[{"clause":null,"heading":"THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-the-unit-linked-insurance-products-do-not-offer"},{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23#c-1"}],"law":[]},{"key":"lock_in","label":"Lock-in period","section":"Renewal and rights","meaning":"Years before you can withdraw. ULIPs have a 5-year lock-in.","status":"cross-checked","value":{"unit":"years","amount":5},"display":"five consecutive completed years","note":null,"quote":"Lock-in-period means the period of five consecutive completed years from the Date of Commencement of the Policy, during which period the proceeds of the policies cannot be paid, except in case of death of the Life Assured.","sources":[{"clause":"35","heading":"Lock-in-period","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-35"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 42","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 54.1 and 54.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.5","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.22 to 1.24","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vii) to (ix)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"funds","label":"Fund options","section":"Cover","meaning":"The investment funds you can choose and their risk.","status":"cross-checked","value":["Flexi Growth Fund: equity 40% to 100%, stocks from NSE NIFTY100 Index (Very High Risk)","Flexi Smart Growth Fund: equity 40% to 100%, stocks from NSE NIFTY50 Index (Very High Risk)"],"display":"Flexi Growth Fund or Flexi Smart Growth Fund (both Very High Risk)","note":"Only one fund can be held at a time. Discontinued policies go to the Discontinued Policy Fund (not selectable).","quote":"Flexi Growth Fund | 0% to 20% | 0% to 40% | 40% to 100% | To provide long term capital appreciation through investment primarily in select stocks which are a part of NSE NIFTY100 Index. | Very High Risk ... Flexi Smart Growth Fund | 0% to 20% | 0% to 40% | 40% to 100% | To provide long term capital appreciation through investment primarily in select stocks which are a part of NSE NIFTY50 Index. | Very High Risk","sources":[{"clause":"1","heading":"Fund Unit Allocation and Investment of Fund","page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-1-5"}],"law":[]},{"key":"premium_allocation_charge","label":"Premium allocation charge","section":"Charges","meaning":"Part of each premium taken before investing.","status":"cross-checked","value":"Offline sale: 8.00% of instalment premium in year 1, 5.50% in years 2 to 5, 4.00% thereafter. Online sale: 3.00%, 2.00% and 1.50%.","display":"8.00% first year, 5.50% years 2 to 5, 4.00% thereafter (offline)","note":"Online sale: 3.00%, 2.00%, 1.50%.","quote":"The allocation charges as percentage of Instalment Premium are as below:\nOffline sale | Online sale\nFirst Year: | 8.00% | 3.00%\n2nd to 5th Year: | 5.50% | 2.00%\nThereafter: | 4.00% | 1.50%","sources":[{"clause":"7(a)","heading":"Premium Allocation Charge","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-a"}],"law":[]},{"key":"policy_admin_charge","label":"Policy administration charge","section":"Charges","meaning":"Monthly charge deducted from your fund.","status":"cross-checked","value":"Nil for the first 5 policy years. In year 6 it is the lower of one twelfth of 3.25% of the Annualized Premium or Rs 125 per month, escalating at 5% a year from year 7, subject to a maximum of Rs 500 per month.","display":"Nil for 5 years; from year 6 lower of one twelfth of 3.25% of Annualized Premium or Rs 125 a month, rising 5% a year, max Rs 500 a month","note":null,"quote":"This Charge shall be levied at the beginning of each policy month from 6th policy year till the end of policy term as mentioned below and shall be subject to maximum of Rs 500 per month (i.e. Rs 6000 p.a.) from the Unit Fund by cancelling units for equivalent amount.\nPolicy Year | Policy Administration Charges\nFirst 5 Years | NIL\nYear 6 | Minimum of [(One twelfth of 3.25% multiplied by Annualized Premium) or (Rs 125) ] per month\nThereafter from 7th year onwards | Escalating at the rate of 5% p.a.","sources":[{"clause":"7(e)","heading":"Policy Administration Charge","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-e"}],"law":[]},{"key":"fund_management_charge","label":"Fund management charge","section":"Charges","meaning":"Yearly charge on fund value; capped at 1.35% by IRDAI.","status":"cross-checked","value":"1.35% a year of the Unit Fund for both Flexi Growth Fund and Flexi Smart Growth Fund; 0.50% a year for the Discontinued Policy Fund.","display":"1.35% p.a. (0.50% p.a. in the Discontinued Policy Fund)","note":"Deducted daily through the NAV.","quote":"• 1.35% p.a. of Unit Fund for both fund types available under an in-force policy i.e. Flexi Growth Fund and Flexi Smart Growth Fund.\n• 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”","sources":[{"clause":"7(d)","heading":null,"page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-d"}],"law":[]},{"key":"mortality_charge","label":"Mortality charge","section":"Charges","meaning":"Cost of life cover, deducted monthly by age.","status":"cross-checked","value":"Age-specific annual charge per Rs 1000 Sum at Risk, deducted monthly (one twelfth) by cancelling units; Sum at Risk is the highest of Basic Sum Assured, Unit Fund Value or 105% of premiums received, less the Unit Fund Value.","display":"Age-based rate per Rs 1000 Sum at Risk, deducted monthly","note":"Also depends on health, occupation and lifestyle at entry; refunded at maturity if all premiums are paid. For entry age below 8, deducted only after risk commences.","quote":"Mortality Charge is the cost of Life Insurance cover which is age specific and this will be taken at the beginning of each policy month by canceling appropriate number of units out of the Unit Fund Value. The monthly charge will be one twelfth of the annual Mortality Charges given in the Table below. ... • 105% of total Premium received ... Annual Mortality Charge per Rs 1000/- Sum at Risk","sources":[{"clause":"7(b)","heading":null,"page":19,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-b"},{"clause":null,"heading":"Annual Mortality Charge per Rs 1000/- Sum at Risk","page":19,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-annual-mortality-charge-per-rs-1000-sum-at-risk"}],"law":[]},{"key":"discontinuance_charge","label":"Discontinuance charge","section":"Charges","meaning":"Charge if you stop paying in the first five years.","status":"cross-checked","value":"For Annualized Premium up to Rs 50,000: year 1 lower of 20% of AP or FV, max Rs. 3000; year 2 15%, max Rs. 2000; year 3 10%, max Rs. 1500; year 4 5%, max Rs. 1000; nil from year 5. Above Rs 50,000: 6% max Rs. 6000, 4% max Rs. 5000, 3% max Rs. 4000, 2% max Rs. 2000, nil from year 5.","display":"Year 1 up to 20% (max Rs. 3000), falling to nil from year 5","note":"AP is Annualized Premium, FV is Unit Fund Value on the Date of Discontinuance.","quote":"1 | Lower of 20% multiplied by (AP or | Lower of 6% multiplied by (AP or\nFV) subject to maximum of Rs. 3000/- | FV) subject to maximum of Rs. 6000/- ... 2 | Lower of 15% multiplied by (AP or FV) subject to maximum of Rs. 2000/- | Lower of 4% multiplied by (AP or FV) subject to maximum of Rs. 5000/- ... 3 | Lower of 10% multiplied by (AP or FV) subject to maximum of Rs. 1500/- | Lower of 3% multiplied by (AP or FV) subject to maximum of Rs. 4000/- ... 4 | Lower of 5% multiplied by (AP or FV) subject to maximum of Rs. 1000/- | Lower of 2% multiplied by (AP or FV) subject to maximum of Rs. 2000/-\n5 and onwards | NIL | NIL ... Discontinuance Charges for the Policies having Annualized Premium up to Rs 50,000 | Discontinuance Charges for the Policies having Annualized Premium above Rs 50,000","sources":[{"clause":"7(g)","heading":"Discontinuance Charge","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-g"},{"clause":"Row 1","heading":"Lower of 20% multiplied by (AP or","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-row-1"},{"clause":"Row 2","heading":"Lower of 15% multiplied by (AP or FV) subject to maximum of Rs. 2000/-","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-row-2"},{"clause":"Row 3","heading":"Lower of 10% multiplied by (AP or FV) subject to maximum of Rs. 1500/-","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-row-3"},{"clause":"Row 4","heading":"Lower of 5% multiplied by (AP or FV) subject to maximum of Rs. 1000/-","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-row-4"}],"law":[]},{"key":"switches_withdrawals","label":"Switches and partial withdrawals","section":"Renewal and rights","meaning":"Free fund switches and withdrawals after lock-in.","status":"cross-checked","value":"4 free switches per policy year between the two funds, then Rs.100 per switch. Partial withdrawals are allowed after the 5-year lock-in, up to 20% of the fund a year in years 6 to 10, rising to 35% in years 21 to 25, with a Rs. 100 charge each.","display":"4 free switches a year (then Rs.100); partial withdrawals after 5 years, up to 20% to 35% of fund a year","note":"Fund balance after withdrawal must stay at least 4 Annualized Premiums (Annual Premium under Rs. 48,000) or 3 Annualized Premiums otherwise. Withdrawals reduce the sum assured for two years and Guaranteed Additions pro rata.","quote":"During a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a Switching Charge of Rs.100 per switch ... A Policyholder can partially withdraw the units at any time after the 5 years’ lock-in period ... 6th to 10th | 20% ... 21st to 25th | 35% ... shall be a flat amount of Rs. 100/- which shall be deducted by cancelling appropriate number of units out of Unit Fund Value on the date on which partial withdrawal takes place.","sources":[{"clause":"11","heading":"Option to switch between the funds","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-11-2"},{"clause":"13","heading":"Partial Withdrawals","page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-13-2"},{"clause":"13(iii)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-13-iii"},{"clause":"7(g)","heading":"Discontinuance Charge","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21#c-7-g-2"}],"law":[]}],"documents":[{"kind":"wording","label":"Policy Document","pages":29,"fetched_at":"2026-10-16 04:47:41.602332+00","source_url":"https://licindia.in/documents/20121/1244160/Final+Policy+document_LICs+Index+Plus_CC01102024.pdf/8ba7ff08-df02-6cc7-b063-8429e64eeb57?t=1728036002181","url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/21"},{"kind":"cis","label":"CIS LIC's Index Plus","pages":8,"fetched_at":"2026-10-16 04:47:41.983863+00","source_url":"https://licindia.in/documents/20121/1244160/CIS_Index+Plus_PDF+File.pdf/0d819c1c-a846-db4a-3d8d-205c8e46b53d?t=1728037262334","url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/22"},{"kind":"brochure","label":"Sales Brochures (From 22/09/2025 onwards)","pages":36,"fetched_at":"2026-10-16 04:47:44.349604+00","source_url":"https://licindia.in/documents/20121/1319704/LIC++Index+Plus+Sales+Brochure_141025.pdf/94818313-c077-a709-fde7-58833a5874a3?t=1760429342629","url":"https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01/document/23"}],"versions":[],"where_to_buy":[],"claims_and_complaints":[],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"LIC's Index Plus (UIN 512L354V01), IndiaInsurances, https://indiainsurances.com/policy/lic/lic-s-index-plus-512l354v01"}