Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Claim, renew, manage & moreLogin

LIC SIIP Plan Life Insurance

264 reviews Rate This
LIC of India
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

About LIC SIIP Plan Life Insurance

For individuals who want to grow their money while ensuring financial security, LIC's Systematic Investment Insurance Plan (SIIP) is an excellent choice. This unit-linked non-participating individual life insurance plan, introduced by Life Insurance Corporation, combines investing with insurance.

The key advantage of LIC SIIP is its flexibility, as you can apply for it both online and offline. The plan offers four different fund options to suit your investment goals. Whether you're starting with a small monthly contribution or a sizeable one, this plan can help your money grow.

In addition to wealth accumulation, LIC SIIP also provides a life cover, giving you added peace of mind. With various benefits and features, this plan is worth considering for your financial future.

Features of LIC SIIP Plan Life Insurance Plan

  • Enjoy assured returns on your annual premium, ranging from 5% to 25% on specific policy anniversaries.
  • After the policy's fifth year is up, the insured may take partial withdrawals from it at any time. Amounts ranging from 20% to 35% of the Unit Fund can be withdrawn, depending on the policy year.
  • Throughout the term of the policy, the policyholder can switch between the four types of funds under the plan.
  • Policyholders can choose to receive the death benefit in installments, providing financial security to their loved ones.
  • In case of emergencies, you can surrender your policy at any time during its term.
  • Revive a lapsed policy within three years from the first unpaid premium to the maturity date.
  • If you're not happy with the plan's features, you have a 15 to 30-day free-look period to cancel the policy.

Eligibility Criteria of LIC SIIP Plan Life Insurance Plan

To be eligible for LIC SIIP, you need to be at least 90 days old but no older than 65 years when you enter the plan. The policy can mature when you're between 18 and 85 years old, and you can choose a tenure from 10 to 25 years. Your annual premium should be a minimum of Rs. 40,000, and there's no maximum limit. There is a lock-in period of 5 years. The basic sum assured is 10 times the annual premium if you're below 55 years old, and 7 times the annual premium if you're above 55.

Benefits of LIC SIIP Plan Life Insurance Plan

Here are the main benefits of LIC's SIIP:

  • Maturity Benefit: If you stay alive until the end of your plan, you'll get a sum of money equal to the amount you've saved up in your plan over time.
  • Death Benefit: If, unfortunately, you pass away before the plan's expiry, your family will receive a payment. The amount depends on certain factors, such as the money you've saved and any withdrawals you've made.
  • Refund of Mortality Charges: If you live until the plan's expiry, you'll get back the money you paid for life insurance, as long as you've paid all your premiums. But you won't get this if you cancel your plan early.
  • Optional Riders: You can add extra features to your plan, like accidental coverage, which pays out a lump sum if you have an accident.
  • Investment Options: You can choose from four different ways to invest your money. You pick the one that suits you best.

Fund Type

Investment in Government Guaranteed Securities

Investment in Short-term Instruments

Investment in Listed Equity Shares

Risk Profile

Bond Fund

Not less than 60%

Not more than 40%


Low risk

Balanced Fund

Not less than 30% and not more than 70%

Not more than 40%

Not less than 30% and not more than 75%

Medium Risk

Secured Fund

Not less than 45% and not more than 85%

Not more than 40%

Not less than 15% and not more than 55%

Low to medium risk

Growth Fund

Not less than 20% and not more than 60%

Not more than 40%

Not less than 40% and not more than 80%

High Risk

Exclusions of LIC SIIP Life Insurance Plan

If the policyholder commits suicide within the first year of starting the plan, the beneficiary will receive the fund value as a death benefit. In this case, the plan ends, and no other coverage is provided.

Policy Termination: The policy will terminate under the following circumstances:

  • If the option for receiving the death benefit is not chosen when it's due
  • When the surrender benefits are paid out
  • When the plan reaches its maturity date
  • Upon completion of the final payments under a chosen settlement option in case of death
  • When the free-look cancellation amount is paid
  • Compulsory termination
  • If the policy is discontinued
  • In the event of forfeiture

How to Download LIC SIIP Policy Document?

The steps to download the LIC SIIP policy document are as follows:

Step 1: Go to the official LIC India website.

Step 2: Click on the ‘Policy Document’ option.

Step 3: Once the document opens, you can easily download it.

Fees Associated with LIC's SIIP

  • Premium Allocation Charge: This fee is deducted from the premium you pay, and the remaining amount is used to buy units in your plan.
  • Mortality Charge: This is the cost of your life insurance coverage, and it depends on the amount of coverage you have.
  • Accident Benefit Charge: This charge is deducted at the start of each month by taking away a specific number of units from your Unit Fund.
  • Other Charges: There are some other additional fees that involve Fund Management Charges, Partial Withdrawal Charges, Switching Charges, Discontinuance Charges, Tax Charge, and Miscellaneous Charge.

Key Inclusions and Exclusions of the Plan

What's Not Included

  • There are certain exclusions to the LIC SIIP Plan such as the following: If the policyholder commits suicide within 12 months of the policy term, then there is no death benefit provided to the policyholder. However, this is not applicable if the entry age of the policyholder is below 8 years. If the policy lapses due to failure of paying out the premium, then no benefits shall be paid out.

LIC SIIP User Reviews

Write your review
What users are saying
  • All
  • I was in search of the LIC of India- LIC SIIP when I found the InsuranceDekho website. Must say I got to learn...

    Read More
    By Madhu Bhadarkar
    On: Aug 22, 2023
  • I am very happy with the entire team of InsuranceDekho. You guys are so supportive and understanding of the cu...

    Read More
    By Hitesh Jain
    On: Aug 07, 2023
  • The application process for InsuranceDekho policies was quick and smooth. I was provided with a detailed expla...

    Read More
    By Nida Khan
    On: Jul 24, 2023
  • I decided to buy the LIC of India- LIC SIIP from InsuranceDekho as this plan had so many amazing benefits to o...

    Read More
    By Deepshikha Narang
    On: Jul 17, 2023
  • The website of InsuranceDekho is extremely easy to use. Even as a beginner, I was able to use the website and ...

    Read More
    By Aravind Patti
    On: Jul 12, 2023

LIC of India Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    Claim Process at LIC of India

    • 1

      Claim Intimation

      In the event of the death of the life assured, the insurance company should be intimated as early as possible.
    • 2

      Submission of Documents

      For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
    • 3

      Claim Evaluation

      After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
    • 4

      Claim Settlement

      If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

    FAQs on LIC SIIP Health Insurance Plan

    • What are the minimum and maximum entry age of the LIC SIIP Plan?

      The minimum and maximum entry age of the LIC SIIP Plan are 90 days and 65 years respectively.


    • Can I get the maturity benefits of the LIC SIIP Plan?

      Yes, the maturity benefit is offered with LIC SIIP Plan and is paid out once the policy matures.


    • Is death due to suicide covered under LIC SIIP Plan?

      No, if the policyholder dies within 12 months of buying the LIC SIIP Plan, then there will be no coverage provided. 


    • How many fund options can I get with the LIC SIIP Plan?

      With the LIC SIIP Plan, there are four fund options available: growth fund, bond fund, balanced fund, and secured fund. 


    • What is the lock-in period in LIC SIIP Plan?

      The lock-in period in LIC SIIP Plan is 5 years during which no amount can be withdrawn. 


    Life Insurance News

    LIC of India Contact Details

    Reach us for help anytime