Unit linked insurance plans prove beneficial as they offer you investment returns along with insurance coverage. Thus, you can not only create wealth but also ensure financial protection in case of untimely death through unit-linked insurance plans. LIC Samridhi Plus is one such unit linked plan which offers investment and insurance as well as other benefits to policyholders. Let’s understand the plan in details:

Overview of LIC Samridhi Plus Plan

LIC Samridhi Plus Plan is a unit-linked insurance plan which promises a minimum fund value on maturity even when the market is volatile. The policy, therefore, offers attractive returns and also promises to safeguard the returns that you have earned. Insurance coverage is also offered by the plan which depends on the premium that you pay.

Salient features of LIC Samridhi Plus Plan

Here are some salient features of the LIC Samridhi Plus Plan–

  1. You can choose to pay premiums over a limited period or in one single instalment
  2. A minimum Net Asset Value (NAV) of INR 10 is promised on maturity
  3. You can enjoy coverage of up to 20 times the premium that you pay
  4. The charges under the plan are low ensuring that the maximum amount of premium is invested for earning returns
  5. The plan also offers an optional rider to help you enhance your coverage
  6. A guaranteed interest of 3.5% is allowed even on the discontinued policy fund
  7. The plan invests in only one type of fund called the Samridhi Plus Fund which invests in a mix of Government securities, bonds, money market instruments and equities. The fund has a medium risk profile

Benefits of LIC Samridhi Plus Plan

The benefits which you can avail from LIC Samridhi Plus Plan are as follows –

  1. LIC Samridhi Plus Plan Death Benefit
    In case of death of the insured during the term of the plan, higher of the sum assured or the applicable fund value would be paid. If you had made partial withdrawals in the two years prior to death, such withdrawals would be deducted from the sum assured when calculating the death benefit.
  1. LIC Samridhi Plus Plan Maturity Benefit
    When the term comes to an end, the fund value is paid. This fund value is calculated on the highest Net Asset Value (NAV) which was available over the first 100 months of buying the policy or the NAV which is available on the maturity date. The minimum NAV would be INR 10.
  1. LIC Samridhi Plus Plan Rider Benefit
    Under LIC Samridhi Plus you can choose Accident Benefit Rider which pays an additional sum assured in case of accidental death.
  1. LIC Samridhi Plus Plan Partial Withdrawals
    You can withdraw from the fund value partially after the completion of the fifth policy year. Partial withdrawals are allowed two times in one year and the minimum amount of withdrawal should be INR 2000.

Eligibility conditions of LIC Samridhi Plus Plan

Entry age 8 years to 65 years
Term of the plan 10 years
Premium paying term Limited premium – 5 years

Single premium – once

Premium amount Limited premium:

Minimum – INR 15,000/year

Maximum – INR 1 lakh/year

Single premium:

Minimum – INR 30,000

Maximum – no limit

Sum assured Limited premium:

Minimum – 7 or 10 times the annual premium depending on age

Maximum – 10 or 20 times the annual premium depending on age

Single premium:

Minimum – 110% or 125% of the single premium depending on age

Maximum – 125% to 500% of the single premium depending on age

Other details of LIC Samridhi Plus Plan

  1. Discontinuance of premiums
    If you have bought a limited premium plan and you don’t pay the premiums for the policy within the due date, you would be given a grace period for payment of premiums. If the premiums are not paid even within the grace period, the coverage would stop. Discontinuation charges would be deducted from the fund value and it would be transferred to the discontinued policy fund. The fund would grow in the discontinued fund at a minimum rate of 3.5%. After the first five years of the policy are over, the balance in the discontinued policy fund would be paid and the policy would be terminated.
  1. The revival of LIC Samridhi Plus Plan
    If you have discontinued the premiums, you can also choose to revive the policy. Revival is allowed within 2 years of discontinuation of the premium. To revive you would have to pay the outstanding premiums, interest on them and proof of continued good health.

Charges applicable under LIC Samridhi Plus Plan

Under the LIC Samridhi Plus policy, the following charges would be applicable –

  1. Premium allocation charge
    This charge is deducted from the premium when it is invested. The charge is 6% in the first policy year and 4.5% from the second year onwards under limited premium plans. For single premium plans, the charge is 3.3% of the premium.
  1. Mortality charge
    Since the policy provides life insurance coverage, it also deducts a charge for covering your mortality risk. This charge is deducted every month and is applicable on the difference between the sum assured and fund value. The charge depends on your age and becomes zero when the fund value exceeds the sum assured.
  1. Policy administration charge
    This charge is applied for administration expenses incurred under the plan. The charge is deducted monthly. It is INR 30 in the first month and then increases by 3% annually.
  1. Fund management charge
    The charge is levied for managing the fund of the policy. The charge is calculated as 0.90% of the fund value annually and is calculated on a daily basis.
  1. Guarantee charge
    Since the policy guarantees a NAV of INR 10, a guaranteed charge is applied for this guarantee. The charge is 0.40% of the fund value per annum and it is calculated daily.
  1. Discontinuation charge
    A charge is levied if you discontinue the policy within the first five years. The charge depends on the year in which the policy is discontinued and decreases with increasing policy year.
  1. Miscellaneous charges
    The policy levies miscellaneous charges for any alterations done to the policy. The charge is levied @INR 50 for each alteration request done by you.

How to buy LIC Samridhi Plus Plan?

LIC Samridhi Plus was a limited period insurance plan offered by LIC. Currently, the plan has been withdrawn and you cannot buy a new policy. You can, however, choose LIC’s current unit-linked plan called LIC’s New Endowment Plus if you want.

Alternatively, you can find other unit-linked plans in the market on Turtlemint. Turtlemint is an online platform which is tied-up with leading life insurance companies. The platform, therefore, offers some of the best unit-linked plans available in the market. Just visit www.turtlemint.com/life-insurance and choose ‘Investment and Tax Planning’ to view the available plans. You would have to furnish your coverage details based on which you would be shown a list of plans with their premium rates. Compare the available plans and choose the best unit-linked policy for your needs through Turtlemint.

Making a claim under LIC Samridhi Plus Plan:

A maturity claim under LIC Samridhi Plus Plan can be made by filling out and submitting a claim discharge voucher. You would also have to provide LIC with your identity proof and bank account details so that the company can pay your maturity benefit directly to your bank account.

In case of a death claim, the nominee should fill up Form number 3783 available with LIC and submit it along with the following documents –

  • Original policy bond
  • Death certificate of the insured
  • Identity proof and bank account details of the nominee
  • Other documents if required by LIC

Once the documents are submitted along with the claim form, LIC will process your death claim and pay the benefit directly to the bank account of the nominee.

You can also make your insurance claims through Turtlemint. Turtlemint has a claim settlement department which handles the claims of its customers. So, if you have bought the policy from Turtlemint, you can also make your claim through it. To intimate Turtlemint about your claim, call 1800 266 0101 or mail at claims@turtlemint.com and your claim would be taken up by Turtlemint’s team of experts who would ensure that you get the settlement at the earliest.


FAQ’s

The maximum amount of partial withdrawal in limited premium policies should be such that a minimum amount of at least one annualized premium is left in the fund after the withdrawal is done. Under single premium plans, a minimum balance of 25% of the single premium should be maintained in the fund value after the withdrawal is done.


Yes, the plan allows a cooling-off period of 15 days from the date of issue of the policy. You can choose to cancel the plan during this cooling-off period and your premiums would be refunded.


Since it is a unit-linked insurance plan, the rate of return is not promised. The return depends on the market performance of the stocks into which the fund has invested and varies at all times.