LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
LIC International BSC, established in 1989, is headquartered in the Kingdom of Bahrain with branches in the UAE (Abu Dhabi and Dubai), Kuwait, Oman, and Bahrain. Originally an Indian insurance company, it enjoys a great market niche addressing the Indian expatriates residing in the 4 GCC countries.
In the UAE, the LIC is widely popular for offering exceptional products to Indian expats in the country such as endowment policies, ULIPs, pension plans, term plans, and more.
Let’s know about one such distinctive product called Systematic Wealth Creation Plan - Limited Payment Unit-Linked Investment Plan (ULIP) in the article below.
Systematic Wealth Creation Plan is a ULIP that enables you, as an Indian expatriate, to invest a regular income for a specified term of 10, 15, or 20 years. This LIC investment plan allows you to accumulate wealth by investing extra funds through a top-up.
This plan is a whole life insurance policy that you can fully withdraw after a lock-in period of 3 years. If the life assured dies, the policy provider also pays a death benefit.
With this LIC ulip plan No. 271, you get an opportunity to try and invest across multiple asset classes including equity funds, fixed-income funds, and multi-asset funds. The Systematic Wealth Creation Plan also offers international investment opportunities via 70 funds that are managed by the world’s top 9 fund houses.
This plan has been designed to cater to the requirements regarding investment and savings and can be customised as per your investment goals. You also get the option to choose the premium amount and make a limited premium payment for a pre-determined tenure of 10 years, 15 years, or 20 years (depending on your risk appetite and financial objectives).
The table below draws attention to the key features of LIC International Systematic Wealth Creation Plan -
|Minimum Age at the Time of Entry||0 years (for the proposer - 18 years)|
|Maximum Age at the Time of Entry||75 years|
|Minimum Premium||USD 5,000|USD 2,500|USD 1,500|USD 500|
|Mode of Premium Payment||Annually|Half-yearly|Quarterly|Monthly|
|Maximum Premium Amount||No Limit (subjected to underwriting)|
|Minimum Premium Top-up Amount||USD 500 (To be invested in the multiples of USD 100 for both top-up premium and regular premium)|
|Policy or Premium Payment Tenure||Whole Life/ Limited Term 10/ 15/ 20 Years|
|Free Lock Period||30 Days from the Date of Issuance|
Here are the key benefits of LIC International Systematic Wealth Creation Plan -
The following are the additional benefits of LIC International Systematic Wealth Creation Plan -
Discussed below are the unique selling points for this LIC ULIP plan -
If you are someone who wants a plan to create long-term wealth, you can opt for the Systematic Wealth Creation Plan. You can apply for this LIC ULIP plan in the following situations -
Here are the charges associated with LIC International Systematic Wealth Creation Plan -
Ans: You can use this LIC ULIP plan for creating a corpus for retirement or for your children’s further education.
Ans: The asset classes offered here include multi-asset funds, total funds, equity funds, and fixed-income funds.
Ans: At the date of surrender, the surrender charges are calculated as a percentage of the premium paid. After four, five, or six years for ten, fifteen, or twenty years, there are no surrender fees.
Ans: The 4 major benefits of the LIC International Systematic Wealth Creation Plan are partial withdrawal, full withdrawal, maturity benefit, and death benefit.