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New Delhi: Recently Indias Life Insurance Corporation (LIC) introduced the LIC Index Plus Plan which is a new investment opportunity designed for individuals who prefer making recurring premium payments. According to LIC the Index Plus Plan serves a dual purpose: first providing life insurance coverage and second acting as a savings tool throughout the policy term. Eligibility For LIC Index Plus Plan For the insurance plan in question the individual needs to be at least 90 days old and not more than 50 or 60 years old depending on the basic sum assured. Notably the age limit is based on your nearest upcoming birthday. LIC Index Plus Plan: Plan Details If you sign up for the policy and your age is between 90 days and 50 years your Basic Sum Assured will range from 7 to 10 times your annual premium. But if youre aged 51 to 60 years your Basic Sum Assured will be seven times your yearly premium. LIC Index Plus Plan: Premium Details The premium an individual needs to pay for this LIC policy can fluctuate and depends largely on their preferred payment schedule. If the individual opts for annual payments you may have to pay a premium of Rs 30000 while the half-yearly rate stands at Rs 15000. If the individual prefers quarterly payments they have to pay Rs 7500 and if they choose monthly payments processed through NACH they have to pay Rs 2500. Notably when it comes to the maximum premium theres no set limit. 5 Year Lock-In Period For LIC Index Plus Plan After maintaining their policy for a minimum of five years customers can get access to a part of their units if conditions demand it according to the terms of the LIC. They further emphasized that a certain percentage of the yearly charges referred to as guaranteed additions will be piled onto the unit fund. This will only happen after the policy has been running for a certain length of time and remains active. Important Policy Details If the individual is covered by the LIC insurance policy and she survives until the policys maturity date she will get a lump-sum payment equal to the value of the unit fund at that moment. Notably the payout in the event of the insured persons death varies based on when it takes place either before or after the policys risk commencement date. Most importantly under the policys terms policyholders have a chance to receive reimbursement for mortality charges too. For increased security benefit they can select the Linked Accidental Death Benefit rider from LIC.