LIC SIIP Plan Benefits :
On Death :
On death before the Date of Commencement of Risk an amount equal to
the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk an amount equal to the
highest of the following shall be payable:
I. Basic Sum Assured less any Partial Withdrawals made during the two
years’ period immediately preceding the date of death ;or
II. Unit Fund Value; or
III.105% of total premiums received up to the date of death less Partial
Withdrawal. 

Death benefits may be spread over a five year period if option exercised
beforehand.  

On Survival :
 On surviving the stipulated Date of Maturity, an amount equal to the
Unit Fund Value is payable. Also provided all due premiums under the
policy have been paid, on surviving the stipulated Date of Maturity, 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.

Partial Withdrawal :
You can partially withdraw the units at any time after the fifth policy
anniversary, provided you have paid all due premiums till date of partial
withdrawal, subject to the following:
i. In case of minors, partial withdrawals shall be allowed only after Life
Assured is aged 18 years or above.
ii. Partial withdrawals may be in the form of fixed amount or in the form of
fixed number of units.
iii. The Maximum amount of Partial Withdrawal as a percentage of fund
during each policy year shall be as under:
Policy Year Percent of Unit Fund
6th to 10th 20%
11th to 15th 25%
16th to 20th 30%
21st to 25th 35%
The above Partial withdrawal shall be allowed subject to minimum balance
remaining after allowing for partial withdrawal is not less than 3
annualized premiums.  

LIC Accident Benefit Rider:
You may avail LIC’s Accident Benefit Rider in this plan also. AB charges
will be levied at the beginning of each policy month by cancelling appropriate number of units out of the Unit Fund Value. The monthly Accident Benefit Charge will be one twelfth of the annual Accident Benefit Charge.

Guaranteed Additions: Guaranteed Additions as a percentage of one Annualized Premium, as mentioned in the table below shall be added to the Unit fund on completion of specific duration of policy years provided all due premiums have been paid and the policy is in force.

Refund of Mortality Charge: On the 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. The total amount of mortality charges shall not include any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges, if any. Refund of Mortality Charge shall not be payable in case of surrendered or discontinued policy.