LIC’s Market Plus – I (Plan 191): launched on 17 June 2008, is a Unit Linked Deferred Pension plan where the policyholder can choose the plan with or without risk cover. Explanation is also less.

Benefits
In case of death of the policyholder in the period of deferment of life when we opted for the cover and is in force, the candidate is eligible to receive the sum insured under the Basic Plan with the value of the Fund the insured

In case of death of the policyholder where the policy is taken without life cover, then the insured value of the Fund, payable to the nominee.

The policyholder surviving to the date of vesting, the insured value of the Fund will necessarily be used to provide an annuity based on annuity rates then in force immediately under the annuity option in question.

Top-up (additional premium)
The policyholder can pay top-up in multiples of Rs.1, 000 / – without any limits at any time during the term of the policy.

Eligibility and Conditions:

For Basic Plan without Life Cover

a) Minimum Sum assured: NIL.
b) The maximum insured amount: NIL.
c) Minimum Premium: RS. 5000 pa for Regular premium (other than monthly (ECS) mode)
Rs 1000 hours for the monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter multiples of Rs. 250.
d) Maximum Premium: No Limit.
e) the minimum age for entry: Birthday 18 years.
F) Maximum Entry Age: 74 years nearest birthday.
g) Extension Team Minimum: 5 years.
h) Minimum Vesting Age: 40 years of age.
i) maximum vesting Age: 79 years of age.

Annualized premiums (other than monthly (ECS)) is payable in multiples of Rs. 1000.

For Basic Plan with Life Cover

a) Minimum Sum assured: NIL.
b) The maximum insured amount: NIL.
For single premium equal to single premium.
Regular Premium:
If Critical Illness Benefit Rider is opted for –
10 times the annual premium if age at entry is up to 40 years.
5 times the annual premium if the entry age is 41 years and older.
If Benefit Critical Illness Rider is not opted for –
20 times the annual premium if age at entry is up to 40 years.
10 times the annual premium if the entry age is 41 years and older.
c) Minimum Premium: RS. 5000 pa to the regular premium.
Rs 25,000 for single premium.
d) Maximum Premium: No Limit
e) the minimum age for entry: Anniversary last 18 years.
F) Maximum Entry Age: 65 years nearest birthday.
g) The adjournment Minimum: 5 years.
h) Devolution Minimum age: 40 years of age.
i) maximum vesting Age: 75 years nearest birthday.
j) Termination LifeCover Maximum Age: 75 years of age nearest.

Sum insured is available in multiples of Rs. 5000 and annualized premium is payable in multiples of Rs. 1000.

For Accident Benefits

a) Minimum sum assured: RS. 25000
b) The maximum insured amount: An amount equal to the sum assured under the basic plan of up to Rs 50 lakhs whereas the overall limit on compensation benefits are provided in respect of all existing policies on the lives the life assured under individual schemes and group including policies with Life Insurance Corporation of India and other insurance companies and accident benefits Rider sum insured under the new proposal into consideration.
The Sum assured is a multiple of Rs. 5000.
c) Minimum / Maximum Premium: No separate limits.
d) The minimum age for entry: 18 years past.
e) The maximum age of entry: 65 years nearest birthday.
f) Minimum Policy Term: 5 years.
g) Maximum accidents “Termination Age: 70 years nearest birthday.

For Critical Illness Benefit Rider

a) Minimum Sum assured: RS. 50000
b) The maximum insured amount means an amount equal to the sum assured under the basic plan subject to competition from the overall limit of Rs.10 lakh taking all illness riders in all existing policies of life insurance and the option of critical illness rider under the new proposal into consideration.
The sum insured is available in multiples of Rs. 10,000.
c) Minimum / Maximum Premium: No separate limits.
d) The minimum age for entry: 18 years past.
e) The maximum age of entry: 50 years nearest birthday.
f) Policy term: 10 to 35 years.
g) maximum critical illness Cessation Age: 60 years nearest birthday.

Payment Methods

The policyholder has the choice either to pay a single premium (in a lump sum) or premium regular (annual, biannual, quarterly or monthly (through ECS only)). Minimum Annualized Premium of Rs. 5000 rising thereafter in multiples of Rs. 1000. There will be no way of specific charges / discounts.
Single premium can be paid with a minimum of Rs. 10,000 if not opted to cover the life and SRM. 25,000 cases have opted for life cover and thereafter multiples of Rs. 1000. Flexibility to increase / decrease the premium and withdraw the money according to your needs. Save tax on income up to Rs.33390 under section 80 C.

When I started the analysis of LIC Market Plus, I went to the site looking for the LIC policy booklet. No surprise, I could not find it on the site. LIC appears to be one of very few insurers who did not provide details on policy complements the site. Anyway, there was some information and illustrate the benefits provided on the site.
LIC Market Plus I is a basic ULIP pension plan. There are three jumpers available for the customer to say, life cover, Accident Benefit and Critical Illness Benefit. The last two riders are only available if you opt to cover the rider’s life. It is good to see that life insurance is available as a rider. It’s always better to have the flexibility of insurance products. As there is not much information available on the site, let us consider the cost of the ULIP. Here’s the surprise! For a policy 20 years without covering life, the net return ture proved to be 8.6% to 10% return on investment. This makes a lower pension costs (most likely the lowest cost ULIP) available on the market.
Overall, not much information is available for this plan, a plan is extremely low cost. So if you decided to buy this plan, you pay much less likely that most investors ULIP.

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