LIC’s Market Plus – I (Plan 191): , launched on 17th
June 2008, is a Unit Linked Deferred Pension plan where the policy holder can choose the plan with or without risk cover. Explanation is as under.
Benefits
On death of the policy holder within the deferment term where Life cover is opted for and is in force, the nominee is eligible to get the Sum Assured under the Basic Plan together with the Policyholder’s Fund value
On death of the policy holder where the policy is taken without life cover, then the Policyholder’s Fund value, is payable to the nominee.
On the policyholder surviving upto the date of vesting, the Policyholder’s Fund value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.
Top-Up (Additional Premium)
The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.
For Basic Plan without Life Cover
a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
c)Minimum Premium : Rs. 5,000 p.a. for Regular premium (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter in multiples of Rs. 250.
d)Maximum Premium : No Limit.
e)Minimum Entry Age : 18 years last birthday.
f)Maximum Entry Age : 74 years nearest birthday.
g)Minimum Deferment Team : 5 years.
h)Minimum Vesting Age : 40 years completed.
i)Maximum Vesting Age : 79 years completed.
Annualized premiums (other than monthly (ECS)) is payable in multiples of Rs. 1,000.
For Basic Plan with Life Cover
a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
Single Premium : Equal to single premium.
Regular Premium :
If Critical Illness Benefit Rider is opted for -
10 times of the annualized premium if age at entry is upto 40 years.
5 times of the annualized premium if age at entry is 41 years and above.
If Critical Illness Benefit Rider is not opted for -
20 times of the annualized premium if age at entry is upto 40 years.
10 times of the annualized premium if age at entry is 41 years and above.
c) Minimum Premium : Rs. 5,000 p.a. for Regular premium.
Rs. 25,000 for Single premium.
d) Maximum Premium : No Limit
e) Minimum Entry Age : 18 years last birthday.
f) Maximum Entry Age : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum LifeCover Ceasing Age : 75 years nearest age.
Sum Assured is available in multiples of Rs. 5,000 and Annualized premiums is payable in multiples of Rs. 1,000.
a) Minimum Sum Assured : Rs. 25000
b) Maximum Sum Assured : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.
For Critical Illness Rider Benefit
a) Minimum Sum Assured : Rs. 50000
b) Maximum Sum Assured : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.
The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.
The policyholder has the choice either to pay a single premium (in a lump sum) or regular premium (annual, biannual, quarterly or monthly (through ECS only)). Minimum Annualized Premium of Rs. 5000 increasing 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. Unsurprisingly, 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 it one of the lowest 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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