Benefits of LIC Market Plus - Pension Plan from LIC India

By
Advertisement
The LIC Market Plus policy was introduced on 5th July 2006 and is a unit linked plan. In the LIC Market Plus policy, the investment risk is borne by the policy holder, in investment portfolio. The plan is designed in such a way that it gives you a lot more than the basic life insurance cover.

Benefits of LIC Market Plus - Pension Plan from LIC India

Benefits of LIC Market Plus
The plan can be taken with or without life cover. The LIC Market plus policy can be a single premium plan or can be a regular premium plan contract, which depends on the level of premium the customer agree to pay. The charges will be recovered in first year only.

The policy can be end up by the customer only after completion of the 3 years, from the date of commencement of policies. No policy charge or flat fees will be there.

Eligibility Criteria of LIC Market Plus

- The entry age/minimum age for applying for the policy is 18 years and maximum age is 70 years, if taken without life cover. If it is taken along life cover than it will be 65 years.

- The minimum and maximum vesting year is 40 years and 85 years, respectively.

- Minimum deferment period for the policy is 5 years.

- The mode of payment for the policy can be yearly, half-yearly, quarterly or single premium. The minimum premium amount per annum for regular premium is rs 5000. For single premium, it is rs 10000. There is no limit for the maximum premium amount.

There is no rebate for sum assured or mode.

Sum Assured on LIC Market Plus

- The minimum sum assured with upon whether you choose the life cover or not. If you opt out for a life cover plan, than minimum sum assured will be rs 5000/- for regular premium policies and rs 25000/- for single premium policies. 

- On the same hand, the maximum sum assured will be the 20 times of annual premium income for regular premium policies and for single premium policies, it is equal to single premium. There is no sum assurance for the plan with out life cover.

There are many other benefits of LIC Market Plan, which includes:

1.) MATURITY BENEFIT (i.e benefit on vesting) –
Maturity benefit = sum equals to the policy holder fund value.
Till the maturity date, if there is the survival of the policy holder, then it will take place.

2.)  DEATH BENEFIT ­–

Within deferment period, on death of the plan holder, when the policy is taken with life cover,

Death benefit = sum assured under basic plan + fund value of the units in plan holder’s account
If the plan is taken without life cover, then

Death Benefit = fund value of units held in plan holder’s unit account

3.)  TOP UP PREMIUM

This benefit featured that the policy holder can pay any number of multiples of 1000 rs/- in terms of top up at any time during the period.

4.)  INVESTMENT FUND TYPE

Balanced, bond, growth and secured, four types of funds will be available as a option for the fund to be invested.

The LIC pension plan offered many benefits to the policy holders and is one of the best plan offered by the LIC in terms for taking care of yourself and your family. You can without any confusion, opt out for this plan.

Have a safe time ahead!!

Source :- http://www.licindia.in/Products/Withdrawn-Plans/Market-plus-1.aspx

0 comments:

Post a Comment