LIC Market Plus-I

Plan details:

Plan details:

LIC Market plus I is a unit linked deferred pension plan.The plan offers four investment options to customers such as bond fund, secured fund, balanced fund and growth fund  The policyholder can choose the plan with or without risk cover. He can also choose the level of cover within the limits, which will depend on the mode and amount of premium he desires to pay. The allocated premium will be utilized to purchase units as per the selected fund type.

Benefits:

• Enhanced Equity Component in Secured and Balanced Fund
• Critical Illness Benefit Rider available
• Min & Max age at entry- 18 years to 80 years
• Min & Max age at vesting of Pension-40 years to 79 years
• No surrender charge

Eligibility conditions:

Life Cover: The policy can be issued either with or without life insurance cover. If life insurance cover is opted for by the policyholder, he/ she can choose Sum Assured within certain limits, subject to a minimum of Rs. 25,000.

Loan facility: No loan shall be granted under this plan.

Charges:

1. Premium allocation charge: This is the percentage of the premium appropriated towards charges from the premium received.

2. Mortality Charge: This is the cost of life insurance cover. Mortality charge, if any, will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund Value.

3. Critical Illness Benefit Charge: Charges for Critical Illness Benefit rider, if any, will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund Value as per the rate prevalent at the time of policy issue.

4. Accident Benefit Charge: Charges for Accident Benefit rider, if any, will be taken every month along with the Mortality charge and Critical Illness Benefit charge by canceling appropriate number of units out of the Policyholder’s Fund Value as per the rate prevalent at the time of policy issue.

5. Surrender charges: None

Riders:

1. Accident Benefit Rider: Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50 for every Rs.1,000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder’s Fund value every month. 

2. Critical Illness Rider: Critical Illness Rider Benefit can be opted for only if Life cover has been opted. An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force.

Additional Features:

a. Switching: The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the new Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

b. Top-up: The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during the term of the policy. In case of yearly, half-yearly, quarterly or monthly(ECS) mode of premium payment such Top-up can be paid only if all due premiums have been paid under the policy.

c. Increase / Decrease In Benefits: No increase of benefits will be allowed under the plan. The Policyholder can, however, decrease any or all of the risk covers once in a year during the Policy term, provided all due premiums under the Policy have been paid.

d. Modes of premium payment: The policyholder has the choice either to pay Single Premium (in one lump sum) or Regular premium (yearly, half-yearly, quarterly or monthly (through ECS only)). The minimum Annualised Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will be no mode specific charges/ rebates.

Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000.

e. Annuity options: The rate at which the claim amount will be converted into an annuity is not guaranteed and will be at the rate prevalent at that time. Further a number of annuity options will be available and the rate for different options may differ.

f. Discontinuance of premiums:  If premiums are payable either yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace under the Policy, the Policy will lapse. The policyholder will have an option to revive the policy within the specified period.