LIC Market Plus 1 was a unit-linked pension plan from India’s largest insurance provider, LIC of India. The plan, now withdrawn, came with the option to take it with or without life cover. The amount of cover under LIC Market Plus 1 depended on the policyholder. The insured had the option to pay a single premium at the start of the cover or opt for a regular premium.
Read moreLIC Market Plus 1 was launched on July 5, 2006, and closed on June 30, 2010, after the IRDA mandated that all ULIP plans have to come with a life cover.
Let's look at the features of LIC Market Plus 1, in brief, and detail for both with cover and without.
Being designed primarily for retirement, LIC Market Plus 1, gave insured the option to choose whatever premium they prefer to pay. Let’s look at the features in more detail:
Particulars |
Minimum |
Maximum |
Entry Age |
18 years (last birthday) |
Regular Premium: 75 years (nearest birthday) Single-Premium: 80 years (nearest birthday) |
Maturity Age |
40 years (completed) |
85 years (nearest birthday) |
Policy Term |
5 years |
67 years |
Sum Assured |
NIL |
NIL |
Deferment Term |
Regular premium: 10 years Single premium: 5 years |
- |
Premium |
Regular Monthly ECS Mode: Rs. 1,000 p.m. for deferment of 15 years and more; Rs. 1,500 p.m. for deferment of 10 to 14 years Regular Non-Monthly ECS Mode: Rs. 5,000 p.a. for deferment of 20 years and more; Rs. 10,000 p.a. for deferment of 15 to 19 years; Rs. 15,000 p.a. for deferment of 10 to 14 years Single-Premium: Rs. 30,000 for deferment of 5 years and more |
No limit |
Premium Paying Mode |
Single Pay, Regular Pay |
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly; Single premium |
LIC Market Plus 1 with life cover same as LIC Market Plus without life cover allows the policyholder to choose the amount of premium they wished to pay. Features of this LIC Market Plus 1 with life cover option are:
This premium was only payable in multiples of Rs.250
This premium was payable only in multiples of Rs.1,000
Particulars |
Minimum |
Maximum |
Entry Age |
18 years (last birthday) |
65 years (nearest birthday) |
Maturity Age |
40 years (completed) |
75 years (nearest birthday) |
Policy Term |
10 years |
57 years |
Sum Assured |
Rs.30,000 |
Single premium: Equal to premium Regular premium:
|
Deferment Term |
Regular premium: 10 years Single premium: 5 years |
- |
Premium |
Regular Monthly ECS Mode: Rs.1,000 p.m. for deferment of 15 years and more; Rs.1,500 p.m. for deferment of 10 to 14 years Regular Mode: Rs.5,000 p.a. for deferment of 20 years and more; Rs.10,000 p.a. for deferment of 15 to 19 years; Rs.15,000 p.a. for deferment of 10 to 14 years Single premium: Rs.30,000 for deferment of 5 years and more |
No limit |
Premium Paying Mode |
Single Pay, Regular Pay |
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly; single premium |
Provides four fund options for investment: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund for the policyholder to choose.
Policyholders can choose to invest in any one of the four funds:
The following riders are available to be included with LIC Market Plus-I for added protection:
This rider provides the policyholder with the option to choose life cover subject to the policy coverage limit to the age of 75 years.
This rider is available with plans offering life cover and offer accident benefits ranging from Rs.25,000 to Rs.50, 00,000, i.e. equal to that of the life cover. An additional death benefit equal to the accident benefit is also offered.
This rider is available with plans offering life cover and provides coverage ranging from Rs.25,000 to Rs.10, 00,000 if the policy has been in force for 10 years or more. This rider can be availed by a policyholder up to the age of 60 years, and that too for the policy term of 35 years.
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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