LIC Money Plus Plan

Unit Linked Insurance Plans (ULIPs) offer the dual benefits of protection and savings. Unlike a traditional life insurance plan, a unit-linked plan maximizes your wealth while providing you with adequate life coverage. Money Plus Insurance Policy, a unit-linked plan from the LIC offers investment benefits plus along with comprehensive life coverage. The plan also offers money protection as long as this policy is active.

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Under this plan, the policyholder can pick the level of a cover-up to an extent, which will depend on the term picked. The policyholder can choose the mode and amount of the premium at their convenience. After the allocation of the premium, the amount will be utilized to buy units as per the fund type selected by the policyholder.

Eligibility criteria of the Money Plus Insurance Plan

Entry age :

Maximum: 65 years (age nearer birthday)

Minimum: 0 (age last birthday)

Maturity age:

Maximum: 75 years (age nearer birthday)

Minimum:18 years (completed)

Policy term:

Maximum: 20 Years

Minimum: 5 Years

Mode of payment:

Yearly, Half-yearly, Quarterly, Single

Minimum premium

Rs.10,000 for Single Premium

Sum Assured under the Basic Plan

Rs.5,000 p.a. for Regular Premium

If you find yourself eligible for the plan, let us now show you what benefits are waiting for you if you decide to buy this plan. 

  1. Maturity Benefits:

    As soon as the policy reaches the maturity date, the policyholder receives the sum assured as the maturity benefit.

    If the policyholder is paying the installments regularly, the installment shall be calculated as:

    Total no of units as on the date of maturity / Total no of installments

  2. Death Benefits:

    If the policyholder dies when the cover is in full force, then the nominee shall get the assured amount of the death benefit under the basic plan.  

    If the policyholder wants the maturity paid at irregular installments before the policy matures then he has to send an application indicating the number of units, he wants to encash. Settlement Choice will be disqualified in the case of a lapsed policy.

Here are the Other Features Available with the Plan

  1. Days of Grace:

    A grace period of one calendar month but not more than 30 days will be allowed to the policyholder for the payment of due premium. The policy will lapse if the policyholder fails to pay the premium even after the grace period.

  2. Revival of Policy:

    The renewal of the policy might be made on the submission of confirmation of nonstop insurability i.e. proof of good health and the payment of unpaid premium without interest.

    The policy may be recovered without any proof of good health and arrears of premiums without interest provided the premiums have been paid for at least 3 years or more.


Charges Deducted Under Money Plus Plan

  1. Mortality (life cover) charges:

    Mortality charges will be deducted every month. The mortality charge, during the policy year, will be dependent on the age of the policyholder. The mortality charge will not be deducted unless the basic sum assured amount is higher than the fund value of the units.

  2. Accident Benefit Charge:

    If the policyholder has chosen the accident benefits cover, then the charge of 0.50 paise per 1000 sum assured of accident benefit per policy year by monthly cancellation of a suitable number of units will be deducted.

  3. Critical Illness Benefit Charge (CIR):

    CIR charges during a policy year will be based on the age of the policyholder. The premium will increase every year if the policyholder has chosen Critical Illness Benefit, again depending on the age of the policyholder.

  4. Policy Administration Charges:

    During the first policy year, policy administration charges of Rs.60/- per month and Rs 20/- per month thereafter throughout the tenure of the policy will be deducted by canceling suitable no. of units out of policyholders’ fund value. No flat fee or policy charge will be charged separately from the policyholder.

  5. Service Tax Charge:

    A service tax charge shall be collected by canceling the appropriate number of units out of the policyholder’s fund value on a monthly basis on the charges for mortality.

    Money Plus Insurance policy is best suited for those who are risk-averse and want both investment and insurance benefits simultaneously.  Moreover, the high claim settlement ratio of LIC makes the Money Plus Insurance policy one of the best Unit Linked plans offered by the company.

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