LIC Money Plus

LIC India has always stepped forward in the insurance sector with reliable and affordable plans to cover the various insurance needs of all kinds of Indian customers. One such plan is the LIC Money Plus Plan, which is a unit-linked endowment plan formulated by the Life Insurance Corporation of India. This means that the premiums are to be invested as units of a unitized insurance fund.

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LIC Money Plus Policy ensures a regular premium paying term. The best part is the plan offers both investments as well as insurance during the entire policy term.  

Eligibility Criteria of LIC Money Plus Plan

  • Policy Term  -    10, 15 to 30 years
  • Entry Age: Minimum is 0 (age last birthday), Maximum age is 65 years.
  • Maturity Age - Minimum age is 18 years (completed), and the Maximum Maturity Age is-   75 years.
  • Minimum Premium  -            

Regular Premium (for monthly ECS mode) is:

  • Policy Term 15 to 30 years: Rs. 1000 per month
  • Policy Term 10 years:  Rs. 1,500 p.m.    

Regular Premium (For all other ECS modes) is:

  • Policy Term 20-30 years:  Rs. 5000 per annum
  • Policy Term 15 to 19 years: Rs. 10,000 per annum
  • Policy Term 10 years: Rs. 15,000 per annum 

Basic Plan Sum Assured

Minimum Sum Assured: 5 X Annualized Premium

Maximum Sum Assured:

  • If entry age is up to 45 years-30 X Annualized Premium
  • If entry age is 46 to 60 years-  20 X Annualized Premium
  • If entry age is 61 years and above-10 X Annualized Premium

Core Benefits of LIC Money Plus

LIC Money Plus Plan has two main benefits, which can be broadly categorized into death benefits and maturity benefits.  

A) Death Benefit

In the event of death, whatever is the greater value of, the Sum Assured or the Fund Value of the policyholder, will be paid.

B) Maturity Benefit

At the time when the said Life Insurance survives the maturity date, the amount that is equivalent to the Policyholder's Fund Value will be paid.

1. Options

A) Accident Benefit Rider:

Customers, who are 18 years of age and above, can avail themselves of the Accident Benefit Rider, corresponding to Life Cover value.  The rider value should be at least Rs. 25,000 and may go up to Rs. 50, 00,000.

B) Critical Illness Benefit Rider:

 If a customer falls in the age group of 18 to 50 years, he can avail of this benefit rider for critical illness cover, corresponding to Life Cover value.  The rider value should be at least Rs.50 000 and may go up to Rs. 10 00,000.  However, in such a case, the policy term must be ten years and above.  

2. Investment of funds

Suppose a customer decides to invest in the LIC Money Plus policy. In that case, the premiums that have been assigned to purchase units will be mandatorily invested in accordance with the company's investment design.  There are four types of funds under which the policyholder can make investments.  They are as follows:

  • Bond Fund

This is a low-risk fund in which Corporate Debt is between 60% - 40%

  • Secured Fund

This is a lower to medium risk fund which provides steady income.  Corporate debt is a minimum of 45%, and short term investments are between 15% - 55%

  • Balanced Fund

This is a medium-risk fund that provides balanced income and growth.  Corporate debt is a minimum of 30%, and short term investments are a maximum of 40%

  • Growth Fund

This is a high-risk fund that provides long-term capital growth.  Corporate debt is a minimum of 20%, and short term investments are maximum of 40%

3. Unit Price Calculations

Units are issued on the basis of the Net Asset Value (NAV) of the specific fund at the time of issuing.  The NAV is calculated every day.

Appropriation Price:  

It is applied when a fund is expanding.  

Expropriation Price:

It is applied when a fund is contracting.

Relevance of Net Asset Value (NAV)

For premiums that are received at a specific time (currently 3 pm), the closing NAV of the day on which the premium is accepted will be applicable.

For premiums received after the specified time, the NAV of the next day will be applicable.

This rule will be applied in the cases of applications for surrender, partial withdrawal, etc.

In cases of maturity claim, the NAV of the date of maturity shall be applied.

The timing will be in accordance with the existing guidelines and changes as per the instructions from IRDA.

4. Charges under the Plan

  • Premium Allocation Charge

This is the percentage deducted from the premium of the LIC Money Plus policy towards charges from the premium received. The balance makes up that part of the premium that is utilized to purchase units for the policy.

  • Charges for Risk Cover

LIC Money Plus planoffers three types of risk covers.

Mortality Charge – This is paid every month and depends on the age of the policyholder. Critical illness benefit rider charge - This is the cost of the Critical Illness Benefit rider. This is also a monthly charge and is age-specific.

Accidental Benefit Charge - It is the monetary cost of Accident Benefit. This is also charged monthly, and the rate at which it is charged is Rs. 0.50 per thousand.

  • Other Charges

LIC Money Plus policyhas a few other charges attached to it, e.g., charges for policy administration, fund management, etc.

  • Revision of charges

LIC has the right to revise all or some of the charges except the Mortality charge and the Premium Allocation charge. The modification will be done only with the approval of the IRDAI.  The charges, though revisable, are subject to certain limitations.

5. Surrender

The completion of the third policy anniversary is mandatory before surrender value can be claimed.  The surrender value is the same as the policy holder's sum value at the date of surrender.  A surrender charge is not applicable.

If a customer applies for the surrender of the policy within five years, then the policyholder’s fund value will be payable with no additional charges levied.

In the event of the death of a customer after the surrender but before completing five years, the value payable on completion of 5 years shall be received by the nominee.

Documents Required

In order to file a proper LIC Money Plus plan claim, one may need the following documents.

1. In the event of the policy holder’s death

  • Certified Death Certificate.
  • Form No.3783, Form 'A.'
  • The original policy document with any Assignment Deed, if applicable.

2. In the event of the maturity claims

  • Form No.3825 Discharged Receipt

The Process to buy LIC Money Plus Policy online

The following steps are to be undertaken to purchase the LIC Money Plus plan online:

Step 1:Visit the insurer’s website and find the plan on the homepage.

Step 2:Click on the option “Buy Online."

Step 3:One will need to enter personal details like name, date of birth, gender, complete address, and contact details like phone number and email id.

Step 4:It will display a premium quote. If one likes the financial parameters, they can go ahead and upload the required documents in the form of scanned copies.

Step 5:One can pay the premium online to complete the process of purchase.

Key Exclusions of the Plan

In the event that the policyholder dies due to suicide at any time within 12 months from the policy purchase, he will automatically be excluded from the LIC Money Plus plan.

Frequently Asked Questions:

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*The investment risk in an investment portfolio is borne by the policyholder.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply. 

***Tax benefit is subject to changes in tax laws.

Average Rating
(Based on 26 Reviews)
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LIC Money Plus Reviews & Ratings

4.6 / 5 (Based on 26 Reviews)
(Showing Newest 25 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
Himanshi
Bablabona, February 22, 2021
Sufficient plan
I have recently bought a lic India term insurance plan and it has been a wonderful plan for me and my family. A sufficient plan for the safety and security of my family. It has given me few benefits too which makes the plan a wonderful.
Kamal
Badayun, February 16, 2021
Affordable premiums
The term insurance plan which I bought of Lic India is first class and very amazing. I like the plan because it has various features and benefits which makes the plan worthy. Also, the premium rate of the plan is according to my budget and much affordable.
Sharad
Malpur, November 05, 2020
Beneficial plan
My LIC India term insurance plan is really good and beneficial in nature. They have provided with certain features and my life has been protective to me and my family.
Nitesh
Latur, November 05, 2020
Low premium
I got my term insurance plan of LIC India. It is really easy to attain and my term plan is really good as it has several add on features included into the same. The premium rate of my plan is really affordable in nature.
Manu
Dehradun, November 05, 2020
Tax benefits
Somebody into my circle recommended me to get the LIC India term insurance policy. So, I gave it a try and started searching for some plans. Quite easy to check features and benefits of all LIC term plans.
Gauri
Garhmukteshwar, October 21, 2020
Amazing plans
It is a really good and amazing plan and I took the LIC term insurance plan for the safety and security of my plan needs and wants.I took the plan online and have checked good number of plans of LIC term plan.
Bhushan
Faridabad, October 21, 2020
Best policy
My lic term insurance plan which I bought recently have given me so much of help and satisfaction. It is a good plan with sense of safety and security. Claims are easy to go and basically it is a best plan for your future needs.
Trilok
Haldwani, October 21, 2020
Good plans
I have got the lic India term insurance. The maturity year is pretty good and I am much happy with my term plan.
Ajeet
Basanti, January 08, 2019
Very Good Plan
Recently I took the Term insurance of LIC and found it too useful. The maturity year is good which 75 years. I feel it is good as it can used by my family after me if by chance some problem may occur. We should always secure our life so it was a good experience and I am getting good benefits too. Thank you.
Jayant
Buxar, July 20, 2016
Excellent Work
The premium is low but the paybacks are high. Service is fast and because of that the claiming is simple to sanctioned. The lic term plan is suggested by my father and after seeing the terms and conditions i buy it.
Saurabh
Ahmedabad, July 20, 2016
Super Policy
My lic term plan is providing the best services. Policy covers maximum expenditures and good returns. Claims are easy to sanctioned, updates of the plan is mailed to email address. Best investment which reduces taxes.
Devesh
Uttamnagar, July 19, 2016
Perfect Policy
LIC online term plan is very easy to buy and renewals is also simple. The updates regarding policy can be visit on the website of the insurance company. Service is fast and behaviour of the staff is nice. The investment is less and the returns are high.
Lokesh
Jaipur, July 19, 2016
Trustworthy
The lic term insurance plan is fantastic which i have seen comes from ages and providing good policies to the customers. Service is the best no doubt in that, online portal is also easy to access and anyone can operate it easily.
Gautam
Hyderabad, July 19, 2016
Good Service
I have lic term insurance plan which is very beneficial for me and my family members from last few years. The policy coverage is high and the premium is less. Service is fantastic which is facilitate by the executives and members.
Arun
Ahmednagar, March 09, 2016
term
help me, plane choose
Sanjeev
Noida, January 02, 2016
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