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 LIC 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.

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

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