Everything You Need to Know about LIC Market Plus Plan

Everything You Need to Know about LIC Market Plus Plan

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Life Insurance Corporation, one of the largest insurance providers in India, offers a variety of plan to meet the needs of the insurance seekers. Once again they have come up with LIC Market Plus insurance policy which is a ULIP product. LIC Market plus Insurance plan was introduced on 5/07/2006 and was withdrawn on 01/04/2008.  The plan comes without critical illness rider. With a lock-in-period of 3 years, the plan can only be surrendered after the completion of 3 years from the date of commencement. In order to achieve your financial goals, LIC Market Plus insurance policy is an apt plan to go for, as the insured can avail the life cover along with the investment options.

The eligibility criteria of the plan are very simple and are explained below in the form of a table.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

70 years

Minimum Maturity Age

40 years

Maximum Maturity Age

75 years

Mode of Payment

Yearly, Half-yearly, Quarterly, Single Premium

Premium Amount

Minimum Rs5000 for regular pay and Rs10,000 for single pay

 

As a Unit Linked pension plan, LIC Market Plus offers a lot of benefits to the customers. For the knowledge of our customers, here, we have discussed in detail the benefits offered by the policy.

Maturity Benefits- If the insured person survives till the maturity of the policy tenure, the maturity benefit will be paid to the insured. Under Market Plus plan, the insurance holder has to intimate his/her choice of annuity option to the corporation at least 6 months prior to the vesting date. The insurer also provides options to purchase a pension from any other insurance company but the insured will have to inform LIC at least 6 months prior to the vesting date.

Death Benefit- In the case of uncertain death of the insured person within the tenure of the policy, a death benefit equal to the sum assured plus fund value of units held in the policyholder unit account is payable to the beneficiary of the policy. If the policy is taken without a life cover, then the death benefit equal to the fund value of units held in policyholder’s unit Account will be paid, either in a lump sum or in the form of pension.

Accidental Death Benefit Rider- Accidental benefit can be availed as an optional rider by paying an add-on premium of Rs0.50 for every Rs1000 of the accidental benefit sum assured per policy year. Under Accidental benefit rider, accidental death benefit along with the basic sum assured amount is payable to the beneficiary of the policy in case of accidental death of the policyholder.

Investment Fund Type in LIC Market Plus 

LIC Market Plus plan provides 4 types of fund options to the insured.

1.    Balance Fund

2.    Bond Fund

3.    Growth Fund

4.    Secured Fund

After the completion of the 3rd policy year, the insured person can surrender the policy. The surrender value given to the policyholder is the fund value on the date of giving up.

One of the benefits of Market Plus retirement plan over normal insurance plan is that, it can be obtained with or without life insurance protection. So, if you don’t want a life cover but still you want to invest in policy then LIC Market plus Insurance plan is the most beneficial plan you can go for. To gain the maximum benefits of the plan, you can compare the quotes online and choose the policy that is more economical.