Everything You Need to Know about LIC Market Plus Plan

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 LIC Market plus Insurance plan was introduced on 5/07/2006 and was withdrawn on 01/04/2008.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

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

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.

Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about ulip plans.
You May Also Want to Know About
ULIP Fund Returns
ULIP Fund Returns ULIP or Unit Linked Insurance plan  provides a combined benefit of investment and life cover. According to the investors financial goal, time horizon and risk tolerance, he/she can choose from a wide range of fund options availa...
ULIP Calculator
What is ULIP Calculator A ULIP calculator is a specifically developed tool which helps the insurance buyers to calculate the premium amount and check the ULIP returns. There are numerous financial websites that provide the facility of ULIP calcula...
SBI Life Smart Privilege Plan - All You Need to Know About Benefits & Features
SBI Life Smart Privilege Plan - All You Need to Know About Benefits & Features SBI Life Insurance is one of the most trusted life insurance companies in India. Keeping the requirements of customers in mind, the company has launched “Smart Pr...
11 ULIP Charges You Should Know About
11 ULIP Charges You Should Know About Unit-Linked Insurance plan (ULIP) offers dual benefits of insurance and investment. Unlike traditional insurance products, ULIPs are subject to various risk factors, where the return is directly proportionate ...
A review on Edelweiss Tokio Life Wealth Ultima Plan
A review on Edelweiss Tokio Life Wealth Ultima Plan Unit Linked Insurance Plans or ULIPs have always been the first preference of retail investors with low risk appetite. While all investment instruments have some pros and cons, ULIPs are consider...