Everything You Need to Know about LIC Market Plus Plan

LIC Market Plus Plan- An Overview

The LIC Market Plus Insurance plan was introduced on 5/07/2006 and withdrawn on 01/04/2008. The plan offered by the LIC of India is a flexible, unit-linked insurance plan designed to offer investors both life coverage and investment opportunities. With options to invest in various funds, it allows policyholders to tailor their investment strategy to align with their financial goals and risk appetite while also ensuring protection for their loved ones.

Eligibility Criteria

Below are the eligibility criteria for the LIC Market Plus Plan:

Benefits of LIC Market Plus Plan

As a Unit-Linked plan, LIC Market Plus offers multiple benefits to customers. Below are some of the benefits of the LIC Market Plus Plan:

1. Maturity Benefits

   If the insured survives until policy maturity, the maturity benefit is paid to the insured. The insurance holder has to intimate his/her choice of annuity option to the corporation at least 6 months before the vesting date.

   The insurer also provides pension options from other insurance companies for which the insured must inform LIC at least 6 months before the vesting date.

2. Death Benefit

   In the case of uncertain death of the insured, death benefits equal to the sum assured plus fund value of units held in the policyholder unit account is payable to the beneficiary. 

   If the policy is taken without a life cover, the death benefits equal to the fund value of units held in the policyholder’s unit account are paid. Death benefits are paid either in a lump sum or a pension.

3. Accidental Death Benefit Rider

   Accidental benefit can be availed as an optional rider by paying an add-on premium of Rs 0.50 for every Rs 1,000 of the accidental benefit sum assured per policy year. Accidental death benefit along with the basic sum assured is payable to the beneficiary 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:

• Balance Fund
• Bond Fund
• Growth Fund
• Secured Fund

After the third policy year is completed, the insured can surrender the policy. The surrender value given to the policyholder is the fund value on the surrender date.

One of the benefits of the Market Plus retirement plan over a normal insurance plan is that it can be obtained with or without life insurance protection. If you do not want a life cover but still want to invest in a policy, the LIC Market Plus Insurance plan is the most beneficial plan. To gain the maximum benefits of the plan, you can compare the quotes online and choose an economic policy.

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