LIC’s New Market Plus 1

LIC’s Market Plus – I (Plan 191): , launched on 17th
June 2008, is a Unit Linked Deferred Pension plan where the policy holder can choose the plan with or without risk cover. Explanation is as under.

Benefits
On death of the policy holder within the deferment term where Life cover is opted for and is in force, the nominee is eligible to get the Sum Assured under the Basic Plan together with the Policyholder’s Fund value

On death of the policy holder where the policy is taken without life cover, then the Policyholder’s Fund value, is payable to the nominee.

On the policyholder surviving upto the date of vesting, the Policyholder’s Fund value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.

Top-Up (Additional Premium)
The policyholder can pay Top-up in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.

Eligibility & Conditions:

For Basic Plan without Life Cover

a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
c)Minimum Premium : Rs. 5,000 p.a. for Regular premium (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250. thereafter in multiples of Rs. 250.
d)Maximum Premium : No Limit.
e)Minimum Entry Age : 18 years last birthday.
f)Maximum Entry Age : 74 years nearest birthday.
g)Minimum Deferment Team : 5 years.
h)Minimum Vesting Age : 40 years completed.
i)Maximum Vesting Age : 79 years completed.

Annualized premiums (other than monthly (ECS)) is payable in multiples of Rs. 1,000.

For Basic Plan with Life Cover

a)Minimum Sum Assured : NIL.
b)Maximum Sum Assured : NIL.
Single Premium : Equal to single premium.
Regular Premium :
If Critical Illness Benefit Rider is opted for –
10 times of the annualized premium if age at entry is upto 40 years.
5 times of the annualized premium if age at entry is 41 years and above.
If Critical Illness Benefit Rider is not opted for –
20 times of the annualized premium if age at entry is upto 40 years.
10 times of the annualized premium if age at entry is 41 years and above.
c) Minimum Premium : Rs. 5,000 p.a. for Regular premium.
Rs. 25,000 for Single premium.
d) Maximum Premium : No Limit
e) Minimum Entry Age : 18 years last birthday.
f) Maximum Entry Age : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum LifeCover Ceasing Age : 75 years nearest age.

Sum Assured is available in multiples of Rs. 5,000 and Annualized premiums is payable in multiples of Rs. 1,000.

For Accident Benefit

a) Minimum Sum Assured : Rs. 25000
b) Maximum Sum Assured : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.

For Critical Illness Rider Benefit

a) Minimum Sum Assured : Rs. 50000
b) Maximum Sum Assured : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.
The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium : No separate limit.
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.

Modes of Payment

The policyholder has the choice either to pay Single Premium (in one lump sum) or Regular premium (yearly, half-yearly, quarterly or monthly (through ECS only)). The minimum Annualised Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will be no mode specific charges/ rebates.
Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000. Flexibility to increase/ decrease premium & withdraw money according to your needs. Save Income Tax upto Rs.33390 under section 80 C .

When I started analysis of LIC market Plus, I went to the LIC website looking for the policy brochure. Not surprisingly, I couldn’t find it on the website. LIC seems to be one of the very few insurers who don’t provide full policy details on the website. Anyways, there was some information along with benefit illustration provided on the website.
LIC Market Plus I is a ULIP based pension plan. There are three riders available for the customer i.e. Life Cover, Accident Benefit & Critical Illness Benefit. The last two riders are available only if you opt for the life cover rider. It’s good to see that life cover is available as a rider. It’s always better to have the flexibility in insurance products. Since there is not much information available on the website, let’s look at the cost of the ULIP. Here comes the big surprise! For a 20 year policy without life cover, the net return turs out to be 8.6% for 10% return on investment. This makes it the one of the lowest cost pension plan (most probably the lowest cost ULIP) available in the market.
Overall, though not much information is available for this plan, it is an extremely low cost plan. So if you are planning to buy this plan, you will certainly be paying much less than most ULIP investors.

  • Get Today’s Latest Market Plus/ Market Plaus 1 NAV Click here.
  • To View Illustrations/ Examples on LIC Market Plus- I Click here.
  • To Activate Online Premium Payment or ECS Dowanload Form by Cliking Here.

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96 Comments

  • By Chetan Sharma, September 4, 2010 @ 7:08 pm

    Thanks and could you plz suggest for Best Child Plan i must take for my 7 month baby , Which cover his maximum future Needs like Education ,Health etc.

  • By karthik, September 21, 2010 @ 7:42 pm

    I want to know the value of my investment in lic market plus 191,I am investing sine one year.
    ECS Rs 1000/-,
    17 years- investment period
    udupi,
    9014598638,
    14.03.1987.

  • By satyaveer singh yadav, April 21, 2011 @ 6:02 pm

    i have invested rs50000 in market plus policy(181). my policy no. is 196140891. i want to know that how many units are allotted to me and what is the current value of my units. thanks

    Regards
    satyaveer singh yadav
    VPO – Bhungra Ahir
    Teh – Mundawar
    Dist – Alwar (Raj.)301427
    9811476

  • By satyaveer singh yadav, May 14, 2011 @ 2:39 pm

    By satyaveer singh yadav, April 21, 2011 @ 6:02 pm

    i have invested rs50000 in market plus policy(181). my policy no. is 196140891. i want to know that how many units are allotted to me and what is the current value of my units. thanks

    Regards
    satyaveer singh yadav
    VPO – Bhungra Ahir
    Teh – Mundawar
    Dist – Alwar (Raj.)301427
    9811476863

  • By admin, May 19, 2011 @ 11:57 am

    You have to contact your nearest lic branch office. We have no access of other branch policy details.

  • By satyaveer singh yadav, May 30, 2011 @ 7:09 pm

    i have invested rs50000 in market plus policy(181). my policy no. is 196140891. i want to know that how many units are allotted to me and what is the current value of my units. thanks

    Regards
    satyaveer singh yadav
    VPO – Bhungra Ahir
    Teh – Mundawar
    Dist – Alwar (Raj.)301427
    9811476863

  • By admin, June 4, 2011 @ 10:07 am

    You may ask on 1251 or visit the nearest branch.We have not able to see your records due to other branch.

  • By kausik, June 25, 2011 @ 9:42 pm

    my policy no-467979500. i have invested rs50000 in market plus police. Please calculate my maturity amount.

  • By manoj, July 18, 2011 @ 10:14 am

    i have been taken market plus-1 in june 2010 . my policy no. is 123800297 (single 165000). what is growth in 3 months.

  • By satyaveer singh yadav, August 5, 2011 @ 11:42 am

    By satyaveer singh yadav,Aguset 5, 2011 @ 2:39 pm

    By satyaveer singh yadav, Aguset 5, 2011 @ 6:02 pm

    i have invested rs50000 in market plus policy(181). my policy no. is 196140891. i want to know that how many units are allotted to me and what is the current value of my units. thanks

    Regards
    satyaveer singh yadav
    VPO – Bhungra Ahir
    Teh – Mundawar
    Dist – Alwar (Raj.)301427
    9811476863

  • By admin, August 11, 2011 @ 6:10 pm

    You have to register at http://www.licindia.in website. Make your login id there & enroll your policy detail their you will see your policy status with number of units allocated you & todays NAV of Market Plus 1

  • By MAHESH PANDEY, August 18, 2011 @ 2:53 pm

    sir, i nm investing rs 10,000 (growth) for 3 year.plz calculate my maturity amt.

  • By elizabethrani.c, September 14, 2011 @ 12:36 pm

    i invest the amount rs 50000 in market plus policy(2008)after 3 years how can i get the amount(2011)

  • By ETHIRAJ, October 4, 2011 @ 11:02 am

    Where is the form ?

  • By admin, November 5, 2011 @ 12:00 pm

    This scheme is closed for sale so form is not avail.

  • By Dixon, October 22, 2011 @ 11:22 am

    Sir, I have a MARKETPLUS (plan-191-Single premium of 4 Lakhs-without life cover)Iwas taken the policy on August-2010, Now I need some money, Please let me know, I can take a loan of atleast 75% before the maturity period.Thanks

  • By admin, November 5, 2011 @ 11:34 am

    No need of loan in ULIP policy u will withdrwal any round figure amount in multiple of Rs.1000/-. Your units are deducted from your account propotinately.

  • By Kiran Mohindra, November 3, 2011 @ 8:59 pm

    My husband took market plus-1 policy last year on 31/8/2010 by giving a lump some amount of 1 lac and is not alive now. Can u please help how do get the amount to the nominee and how much money will we get without undergoing a loss?Please cslculate the amount and let me know?His policy no. is 255907034

  • By admin, November 5, 2011 @ 11:29 am

    You have to contact your servicing Branch Office.

  • By Joy, March 19, 2013 @ 9:05 am

    Hi Sameer,
    My age when the policy (LIC Market Plus – I Growth) was 28(2010), the policy is for 12 years,I pay a regular yearly premium of 20,000 Rupees.Can you tell me the amount at maturity?Also should I continue with the policy of withdraw?

  • By Joy, March 19, 2013 @ 9:11 am

    Hi Sameer,
    My age when the policy started(LIC Market Plus – I Growth) was 28(2010), the policy is for 12 years,I pay a regular yearly premium of 20,000 Rupees.Can you tell me the amount at maturity?Also should I continue with the policy or withdraw?

  • By admin, January 7, 2014 @ 7:09 pm

    Withdrwal & go with regular premium plans.

  • By ABDUL MAJID, August 15, 2013 @ 9:04 am

    LIC NAV 191 IN 2010 AMOUNT 30,000 3yr mobileno:8941077860 city: bareilly dob:7-10-1979

  • By admin, June 25, 2014 @ 2:31 pm

    Kindly provide your policy number.

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