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.

Benefits
On death of the policyholder 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 policyholder 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.

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