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.
Mail us for typical Calculations, Reviews, Examples, Illustraion, NAV History or plan detail. Our LIC Agent/ Advisor will contact u within 24 hrs.
Tags: LIC, LIC Market Plus, LIC Market Plus 1, LIC Market Plus 191, LIC Market Plus Nav, LIC NAV, LIC Plan 191, LIC Table 191, LIC ULIP, Life Insurance, Market Plus 1 NAV, Presentation, Reviews
Life Insurance, Unit Plans | Sameer Trivedi December 26, 2009
By Sandeep Soni, December 8, 2009 @ 11:07 am
this is lic plan very good plan
By Goyal, December 10, 2009 @ 10:50 am
minimum single premium is rs 10,000 without life cover. lic is discontinuing this policy from 31.12.2009.
By Sameer Trivedi, December 10, 2009 @ 12:42 pm
As per my knowledge some changes are comming in ULIP Policy from 31/12/2009 but Jeevan Saral is not ULIP Policy. Jeevan Saral is a Simple Regular Policy might not closed today it’s most sellable product by LIC of India than why should they close?
By purna ch fatesingh, December 14, 2009 @ 4:45 am
pl help me to be added in market plus 1 login .
By Sameer Trivedi, December 17, 2009 @ 6:38 pm
We cant understand your words. Send your discussion in brief please.
By atul sharma, December 17, 2009 @ 6:44 pm
which is the best pension plan?
Can any body expain the Contributory pension scheme CPS Started by HP Govt?
By T A PATIL, December 18, 2009 @ 9:57 am
CAN U GIVE ME INFORMATION ABOUT MATURITY WHEN I AM INVESTING RS. 25,000/- AS SINGLE PREMIUM ?
By Sameer Trivedi, December 18, 2009 @ 10:29 am
U have to submit Your Date of Birth & Period of Investment to Get Maturity Amount.
By Satyanarayan Verma, December 21, 2009 @ 10:12 am
Please let me knonw if i am investing 45000 single premium for 30 years then how much i will get at teh maturity wtih life cover and without life cover at the end in Market Plus 1 (table 191).
By raj, December 21, 2009 @ 12:54 pm
Can I get 50 lacs risk cover with maturity benefit for 20 years term a annaul premium on this policy ?
If yes, tell me about annual premium.
By raj, December 21, 2009 @ 12:55 pm
Can I get 50 lacs risk cover with maturity benefit for 20 years term a annaul premium on this policy ?
If yes, tell me about annual premium.
date of birth 25/09/1979
By Dr vikram, December 21, 2009 @ 4:12 pm
CAN U GIVE ME INFORMATION ABOUT MATURITY WHEN I AM INVESTING RS. 25,000/- AS SINGLE PREMIUM AS ON 22/DEC/09 FOR A PERIOD OF 3 YEARS?
MY AGE IS 32 YEARS 12/08/1977
By Sameer Trivedi, December 23, 2009 @ 6:29 pm
As per my knowledge u will get 15 to 20% return on your any LIC Ulip Products. U will get 35500 as a maturity in Market Plus after complition of 3 years. This figure shows as assumed rate of return is 16.58%.
By Sameer Trivedi, December 23, 2009 @ 6:33 pm
Your Annual Premium is 4,17,000/- for getting 50 Lakhs Risk Cover.
By Hamid ullah Tarafder, December 24, 2009 @ 2:30 pm
Please let me knonw if i am investing 10000 single premium for 10 years then how much i will get at maturity wtih life cover and without life cover at the end in Market Plus 1 .
By Jasmeet, December 24, 2009 @ 7:56 pm
Why should I take this policy? can u explain?
By ANUPAM, December 26, 2009 @ 11:46 am
i wanna invest 5000 per month in market plus 1 . plz tell me how much i will get after 25 yrs.
By ANUPAM, December 26, 2009 @ 11:50 am
i wanna invest 5000(i.e 60000 per annum) per month in market plus -1 for next 25 years. plz tell me how much i get after 25 years with life cover. my present age is 33 yrs.
By shilpa, December 26, 2009 @ 10:12 pm
I wanna invest Rs.5000/-per year for only five years.pls let me know how many amt i get after 10 years or 15 years with life cover my age is 29yrs.& how many amt recd to my nominee after my death if after any premium i paid?
By Sameer Trivedi, December 28, 2009 @ 7:52 pm
u may get Return between 15 to 18% in LIC Market Plus 1.
By Anuj Verma, December 29, 2009 @ 10:25 am
I saw your market pls-1, but i am not confirmed, if is invest Rs.5000/- p.a to 3 yrs,what i will get after 3 yrs and what amt after 10 yrs. also Basic Plan with Life Cover, if i invest 5000/- p.a to 6 yrs=30000/-(regular am correct?) single Rs.25000/- what i get after 1 yrs? because i am not confirmed about this plan
By keval chheda, December 30, 2009 @ 1:43 pm
i am looking forward to invest upto 25000 p.a upto 5yrs for tax benefit purpose
but i am confused between ULIP and JEEVAN SARAL
PLZ help me to choose the better one to get the maximum returns….
By Sameer Trivedi, December 30, 2009 @ 2:06 pm
LIC Market Plus 1 is Good ULIP Pension Plan for Higher Returns which is Closing on 31st December 2009. I think u are now missing the train.
By keval chheda, December 30, 2009 @ 2:51 pm
just an hour ago i consulted an agent…he told me that i can login for it till tomorrow..
but then he also said that he would advise to go for JEEVAN SARAL as it is more secured..
whats ur take on it…??
By Anuj Verma, December 30, 2009 @ 2:57 pm
I saw your market pls-1, but i am not confirmed, if i invest Rs.5000/- p.a to 3 yrs,what i will get after 3 yrs and what amt after 10 yrs. also Basic Plan with Life Cover, if i invest 5000/- p.a to 6 yrs=30000/-(regular am correct?) single Rs.25000/- what i get after 1 yrs? because i am not confirmed about this plan
By keval chheda, December 30, 2009 @ 2:57 pm
Thanks bro for Replying…But the thing is tha i jus had a talk with an agent and he told me that tommorow is the last day for login of ULIP…
But he also said that he would personally suggest JEEVAN SARAL over ULIP…
wud like to know ur take on it…??
By dinesh kaushik, December 30, 2009 @ 3:19 pm
is there any plan in lic where i can get 10 lacs after 15 years by investing 15,000 p.a. with a risk cover of rs. 10 lacs too
By Sameer Trivedi, December 30, 2009 @ 4:56 pm
Both r the LIC’s Popular Best Selling Products. It’s Depending on you if u need higher return u might ready for risk that is market plus 1 & if u need secure investment product go for jeevan saral
By Sameer Trivedi, December 30, 2009 @ 4:59 pm
Some one offers me a singapore trip by plane but i think by plane it’s risky If i am suffering by train it’s safe but there is no train for singapore….
By keval chheda, December 30, 2009 @ 7:54 pm
haha…gd 1…thanks for d advise….
By balu humane, January 1, 2010 @ 3:59 pm
sir i have invested one time Rs 85000/- for three yrs in Market plus I (bond option). My date of birth is 20.12.1964. What will be my maturity value. please guide
By chandra pratap singh, January 7, 2010 @ 12:29 pm
sir,
what is the minimum single premium in market plus I in prsent time after some changes in it.
By sameer, January 7, 2010 @ 12:32 pm
sir, I want a pension plan can you told me which plan will suite me
By Gagan, January 7, 2010 @ 12:41 pm
As market plus plan was closed on 31/12/09, is there any ill effect of this who already taken up this plan?
By Sameer Trivedi, January 7, 2010 @ 4:13 pm
30000 minimum single premium is applicable as per new rules since 1st January 2010 as per IRDA norms
By Sameer Trivedi, January 7, 2010 @ 4:13 pm
Market plus one is best for pension plans
By Sameer Trivedi, January 7, 2010 @ 4:15 pm
No exsiting policyholder not affected due to changes. Changes are applicable to new policy holdrers whose policy is issued on or after 1/01/2010
By Ramanuj sharma, January 19, 2010 @ 4:00 pm
can we get 100% Tax Benefit under section 80c
By Sameer Trivedi, January 21, 2010 @ 10:56 am
can we get 100% Tax Benefit under section 80c: Yes
By satish, January 29, 2010 @ 4:31 pm
sir i want to invest a sum of 20,000 rs at a time for my one and half year child,so plz suggest me the suitable plan.is market plus suits for me.
By Sameer Trivedi, January 29, 2010 @ 6:16 pm
Market Plus is Pension Plan and available for above 18 Years Age. U may take this policy in your name that way u can manage…