Money Plus- I

LIC's New Money Plus - I (Plan 193) :   launched on 22nd May 2008, is a Unit  Linked Endowment plan with regular premium paying term which offers investment-cum-insurance during the term of the policy. lic+ULIP+endowment

Benefits
(a)On death of the policyholder, the nominee will be eligible to get higher of Sum assured (minus partial withdrwal if any done during last two years) or the Fund value of units
(b)In case of maturity the policyholder will get amount equal to the Fund value of the units.
(c) Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium. On Accidental death of the Policyholder during the term of the
policy, a sum equal to the Accident Benefit Sum Assured will become payable.
(d) An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness, provided the Critical Illness Benefit cover is opted for and is in force.
(e) In case this Settlement Option is exercised, the maturity claim under the policy shall not be paid in lump sum. The policyholder can encash the units held in the Fund in regular
(half-yearly / yearly instalments) lic+endowment

Eligibility & Conditions

For Basic Plan
a) Minimum Sum Assured: 5 times the annualized premium
b) Maximum Sum Assured:                    
30 times of the annualized premium if age at entry is upto 45 years nearest birthday
20 times of the annualized premium if age at entry is 46 to 60 years nearest birthday
10 times of the annualized premium if age at entry is 61 years nearest birthday and                     above
c) Minimum Premium:  Rs. 5,000 p.a. (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing thereafter in multiples of Rs. 250.     
d) Maximum Premium:  No Limit                                                         
e) Minimum Entry Age:  0 years last birthday
f) Maximum Entry Age:  65 years nearest birthday
g) Policy Term: 5 to 30 years
h) Minimum Maturity Age:  18 years completed
i)  Maximum Maturity Age: 75 years nearest birthday
 
Sum Assured shall be available in multiples of Rs. 5,000 and Annualized premiums shall be payable in multiples of Rs. 1,000. Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000.
 
For Accident Benefit
a) Minimum Sum Assured: Rs. 25,000
b) Maximum Sum Assured: Rs. 50,00,000 taking all existing policies of the Life Assured under
individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.
Under no circumstances Accident Benefit Sum Assured shall exceed the Sum Assured under the basic Plan.
c) Minimum / Maximum Premium:  No separate Limit                              
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 65 years
f) Policy Term: 5 to 30 years
g) Maximum Maturity Age: 70 years nearest birthday
    
Sum Assured shall be available in multiples of Rs. 5,000
 
For Critical Illness Rider Benefit
a) Minimum Sum Assured:  Rs. 50,000
b) Maximum Sum Assured: Rs. 10,00,000 taking Critical Illness riders availed under all existing policiesof the Life Assured with the Corporation and the Critical Illness Rider Sum Assured under the new proposal under consideration. Under no circumstances Critical Illness Rider Sum Assured shall exceed the Sum Assured under the basic Plan.
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 30 years
g) Maximum Maturity Age:  60 years nearest birthday
    
Sum Assured shall be available in multiples of Rs. 10,000

Modes of Premium Payment:
Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.  The minimum Annualised Premium (other than monthly through ECS) will be Rs. 5,000/- increasing thereafter in multiples of Rs.1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.   

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