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.
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LIC Health Plus

New Features of LIC Health Plus:

Premium Ceasing Age : 65 Premium Ceasing Term : 0

LIC’s Health Plus (Plan 901) : Health Plus is a first ever UNIT LINKED HEALTH INSURANCE PLAN launched by L.I.C. of India. Health Plus Unit Plans policy guards against the trauma that you may face due to increased financial burden during hospitalization.The worst nightmare that anyone can have is the one when a family member is hospitalized. Today, when everything is uncertain nobody can be sure what will happen. A seemingly small ailment can turn into major one. And what happens when the earning member of your family is hospitalized? The family goes through the trauma of a loved one being hospitalized as well as an increased financial burden. There are hospitalization expenses, doctors fees and various tests to be carried out.. Meanwhile the patient loses out on his earning for being away from work, and a dismayed and worried family begins to feel the anxiety of the financial implications.But with a policy from LIC you and your family can rest assured!

 LIC’s Health Plus is unit linked Health Insurance plan which provides for insurance cover against following health risks:

• Hospital Cash Benefit (HCB)
• Major Surgical Benefit (MSB)

Provision for reimbursement of domiciliary treatment expenses

Eligible for a person (the Principle Insured (PI)) aged between 18 and 55 covering himself / herself. The spouse and/or dependent children may also be covered under the policy

Premiums can be paid regularly either in yearly or half yearly or monthly (through ECS only) installments

Provision to increase premiums in multiples of Rs. 500/-. under the plan if a request is received from the PI in writing

Benefits payable on Hospitalization:
If PI or any of the Insured lives covered under the policy is hospitalized due to Accidental Body Injury or Sickness, an amount equal to the daily Hospital Cash Benefit, available under the policy during that policy year, shall be payable subject to terms and conditions.
The amount of Daily Benefit will increase at each policy anniversary by 5% of the Initial Daily Benefit till it reaches a maximum of 1.5 times the Initial Daily Benefit

Major Surgical Benefit:
In the event of PI or any of the Insured lives covered under the policy, due to medical necessity, undergoing any of the surgeries defined, the respective benefit percentage of the Major Surgical benefit Sum Assured, as specified against each of the eligible surgeries mentioned, shall be payable subject to terms.This benefit will remain fixed and there shall not be any increases in subsequent years.

Domiciliary Treatment Benefit :
If at least 3 years’ premiums have been paid, an amount shall be payable out of Policy Fund equal to the actual amount spent to meet any domiciliary treatment expenses or any other medical expenses over and above those paid through hospital cash/ surgical benefits incurred in respect of PI or any of the other Insured lives at any time, subject to all the following conditions being satisfied for each payment:

• Claimed amount is atleast Rs. 2,500 ;
• Maximum amount that can be paid shall be 50% of the Policy Fund at the date of payment; 
• Minimum balance of one annualized premium left in the Policy Fund after making the payment.

Premium amount paid upto Rs. 15000/- p.a .is eligible for tax exemption under SEC 80-D of the Income Tax Act. Flexibility to increase/ decrease premium & withdraw money according to your needs. Save Tax. Ask our Experts for Premium Calculation Charts Reviews Presentaions Exmaple Illustraion on LIC Health Plus Policy Plan.

LIC Unit Plans

Unit Plans: LIC’s Unit Linked Insurance Plans have lots of option to withdrwal your money after complition of three full years. You can partially or fully withdrw your money during the whole insurance terms. LIC is giving the best and highest return on this kind of plans. This plans have 4 free swithching options to Bond Fund, Secure Fund, Growth Fund, Balanced Fund etc. Totally NAV based like mutual funds & Stock Market Related investment in this kind of new latest ULIP Plans.

 Find here Our Most Popular LIC ULIP Policies Features/ Benefits:

• Market Plus-I*
• LIC Wealth Plus
• Profit Plus Plan
• Jeevan Saathi Plus (Joint Life Cover Plan for a couple)
• Fortune Plus ULIP
• Health Plus *
• Child Fortune Plus *
• Money Plus-I*

Get Todays Latest Unit Plans NAV Click here.

Ask to our Authorised Experts Insurance Consultant/ Agent for Detail Charts/ Presentations/ Examples/ Illustrations/ Reviews New Latest Plans Various kind of options availble in this Plan. Write your Reviews or compare equity based plans with any other private insurance company online here. Ask for NAV history or data.

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