Market Plus Table No 181 unit linked plan includes a number of interesting options. As a unit linked plan, it is extremely powerful in general since it gives you a lot more than basic insurance cover. Market Plus – I is in compliance with the recent IRDA standards. Therefore as well as to be a a part of the stock market you are able to cover your life from different situations and in addition have a provision for your retirement life. Market Plus – I is really an impressive plan that fits your needs correctly. Unit Linked Insurance policies are long term investment cum life protection plans that provide you an option of getting market related returns although giving life insurance coverage. Based on your risk appetite, you’ve the choice of selecting from variety of funds having different degree of risk coverage. Overall flexibility and openness are a few of the other appealing options that make ULIPs an interesting long lasting investment choice. To assist you meet your long term goals, LIC offers you a broad range of insurance and plans to ensure that you always enjoy lifestyle. The options of Market plus plan are described under:
The product is offered with or without insurance cover. Provision for pension from as early as age of 40 years is offered in this plan, although the surrender features are permitted after three years with no surrender charge furthermore the availability of top-up option. Despite the fact that this pension cum insurance plan has features of both with or without life cover, the majority of the clients prefer to opt for without life cover. The scheme can be obtained as a normal premium payment plan and also a single premium plan. ‘Market Plus’ was launched a year following the launch of ‘Future Plus’ and integrated the minimum three year lock-in time recommended by the IRDA. The net asset value nav of Market Plus that was Rs 10 on July 5, 2006 the date of the start, went up to 12.28% — a increase of over 22.8%. Within the same period, the Sensex has climbed almost 60%. ‘Future Plus’, which was introduced in 2005 has a net assets value of 17.72% under its growth fund type.
|Entry Age (Yrs)||35|
The benefits of ‘Market Plus’ retirement plans over normal insurance plan was that it can be obtained with or without life insurance protection . Furthermore, in case a customer decide to invest in a policy with no life cover he could do so. These kinds of covers advantages older customers who may have large premium to invest as they just don’t need to go for a health-related underwriting, that may lead to raising their price of insurance coverage. The amount of pension is based on the then current immediate annuity plan prices under the annuity method chosen.
Based on a selection of the fund type, the assigned premiums would be useful to the buy units. The unit account of the LIC Policy owner will be subjected to the deduction of costs as per conditions that are described in the LIC Market plus plan. The premium amounts is usually paid on a regular basis at the yearly or the half yearly as well as the quarterly interval over the entire term of the LIC Market plus policy.
On the Life Assured or the policyholder living till the the maturity date of the policy, a sum equal to the Policyholder’s Fund Value is as maturity benefits.
unit linked pension plan
Related : Deferred Annuity Plan New Jeevan Nidhi
Higher of Sum Assured or the Policyholder’s Fund Value will be offered as death benefit.
The surrender benefit, if there are any, is payable only after the completing the 3rd policy year. The forfeit value is going to be the Policyholder’s Fund Value on the date of give up. There’ll be no Surrender charge.
Fund Options Available
– Balance Fund
– Bond Fund
– Growth Fund
– Secured Fund
IF you want to know the status of LIC market plus plan or want to get premium paid statement, it can be obtained from customer portal of LIC by registering your policy there.
Who doesn not wish to pay regular premium for some year and looking for quick monthly income, there is another single premium plan in LIC called jeevan akshay vi immediate annuity plan. This product can be brought online or offline from LIC Agent