Market Plus 1
(Investment + Pension + Insurance Plan)
This is the only ULIP plan that you can buy without life cover. The last opportunity to invest in LIC’s Market Plus 1 without risk cover is upto 30th June 2010. We call this Market Plus 1 (Table No.191) plan as The Magic Plan, The master plan, The wonder plan.
Market plus 1 plan is a unit linked differed pension plan. You can choose the plan with or without risk
cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a single
premium or Regular Premium contract and the level of premium you agree to pay. The allocated premiums
will be applied to buy units for the fund type chosen. Units will be allotted based on the Net asset value (NAV) of the
respective fund as on the date of allotment. There is no Bid-Offer spread. The NAV will be declared on a daily basis and
will be based on Investment performance under each fund type.
Why Market Plus 1?
- High Return with minimum risk
- Easy liquidity (Can be surrendered after 3 years)
- Tax Benefits available under 80C upto Rs.1 lakh
- Opportunity to invest in different funds. (Growth, Balanced, Secured and Bond fund)
- You can swith over between different funds.
- Top-Up (Invest any amount, anytime) with low allocation charges 1.25% only
- Optional Life cover at a low premium
- Flexible premium payment mode. (Monthly, Yearly, half yearly, Quaterly, ECS)
- No surrender charges
- Optional Critical Rider (Specific diseases covered)
- Option to freeze NAV anytime even before 3 years in case of high increase in NAV.
Market Plus 1 Policy Features :
1) Fund Types:- There are 4 funds available depending upon investment pattern in guaranteed and non guaranteed
market. These are (i) Bond Fund. (ii) Secured Fund. (iii) Balanced Fund. (iv) Growth Fund.
2) Benefit on Vesting :- BID Value of units held in the policyholder ‘s unit account would be invested in
Immediate Annuity. Investment can be either with LIC or with any other Insurance Company. This policy can
vest from 40 to 79.
3) Death Benefit:- Sum Assured of Basic Plan + BID Value of Units as at the date settlement / Booking liability
whichever is earlier is given to Nominee.
4) Accident Benefit:- On death due to accident extra sum assured would be payable at extra premium.
5) Auto Cover:- This policy gives life cover and accident benefits even if premiums are not paid after paying
3 years premium. The charges towards risk shall be taken by canceling appropriate numbers of units on
Monthly basis. This will continue upto
(a) 2 years from first unpaid premium. or
(b) The date of vesting. or
(c) Till such period that the policyholders unit account reduces to one annualized premium.
6) Compulsory Surrender:- In case policy is not revived during revival period, The policy will expire and
fund value of units shall be refunded to the policyholder.
7) Switching:- Switching to any Fund type is allowed. Within a given policy year 4 Switches will be free of
charge i.e. after every policy Anniversary first 4 Switches are free. Switches more than 4 allowed subject to
deduction of Rs.100/- per switch from the 5th Switchover.
8 ) TOP-UP facility is available.
9) Surrender Value:- This policy can be surrendered after completing 3 years both under single premium and
regular premium contract without any surrender charges.
10) This plan can be given to person having age range of 18 to 65. This plan can be given upto age of 74
if sum assured is 0.
1. Minimum Term of 10 years.
2. Minimum Single Premium Rs 25,000.
3. Minimum Yearly Premium Rs 10,000.
Charges:
1. Allocation Charges: 3.3% (for single premium)
2. Policy Administration Charge: Rs.60/- pm for first year and then Rs.20/month throughout the policy term.
3. Fund Management Charge (FMC): Will be deducted at the following rates p.a. on the date of computation of NAV: Balance Fund 0.5%; Secured Fund 0.6%; Balanced Fund 0.7%; Growth Fund 0.8% p.a.
Investment bhi plus Pension bhi plus.
You can also find this plan by searching:
- lic of india market plus
- LIC OF INDIA MARKET PLUS 1
- lic market plus 1 nav
- market plus 1
- lic of india nav of market plus
- lic of india marketplus
- wealth plus
- should i select LIC market plus 1 with or without life cover
- lic of india market plus 191
- www lic masterplas
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