LIC Market Plus Policy
LIC Market Plus Policy is a kind of policy that gives a person to choose a plan with or without risk.
It is a Unit Linked Pension Scheme. It can be divided in to four types of funds for investment namely, secured, bond, balanced and growth fund. It is a pension policy ideal for investments for retirement purposes.LIC Market Plus Policy Features
Option to pay one time premium.
Critical illness benefit of minimum Rs 50,000 and the maximum Rs 10 lac.
Accident benefit from Rs 25,000 up to a maximum of Rs 50 lakh.
Switch from one type of fund to another up to four times a year.
Premium top up.
Policy can be taken with or without risk cover.
Net Asset Value (NAV) declared on a daily basis.
Benefits of LIC Market Plus Policy
An option to commute up to one third of the payable benefit in lump some is there. As on vesting of policy, the fund value is utilized to provide pension on the basis of prevailing annuity rates.
In case of death of the policy holder the fund value and the riders can be paid at once or in the form of pension.
Eligibility criteria of obtaining LIC Market Plus Policy without life cover
- Minimum Sum Assured : Nil
- Maximum Sum Assured : Nil
- Minimum Premium: Rs.5,000 p.a. for Regular premium, thereafter in multiples of Rs. 1,000
- Minimum Premium: Rs.5,000 p.a. for Regular premium, thereafter in multiples of Rs. 1,000; Rs. 1,000 p.m. for monthly (ECS), increasing thereafter in multiples of Rs. 250.
- Maximum Premium: No Limit.
- Minimum Entry Age: 18 years last birthday.
- Maximum Entry Age: 74 years nearest birthday.
- Minimum Deferment Team: 5 years.
- Minimum Vesting Age: 40 years completed.
- Maximum Vesting Age: 79 years completed.Minimum Premium payment for LIC Market Plus Policy Without life cover
Minimum Premium payment for LIC Market Plus Policy Without life cover
Regular premium (other than monthly (ECS) mode)
Rs. 5,000 p.a for deferment term 20 years and above
Rs. 10,000 p.a for deferment term 15 to 19 years
Rs. 15,000 p.a for deferment term 10 to 14 years
Regular premium (for monthly (ECS) mode):
Rs. 1,000 p.m for deferment term 15 years and above
Rs. 1,500 p.m for deferment term 10 to 14 years
Single premium: Rs. 30,000 for deferment term 5 years and above
Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
Eligibility criteria for LIC Market Plus Policy with life cover
- Minimum Sum Assured: 30,000/-
- Maximum Sum Assured : Nil
- Minimum Premium: Rs.5,000 p.a. for Regular premium, in multiples of Rs. 1,000
Or Rs. 25,000 for Single premium. - Maximum Premium: No Limit
- Minimum Entry Age: 18 years last birthday.
- Maximum Entry Age: 65 years nearest birthday.
- Minimum Deferment Term: 5 years.
- Minimum Vesting Age: 40 years completed.
- Maximum Vesting Age: 75 years nearest birthday.
Maximum Life Cover Ceasing Age: 75 years nearest age
Options of payment of premium of LIC Market Plus Policy
One time Premium, monthly (ECS), quarterly, half-yearly and yearly options are available. The minimum yearly Premium will be Rs. 5,000 increasing thereafter in multiples of Rs.1,000. There will be no mode specific charges/ rebates.
How to apply for LIC Market Plus Policy
For enjoying the benefits of LIC Market Plus Policy you need to contact the nearest LIC branch or an agent. It is also possible to fill the form and submit it online.
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I just came to know that due to some reasons my 3rd year premium checque had bounced for LIC Market plus policy, and it was not in my notice, now it is over due for about 10 months.
Can I pay up now, and will there be some penalties if any for the same ?