LIC Market Plus 1: NAV, Summary, Review
Market Plus 1 (Table No 191) is a unit-linked pension scheme (ULIP). The policyholder can choose the plan with or without risk cover. This investment plan is divided into four types of investment Funds namely Bond, Secured, Balanced, and Growth Funds. Market Plus 1 is primarily a Pension policy, and the plan has many attractive features and options that make it an ideal Retirement solution for your future.
Market Plus 1 Feature:
- Option to pay a one-time premium
- Critical illness benefits a minimum of Rs 50,000 and a maximum of Rs 10 lakh
- Accident benefit from Rs 25,000 upto a maximum of Rs 50 lakh.
- Switch from one type of fund to another up to four times a year.
Premium top-up. - The policy can be taken with or without risk cover.
- Net Asset Value (NAV) is declared daily.
Fund Types:
1. Bond Fund
2. Secured Fund
3. Balanced Fund
4. Growth Fund
Benefits:
- A)- On Vesting:
On vesting of the policy, the Fund Value will provide a pension based on the then prevailing annuity rates. An option to commute upto one-third of the payable benefit in a lump sum is available. - B) On Death:
In the event of the unfortunate death of the policyholder the Fund Value and the Riders, if any, will be payable in a lump sum or as a pension.
Market Plus 1 Eligibility Conditions and Restrictions:
For a Basic Plan without Life Cover (Investment plan)
Description | Value |
---|---|
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 Rs. 1,000 p.m. for monthly (ECS), increasing after that 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 Term | 5 years |
Minimum Vesting Age | 40 years completed |
Maximum Vesting Age | 79 years completed |
Update for Minimum Premium without life cover for Market Plus 1 :
Mode of Payment | Deferment Term | Minimum Premium |
---|---|---|
Regular Premium (Annual) | 20 years and above | Rs. 5,000 p.a. |
15 to 19 years | Rs. 10,000 p.a. | |
10 to 14 years | Rs. 15,000 p.a. | |
Regular Premium (Monthly ECS) | 15 years and above | Rs. 1,000 p.m. |
10 to 14 years | Rs. 1,500 p.m. | |
Single Premium | 5 years and above | Rs. 30,000 |
Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-.
For Basic Plan with Life Cover (Investment cum Insurance Plan)
Description | Value |
---|---|
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 a 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 |
For Accident Benefit:
Description | Value |
---|---|
Minimum Sum Assured | Rs. 25,000 |
Maximum Sum Assured | An amount equal to the Sum Assured under the Basic Plan, subject to a 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 |
Minimum/Maximum Premium | No separate limit |
Minimum Entry Age | 18 years completed |
Maximum Entry Age | 65 years nearest birthday |
Minimum Policy Term | 5 years |
Maximum Accident Cover Ceasing Age | 70 years nearest birthday |
For Critical Illness Rider Benefit:
Description | Value |
---|---|
Minimum Sum Assured | Rs. 50,000 |
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. |
Minimum/Maximum Premium | No separate limit |
Minimum Entry Age | 18 years completed |
Maximum Entry Age | 50 years nearest birthday |
Policy Term | 10 to 35 years |
Maximum Critical Illness Ceasing Age | An amount equal to the sum assured under the 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. |
Modes of Premium Payment :
One-time Premium, monthly(ECS), quarterly, half-yearly, and yearly modes 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.
Single premium: Rs. 30,000 for deferment term 5 years and above
Market Plus 1 NAV:
The Net Asset Value (NAV) changes daily. You should check the number of units you have in your Market Plus 1 policy and convert that unit with the current NAV to get the total value of your Market Plus 1 fund. For example, if you have 600 units of MP1 and the current NAV is Rs.29.5367 then your total value would be 600×29.5367= 17,722. The value of your policy will be Rs.17,722/-. You can check the current NAV on LIC’s website.
Top-Up (Additional Premium)
The policyholder can pay an additional premium in multiples of Rs.1,000/- without any limit at any time during the term of the policy.
Revival:
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of the first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.
Change in Fund Type:
The plan also allows a policyholder to switch from one type of fund to another up to four times a year, free of charge.
Tags: ULIP
I have invested Rs 100000 single premium on 2009 in lic market plus 1 what ismy fund value
My policy no 272987407 LIC market plus -I, 191, Paid one time 30000 on 31st March 2010.
Now what is the current value of my fund? kindly inform me on my e-mail.
Thanks
I had investment from 11000/-yearly in MARKET PLUS 1 (Growth) scheme
please confirm me the exact value on this date
I had invested in two nos of MARKET PLUS-1 JEEVAN ANAND (1 lakh each) bond scheme during 2008.
Recently I have decided to get the survival/maturity benefit for the said policies and got the amount from LIC.Please confirm me whether the matured amount shall be taxable under Indian income tax act.
What is the NPV of the following policies
1. LIC’s Money Plus Table No.181 (Without Risk Cover) from 26-03-2007 yearly premium paid @ Rs.10,000 till 2013 (Total amount paid Rs.70,000).
2. LIC’s Money Plus Table No.181 (Without Risk Cover) from 26-03-2007 yearly premium paid @ Rs.10,000 till 2013 (Total amount paid Rs.70,000).
3. LIC’s Money Policy (Plan No.180 – 20 yrs – Sum Assured Rs.1,00,000) from 27-03-2007 yearly premium paid @ Rs.10,000 till 2013. (Total amount paid Rs.70,000).
4. LIC’s Money Policy (Plan No.180 – 20 yrs – Sum Assured Rs.3,00,000) from 27-03-2007 yearly premium paid @ Rs.30,000 till 2013. (Total amount paid Rs.2,10,000).
Can I redeem the above policies now, at the NPV. Is there any exit/other charges or anyother deduction from the NPV on redemption? Pl mail me the procedure for redemption.
Pl reply to my e-mail id given above.
Regds,
I. RAMAMOORTHY,
9677168974
I had invested Rs.10000/ in market plus – 191 Growth fund. ONE TIME INVESTMENT in Dec 2009. Now what is the current value of my fund? i want to withdraw the amount .kindly inform me the procedure on my e-mail…. thank u.
I had invested in Market Plus – 1 (191-18) Rs. 90,000/- one time premium. Would like to know the status as of today about this invested value. From where Can I get the details of this product on-line?
my policy no 2730949830 dated 05/03/2010 i want to know this growth.
Hello sir,
I want to know current NAV of market plus plan. My policy has matured so I should withdraw money or held sometime for growth.
Pl. let me know the present value of my deposit in Market plus -I plan 191 , policy No. 153756059
i will invested market plus 1 policy 50,000 singel premium, please u will provide the current market rates of these funds and reqest give web site id and send me my mail adders please.