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 Fund. 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 the 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 upto four times a year.
  Premium top-up.
• The policy can be taken with or without risk cover.
• Net Asset Value (NAV) is declared on a daily basis.

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 along with the Riders, if any,  will be payable in a lump sum or as a pension.

Market Plus 1 Eligibility Conditions and Restrictions:

For Basic Plan without Life Cover (Investment plan)

a) Minimum Sum Assured: Nil
b) Maximum Sum Assured: Nil
c) 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.
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.

Update for Minimum Premium without life cover for Market Plus 1 :

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/-.

For Basic Plan with Life Cover (Investment cum Insurance Plan)

a) Minimum Sum Assured: 30,000/-
b) Maximum Sum Assured : Nil
c) Minimum Premium     : Rs.5,000 p.a. for Regular premium, in multiples of Rs. 1,000
Or Rs. 25,000 for a 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 Life Cover Ceasing Age : 75 years nearest age.

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 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.
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 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 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.

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.

Update: Plan Has Been Discontinued.

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