LIC Market Plus
LIC Market plus is a unit linked delayed pension plan. This plan or policy may be taken either in the midst of or without the risk cover. Also the level of cover might be chosen the policy holder with in the limits. This mode of selecting the cover depends on the policy type whether it is a single premium or a regular premium contract and it also depends on the level of the premium that the policy holder agrees to pay.
As per the choice of the fund type, the allocated premiums would be applied to the purchase units. The unit account of the policy holder will be subjected to the deduction of charges as per conditions that are specified in the LIC Market plus policy. Depending on the investment return of the assets the unit values of the unit fund may either increase or decrease representing the fund that is chosen.
The premium amounts can be paid regularly at the yearly or the half-yearly and also the quarterly interval over the whole term of the LIC Market plus policy. The least amount will be Rs.5000 that is to be paid for the annual premium. There after it increases by the multiples of Rs.1000. But the premium amount can also be paid as single premium subjected to a minimum amount of Rs.10000 and there after it can be paid at the multiples of Rs.1000.
Beyond the benefits such as Death benefit and Benefit on vesting, this LIC Market plus plan provides Accident benefit option for those policy holders who have opted for the life cover which is equal to the life cover which is subjected to a minimum amount of Rs.25000 and a maximum of Rs.50 lakh. In case of a death which occur by an accident, additional sum that is equal to the accidental benefit is payable.