LIC Market Plus Policy
The LIC market plus policy is a pension plan that is unit linked and deferred. This plan can be taken up with and without the risk cover. The choice is given to the policy holder. The policy holder can also choose the cover limits and he can also choose the premium types (either single premium payment method or the regular premium payment method).
With the chosen premiums, the purchase units will be chosen as according to the fund type. There may be deduction of charges according to the policy’s terms and conditions. There may be an increase or decrease in the value of the fund which depends on the returns of the investment and the assets that represents the selected funds.
The benefits of this plan are the basic investment is repaid when the insured person dies. When there is no risk cover then the basic pay is paid along with the funds as a lump pay or the pension pay. But if there is a risk cover then the basic pay is paid as a lump pay and the fund can be paid as a lump pay or the pension pay.
When the policy holder survives during the date of the vesting he either paid the fund as a lump amount or as a pension amount and he can decide about the further continuation of the policy.
When an accident occurs and if the policy holder has taken up risk cover, he can get amount from minimum twenty five thousand rupees to maximum fifty thousand rupees according the seriousness of the accident. The policy is suitable for the age group from 18 years of age to 70 years of age. There is no partial withdrawal in this policy. You can surrender only after three premium payments.