LIC Money Plus Policy
LIC money plus policy is the one in which the investment risk in investment portfolio is borne by the policyholder. It is an endowment plan which is unit linked and it offers investment as well as insurance along the entire term of the policy.
Depending on whether policy chosen is single premium or the regular premium payment contract, and the term chosen, level of premium you agree to pay, the level of cover can be selected within the limits.
Based on the fund type chosen, the allocated premiums will be applied to the purchase units. As specified in the LIC money plus policy, the unit account of the policy holder is subject to the deduction of charges. The value of the units of the unit fund may either increase or decrease and purely depends upon the investment return of the assets that represents the fund type chosen.
The premiums can be paid regularly either at the yearly or the half yearly / the quarterly intervals for the entire term of LIC money plus policy. The starting minimum yearly premium amount would be Rs.5000 which thereafter increases by multiples of Rs.1000. Or else, a single premium can also be paid with the minimum amount subject to Rs.10000 and increases by multiples of Rs.1000 thereafter.
The benefits that are provided by LIC money plus policy are the Death Benefit and the Maturity Benefit. Under the death benefit, the high value of sum assured or else the fund value of the units of the policyholder's finance value can be available to the policyholder.
Under Maturity benefit, the amount equal to the fund value of the units in the policyholder's fund value is available to policyholder, when the life assured survives the maturity date of the contract. There are some additional benefits too that are provided.