LIC Market Plus As a unit linked plan LIC Market plus is an extremely beneficial plan and offers a lot more than the basic insurance cover. Market plus-1 consent with the recent IRDA standard. LIC market plus is really an impressive policy that is customized to fit your plan accordingly. This unit link insurance policy is a life protection cum term insurance plan that offers you a life insurance coverage along with an option of getting market related return. While purchasing a LIC market plus policy one has a choice of selecting from different funds having different degree of risk coverage based on risk appetite. The overall flexibility and openness are some of the appealing features that make ULIPs a compelling long lasting investment choice. The LIC market plus plan is offered with or without insurance cover. The pension provision from an early age of 40 years is provided by this plan. You are allowed to surrender the policy without any extra charges. Additionally the policy offers top-up options after the same three years period. Despite of the fact that this combined insurance and pension plan has both the features of with or without life coverage most of the customer prefer to opt insurance without life cover. The scheme can be bought as both single premium plan and normal premium payout. For the eligibility of the plan entry level should be 35 age the policy term is for 20 years. Important Features of the Plan
Benefits Offers by the Policy Maturity Benefits- If the policy holder survives during the entire tenure of the policy then the sum assured amount will be given to the policy on the maturity of the policy along with the add-on benefits. Maturity benefits can be termed as higher of sum assured given to the insured as maturity benefit. Death Benefit- In case of demise of the policyholder before the complete of the policy tenure, the sun assured amount plus the death benefit will be given to the nominee of the policy. Surrender Value- Under this the insured is allowed to surrender the policy and on addition the policy offers top up option only after the completion of 3rd year of policy. On the date of give up the forfeit value will be the policy holders fund value. LIC Wealth Plus As an ULIP insurance plan LIC, s wealth plus provide protection to your investment from fluctuations of market, so that you can protect your finances from the sudden downfalls. At the end of the policy tenure the insured is offers a guaranteed payment of find value. On the basis of Net Asset Value (NAV) whichever is higher whether the first 7years of the policy or at the end of the policy tenure. A NAV of the sum will be subject to minimum Rs10 if the policy term is 8 year. LIC Wealth plus Features-
Benefits offered by LIC wealth Plus plan Death Benefit- In case of the demise of the policy holder during the term of the policy. The nominee can receive the sum assure as a death benefit under the basic policy together with the fund value of the policy holder. In case if the policy holder survives till the completion of the policy tenure but dies before the expire of extended period, then in that case the nominee will receive the sum assured under basic plan. Maturity Benefits- Based on the highest Net Assured Value whether in first 7 years or at the end of 8 years a total sum assured is payed to the insured once the policy is matured.
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The Bima Bachat Policy by LIC is a money-back insurance plan that offers financial protection and guarantee to the policyholder and his loved ones. LIC Bima Bachat is a single premium policy, meaning the policyholder needs to pay only a single premium. The premium amount to be paid depends upon the tenure of the plan chosen. Under this LIC single premium plan, the life of the policyholder is covered till the maturity date of the policy.
Benefit during the term of LIC Bima Bachat Plan
Maturity Benefits under LIC Bima Bachat Policy In case the policyholder survives the entire term of this LIC single premium policy, then on maturity of the policy, a single premium (excluding the premiums for riders) in addition to the loyalty bonus (if any) is paid. The policyholder under this LIC single premium policy is insured for a sum that is equal to sum assured under the policy. The life insurance coverage provided under this policy is regardless of the number and amount of installments received. Eligibility for guaranteed surrender value under LIC Bima Bachat Policy The guaranteed surrender value under this plan can be availed at least after one year of the policy term has completed. This value shall be equal to the 90 per cent of single paid premium minus the extra premium. Additional Benefits
Eligibility Criteria and Restrictions for the LIC Bima Bachat Plan Given below are requirements that an individual needs to meet for applying for this policy:
Incentives for Higher Sum Assured Let us consider a scenario of a 30-year old man who has Bima Bachat plan for over a period of 12 years. In case the sum assured under his plan is equal to Rs. 45,000, then he would be required to pay premium equal to Rs. 34,800.75. But, in case the sum assured is equal to Rs. 50,000, then he would be required to pay premium equal to Rs. 36,734.13, thus availing a rebate of 5 per cent in premium. For other rates of rebate, refer to the below given table: Sum Assured below Rs. 50,000 NIL Sum assured equal to and above Rs. 50,000 but below Rs.1 Lac 5% Sum assured equal to and above Rs. 1Lac but below Rs.2 Lacs 7% Sum assured equal to and above Rs. 2 Lacs 8% |
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