LIC Market Plus 1 Review
LIC Market Plus 1 (Table No. 191) is a unit-linked pension plan and is yet another ULIP plan from LIC. This plan was one of the predecessors to the latest Wealth Plus. It is also a perfect retirement solution for the future. The plan offers four types of investment funds – Bond, Secured, Balanced and Growth Fund. The plan can be opted with or without life insurance cover. Since being a market dependent policy the risk is entirely borne by the investors unlike any other conventional term or endowment policies from LIC.
LIC claims that Market Plus I is a single plan but with double benefits and also claims to give you the investment as well as pension and let us see how well it works to say so. The plan does not allow partial withdrawal of units. It compulsorily utilizes the fund value of your unit to offer a pension based on the current annuity rates under the related annuity option.
Riders:
With this Market Plus 1, you can add in extra riders or benefits of critical illness or accident benefit options by paying in extra premium.
Charges and Premium:
Also there is no surrender charge applicable for this particular ULIP plan from LIC and is said to be the most popular and successful ULIP plan from LIC. The minimum single premium is Rs. 30,000 while the minimum annual premium being Rs. 15,000.
Benefits of LIC Market Plus 1:
- Offers the option of buying with or without the life insurance cover.
- Offers three attractive benefits including death benefit, accident benefit and critical illness benefit, if you choose the plan with life insurance cover.
- Offers the flexibility to choose the premium payment terms – You can pay the premiums either in a single premium or by regular premium payment terms. You can choose monthly, quarterly, half-yearly or yearly modes.
- Allows you to change or switch the fund type up to four times a year at free of cost.
Offers top-up or additional premium option – You can pay additional premium in multiples of Rs.1, 000 without any limit whenever you like during the policy term. - Enables you to revive a lapsed policy during a period of two years from the first unpaid premium due date.
The current and updated LIC Market Plus 1 NAV as on March 19, 2010 is 11.67 for bond fund, 12.22 for secured fund, 12.34 for balanced fund and 13.43 for the growth fund.
It is left to us, the investors to think twice before investing in such ULIP policies and it is not always as bright as it looks when it comes to ULIPs, as claimed by the over-selling agents. There have been instances of such ULIPs from LIC were being sold on false promises of returns of even 25% which is totally untrue and hence informed decision should be made before buying them, although they may give you marginal or better returns, we should think whether it is indeed worthy to go for it or not and this applies well enough for this LIC Market Plus 1 as well.
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Comments
I was purchase market plus Policy No.491944553 dated 26/12/2007 one time payment and Policy No.491944554 dated 26/12/2007,now I want to know my present policy status of NAV.
I have been approched by LIC agent with Market Plus 1.Can u please tell Market Plus 1 return and future?
Just visit http://www.licindia.com website and click on the tab “Plan NAV” and choose the LIC Market Plus 1 and check the latest NAV and calculate the same with your existing units.
I want to invest Rs.10,000 in LIC market plus in the begging. Can any please suggest me what are the benefits in it.
I have taken LIC Market Plus-1 policy 2 years back and want to stop paying the premium after 3 years.
I will hold the balance units in my policy in-tact (without redemption) till the annuity vesting date mentioned in the policy certificate.
Will the annuity table applies to my policy in this case & will the policy gives me an pension in such cases?
I HAD 2 LAKH FIXED DEPOSIT IN THIS POLACY.BUT I WANT THIS MONEY .SO TOTALLY CANCEL THIS POLACY AND I HAVE MY MONEY WITH NAV.I WANT DETAILS CANCEL THIS POLACY
If agenct misguide the clint at the time to giving the policy what is be action we can take pleas send the detials
I HAD TAKEN 3 MARKET PLUS 1, T 191 GROWTH FUND POLICIES IN SEPTEMBER 2010.NOW THW NAV IS 13.8047.IS IT PROFITABLE TO GIVE NOW??I AM NOT SURE ABOUT THE NAV WHEN I HAD TAKEN THESE POLICIES. PLZZZ ADVISE.
What are the add on charges (allocation charges, admin charges etc) applicable with this plan.