LIC Money Plus
Product Info
UIN
512L239V01
Status
Withdrawn
Launch Date
01/12/2006
Withdrawn Date
15/08/2007
Product Overview
This is a unit linked Endowment plan with regular premium paying term which offers investment cum insurance during the term of the policy. You can choose the level of cover within the limits, which will depend on the level of premium you agree to pay.
Product Description
- Policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums.
- Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.
- A policy once surrendered cannot be reinstated.
- Assignment will be allowed under this plan.
COMPARE & BUY SIMILAR PLANS
Unique Features
- This is a unit linked endowment plan where different type of fund options are available.
- Policyholder’s Fund Value shall be paid in case of death.
- Method of Calculation of Unit price will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Age at entry | 0 (age last birthday) | 65 years (age nearer birthday) | |||
| Age at Maturity | 18 years (completed) | 75 years (age nearer birthday) | |||
| Policy Term | 10, 15 to 30 years | ||||
| Regular premium (other than monthly (ECS) mode) | Rs. 5,000 p.a. for deferment term 20 years and above | ||||
| Rs. 10,000 p.a. for deferment term 15 to 19 years | |||||
| Rs. 15,000 p.a. for deferment term 10 to 14 years | |||||
| Regular premium (for monthly (ECS) mode) | Rs. [1,000] p.m. for policy term 15 to 30 years | ||||
| Rs. [1,500] p.m. for policy term 10 years | |||||
| Sum Assured under the Basic Plan | |||||
| Minimum Sum Assured | 5 times the annualized premium | ||||
| Maximum Sum Assured | 30 times of the annualized premium if age at entry is upto 45 years | ||||
| 20 times of the annualized premium if age at entry is 46 to 60 years | |||||
| 10 times of the annualized premium if age at entry is 61 years and above | |||||
| Note: Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-. |
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OneInsure App Benefits
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Product Benefit
- Death Benefit:
- Higher of Sum Assured or the Policyholder’s Fund Value will be available as death benefit.
- For the Life Assured of age less than 12 years before the commencement of risk, the Policyholder’s Fund Value shall be paid in case of death.
- Maturity Benefit:
On the Life Assured surviving the maturity date of the contract, an amount equal to the Policyholder’s Fund Value is payable.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Partial Withdrawals | The customer may encash the units partially after the third policy anniversary subject to the following: | |||||
| In case of minors, partial withdrawals shall be allowed from the policy anniversary considering the date on which the life assured attains majority (i.e. on or after 18th birthday). | ||||||
| Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units. | ||||||
| For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made. | ||||||
| Under Regular Premium policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed. | ||||||
| Where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value. | ||||||
| Switching | You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any. | |||||
| Increase / Decrease of risk covers | No increase of covers will be allowed under the plan. | |||||
| You can, decrease any or all of the risk covers within the specified limit once in a year during the Policy term, provided all due premiums under the Policy have been paid. | ||||||
| The reduced levels of cover will be available within the limits specified in para 4 above. Further, once reduction in risk cover is allowed, the same cannot be increased/ restored. | ||||||
| Option to continue the cover after the revival period | If atleast three years’ premiums have been paid under the policy, the policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums. | |||||
| This need to be exercised atleast one month before the completion of the revival period. | ||||||
| If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund | ||||||
| No further premiums shall be allowed to be paid after the revival period is over. | ||||||
| Discontinuance of premiums | If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. | |||||
| A lapsed policy can be revived during the period of two years from the due date of first unpaid premium. | ||||||
| Where atleast 3 years’ premiums have been paid, the Life Cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period. | ||||||
| This will continue to provide relevant risk covers for | ||||||
| 1. two years from the due date of first unpaid premium, or | ||||||
| 2. till the date of maturity, or | ||||||
| 3. till such period that the Policyholder’s Fund Value reduces to one annualized premium, | ||||||
| whichever is earlier. | ||||||
| The benefits payable under the policy in different contingencies during this period shall be as under: | ||||||
| In case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value. The Sum Assured shall be subject to provisions of Partial Withdrawals made, if any. | ||||||
| In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for. | ||||||
| In case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for. | ||||||
| On maturity: The Policyholder’s Fund Value. | ||||||
| In case of Surrender (including Compulsory surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years. | ||||||
| In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made. | ||||||
| Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit / Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. | ||||||
| The benefits under such a lapsed policy shall be payable as under: | ||||||
| In case of Death: The Policyholder’s Fund Value. | ||||||
| In case of death due to accident: Only, the amount as under G above. | ||||||
| In case of Surrender (including Compulsory surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy. | ||||||
| In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period. | ||||||
| Revival | If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. | |||||
| The period during which the policy can be revived will be called “Period of revival” or “revival period”. | ||||||
| The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest. | ||||||
| The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder. | ||||||
| Settlement Option | When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity. | |||||
| The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund. | ||||||
| Cooling off period | The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under: | |||||
| Value of units in the Policyholder’s Fund + unallocated premium + Policy Administration charge deducted Less charges @ Rs.0.20per thousand Sum Assured under Basic plan - Actual cost of medical examination and special reports, if any. | ||||||
| Investment of Funds | ||||||
| Fund Type | Investment in Government / Government Guaranteed Securities / Corporate Debt | Short-term investments such as money market instruments | Investment in Listed Equity Shares | Details and objective of the fund for risk /return | ||
| Bond Fund | Not less than 60% | Not more than 40% | Nil | Low risk |
||
| Secured Fund | Not less than 45% | Not more than 40% | Not less than 15% & Not more than 55% |
Steady Income –Lower to Medium risk | ||
| Balanced Fund | Not less than 30% | Not more than 40% | Not less than 30% & Not more than 70% |
Balanced Income and growth – Medium risk | ||
| Growth Fund | Not less than 20% | Not more than 40% | Not less than 40% & Not more than 80% |
Long term Capital growth – High risk | ||
| Surrender | The surrender value, if any, is payable only after the completion of the third policy anniversary. | |||||
| The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. | ||||||
| In case of death of the life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on completion of 3 years shall be payable to the nominee/ legal heir immediately on death. | ||||||
| Compulsory Surrender | Where the policy is not revived during the period of revival or the policyholder has not opted for continuing the cover after the revival period | |||||
| The policy shall be terminated after completion of 3 years from the date of commencement of the policy or on expiry of revival period, whichever is later. However, if the date of maturity falls before the expiry of revival period, then the policy shall be terminated on the date of maturity. | ||||||
| Where premiums have been paid for less than 3 years and the balance in policyholder’s fund value is not sufficient to recover the relevant charges | ||||||
| Where premiums have been paid for at least 3 years and the balance in policyholder’s fund value falls below a minimum balance of one annualized premium. | ||||||
| Policyholder’s Fund Value shall be converted into monetary value as under: | ||||||
| The NAV on the date of application for surrender or on the date when revival period is over (in case of compulsory surrender), as the case may be, multiplied by the number of units in the Policyholder’s Fund as on that date will be the monetary amount | ||||||
Add-ons
- Accident Benefit Option:
If age is above 18 years , you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) This option will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable.
- Critical Illness Benefit Rider:
If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India) provided the policy term is 10 years and above. This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 60 years. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, an additional sum equal to the Critical Illness Benefit shall be payable.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. | ||||
| Premium Band (per annum) |
Allocation charge | ||||
| First year | 2nd & 3rd year | Thereafter | |||
| 5,000 to 75,000 | 26.50% | 5.00% | 2.50% | ||
| 75,001 to 1,50,000 | 25.50% | 5.00% | 2.50% | ||
| 1,50,001 to 3,00,000 | 24.00% | 5.00% | 2.50% | ||
| 3,00,001 and above | 23.00% | 5.00% | 2.50% | ||
| Mortality Charge | This is the cost of life insurance cover which is age specific and will be taken every month. | ||||
| The life insurance cover is the difference between Sum Assured under Basic plan and the Fund Value after deduction of all other charges. | |||||
| The charges per Rs. 1000/- life insurance cover for some of the ages in respect of a healthy life are as under | |||||
| Rs. | Age | ||||
| 1.42 | 25 | ||||
| 1.73 | 35 | ||||
| 3.89 | 45 | ||||
| 10.76 | 55 | ||||
| Critical Illness Benefit rider Charge | The charges per Rs. 1000/- Critical Illness Rider Sum Assured per annum for some of the ages in respect of a healthy life are as under: | ||||
| Rs. | Age | ||||
| 0.91 | 25 | ||||
| 1.8 | 35 | ||||
| 5.31 | 45 | ||||
| 14.44 | 55 | ||||
| Accident Benefit charge | It is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year. | ||||
| Policy Administration charge | Rs. 60/- per month during the first policy year, Rs 20/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 20/- per month escalating at 3% p.a. | ||||
| Fund Management Charge | It is a charge levied as a percentage of the value of units at following rates: | ||||
| 0.50% p.a. of Unit Fund for “Bond” Fund | |||||
| 0.60% p.a. of Unit Fund for “Secured” Fund | |||||
| 0.70% p.a. of Unit Fund for “Balanced” Fund | |||||
| 0.80% p.a. of Unit Fund for “Growth” Fund | |||||
| Switching Charge | This is a charge levied on switching of monies from one fund to another. | ||||
| Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch. | |||||
| Miscellaneous Charge | This is a charge levied for an alteration within the contract, such as reduction in policy term, change in premium mode, etc. An alteration may be allowed subject to a charge of Rs. 50/- | ||||
| Right to revise charges | The Corporation reserves the right to revise all or any of the above charges except the Premium Allocation charge and Mortality charge. | ||||
| Policy Administration Charge | Rs. 150/- per month during the first policy year, Rs. 50/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 50/- per month escalating at 3% p.a. | ||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Money Plus Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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