Benefits of LIC market plus One |
Posted: January 27, 2017 |
LIC Market plus 1 is ULDP (unit linked deferred pension plan). This program can be taken with or without life cover. The level of cover can also be decided by the policyholder depending upon the limits of the premium payment procedure i.e. single time payment or recurring premium payment. There are about four types of investment funds available. The value of the fund changes based upon the NAV (Net Asset Value). Before discussing the LIC Market Plus 1 Review, let's go over a brief overview first. Overview
LIC Market Plus 1 Review Features Type of Plan: ULDP Basis of Plan: Singular Paying Term Options:
The term of Policy: For Recurring Premium: Ten Yrs For One-Time Premium: Five Yrs Renewal Policies that lapse can be renewed by paying all due expenses within two years of initial contributions. Loan No type of loan is available Benefits A few of the advantages that make LIC market Plus 1 uniquely attractive are as follows:
In the case of the policyholder's demise, the sum assured will be given to the nominee of such policyholder (that has passed away). The benefit of the policy is that the sum assured can be paid to the nominee by way of a recurring pension or a single-time lump sum.
The NAV (Net Asset Value) is used to calculate the value of the fund. This value is calculated daily from the day of commencement of the policy or by the units present on the day of completion of the plan. Whichever value is higher, is awarded to the policyholder in return.
If you apply for surrender after the 3rd year of the policy, then the surrender value will be the fund value on the day of submission. No surrender charge will be applicable. If the policy-holder applies for submission within three yrs. of the commencement of policy, then the fund value on this date will be calculated in monetary terms and be paid to the policyholder on the completion of 3 yrs. (of the policy), without deducting any surrender charges or expenses from the value. Final Take The LIC Market Plus 1 review can be concluded on a positive note. The Policyholder can enjoy advantages ranging from Death Benefit, Critical Illness subject to Surrender benefits. You can breathe in peace if you have this policy to back you up.
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