LIC Market Plus-I Plan - Features & Benefits (2024)

FAQs

LIC Market Plus-I Plan - Features & Benefits? ›

LIC Market Plus 1 will give an investor the option to purchase any pension plan from any life insurance company in India on vesting. If this option is exercised, the investor must inform LIC of their decision at least 6 months before the date of vesting of the plan.

LIC Market Plus 1 will give an investor the option to purchase any pension plan from any life insurance company in India on vesting. If this option is exercised, the investor must inform LIC of their decision at least 6 months before the date of vesting of the plan.

Guaranteed Surrender Value = 30% X Total premiums paid. The first-year premiums and all the added premiums or premiums for accident benefit or the term rider are excluded from the same.

With 1000 as a budget the best plan is Lic jeevan labh. It's 21 year policy with 16 years premium paying term. Sum assured would be 2 lakh on maturity you will get more than double of sum assured.

Returns: Its trailing returns over different time periods are: 6.56% (1yr), 4.52% (3yr), 5.95% (5yr) and 7.83% (since launch). Whereas, Category returns for the same time duration are: 6.19% (1yr), 4.78% (3yr) and 5.82% (5yr). 3.

LIC was listed on the stock exchange on 17-05-2022. The IPO was subscribed 2.95x. The last GMP for LIC IPO was ₹-26, updated on May 17th 2022 09:29 AM. As per the last GMP, the expected profit/loss for the IPO was -2.74%.

Putting the above data in the formula for calculating the LIC guaranteed Surrender Value after 10 Years, we get (5,48,690 multiplied by 60%) plus (5,00,000 multiplied by 18.6%), which is equal to Rs. 4,22,214. This is the LIC surrender value you will receive if you surrender your policy after 10 years.

As per the LIC, Guaranteed Surrender Value = 30% X total premiums paid. Where, the premiums related to first-year and all the other extra premiums or premiums for accident benefit or the term rider are excluded from the same.

Guaranteed Surrender Value (GSV):

The surrender value provided by LIC is essentially 30% of the premiums that have been paid so far. However, this will exclude premiums that were paid during the first year of the policy, and premiums paid towards accident benefit/term rider.

Which LIC plan is best for long term? ›

It may sound very basic, but for those who are not aware, the ARR of 8% or 4% is not the return you get. The ARR is the assumed return from the underlying market whereas the return you get is net of various charges like premium allocation, admin, fund management, mortality, etc.

2. LIC Pension Plus Plan. One of the best LIC plans with five years of double money is LIC Pension Plus, a unit-linked pension plan that pays out monthly income to policyholders upon retirement.

Conclusion: Make Informed Investment Choices

While both SIP and LIC have their merits, SIP stands out as a superior choice for wealth creation and financial growth. It offers investment focus, liquidity, diversification, transparency, and cost-efficiency.

The more viable choice between LIC policy and MF will depend on the investment needs of the individual. If an investor is more focused on creating wealth in the long run, mutual funds can be better. If the motive of the investment is to secure the future of one's family, life insurance can be a more beneficial choice.

The Maturity Amount of an LIC policy is the final sum received upon the policy's maturity or as a death benefit if the policyholder passes away during the term. In participating plans, the Maturity Value includes the Sum Assured, Bonuses accrued during the policy term, and any declared Final Addition Bonus.

This is an unit linked Whole Life plan which offers investment cum insurance throughout the life. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.

The LIC Nivesh Plus Policy premiums are to be paid as single premiums compulsorily. The minimum premium is Rs 1, 00,000 and all premiums are payable in multiples of Rs. 10000 only.

One can check LIC Profit Plus policy status by sending an email to the insurer or by giving a call.