LIC Money Plus-i Plan

The Money Plus 1 Plan from Life Insurance Corporation of India (LIC) is a unit-linked endowment life insurance plan. This policy provides a risk cover on the life of the policyholder and if the policyholder passes away during the policy tenure, his/her nominee is provided a substantial death benefit. Further, if the policyholder survives till maturity of the policy tenure, a maturity benefit will be paid to him/her.

The minimum premium payable is Rs.1,000 under the monthly mode of premium payment for a policy tenure of 15 to 30 years. Policyholders can also choose to invest in the Accident Benefit Option or the Critical Illness Benefit Rider, which are offered as add-ons, if they wish to enhance the coverage provided by this plan. Policyholders will be able to avail tax benefits, as per the prevailing Income Tax laws.

Eligibility - Who is the LIC Money Plus 1 Plan for?

Before purchasing this policy, policyholders will have to ensure that they meet the insurer’s eligibility criteria.

Parameters	Criteria for eligibility
Minimum age at entry	0 years
Maximum age at entry	65 years
Minimum age at maturity	18 years
Maximum age at maturity	75 years

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured

The sum assured is the basic sum of money that the insurer is liable to pay to the policyholder/nominee, based on the eventuality.

Minimum Sum Assured	5 x Annualised Premium
Maximum Sum Assured	30 x Annualised Premium, if the policyholder’s age at entry is 45 years or lesser 20 x Annualised Premium, if the policyholder’s age at entry is 46 – 60 years 10 x Annualised Premium, if the policyholder’s age at entry is 61 years or over

Premiums*

Premiums are a certain sum of money that the policy buyer will have to pay to the insurer in order to avail the policy’s coverage. The premium will have to be paid as per the premium payment mode.

Policy Tenure	10 years 15 – 30 years
Premium Payment Mode	Yearly Half-Yearly Quarterly Monthly
Minimum Single Premium Amount	Rs.1,000 p.m.
Maximum Single Premium Amount	Rs.15,000 p.a.

*Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What the LIC Money Plus 1 Plan covers?

Death Benefit	If the policyholder passes away during the policy tenure, the nominee will be paid the sum assured or the Fund Value, based on whichever is the higher of the two.
Maturity Benefit	Upon completion of the policy tenure, a maturity benefit amounting to the Fund Value will be paid to the life assured.

Riders/Add-On Plans – Additional coverage under the LIC Money Plus 1 Plan

Policyholders who wish to customise this policy can purchase the Accident Benefit Option, if they are over the age of 18 years, or the Critical Illness Benefit Rider, if they are between 18 and 50 years of age, by paying an additional premium.

Exclusions - What the LIC Money Plus 1 Plan doesn’t cover?

If the life assured commits suicide within a year of purchasing of policy, only the Fund Value will be paid to the nominee. No other death benefit will be payable.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

Free-Look Period	The free-look period for this plan is 15 days. Policies can be returned during the free-look period.
Revival	The policyholder has the option of reviving their lapsed policy within a period of 2 years.
Surrender Benefit	If the policy is surrendered after the completion of 3 policy years, the Fund Value will be paid as the surrender benefit.
Loan	There is no provision to avail a loan against this policy.
Assignment	Assignment facility is provided by the insurer.

Tax Benefits – How you can save with the LIC Money Plus 1 Plan?

Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. However, tax laws can change without prior notice, thus policyholder will have to make sure to consult with a tax advisor from time to time.

Other Benefits – How you can save with the LIC Money Plus 1 Plan?

• Premium Payment: Policyholders can choose to pay their premium through both online and offline channels. One can pay the premium through the insurer’s official website by net banking, credit card, or debit card, or pay it offline at the insurer’s branch, through merchants, Axis Bank branches, etc.
• Range of Plans: The insurer has a range of individual and group plans on offer. Certain insurance plans can be purchased online directly through the insurer’s website.
• Customer Service: LIC has divided various cities into different customer zones on the official website. Based on your location, you will be able to view a dedicated contact number, email ID, and address of a branch in your city. Further, you can also choose to reach the insurer through the SMS helpline service.
• View Plan NAV: Customers can track the performance of various funds on LIC’s official website. This is especially important if you have purchased a ULIP or a Unit Linked Insurance Plan. Policyholders also have the option of re-directing their premium, as per the performance of the fund.

Why you should buy the Money Plus 1 Plan from Life Insurance Corporation of India (LIC)?

The Money Plus 1 Plan from LIC provides a range of important benefits to policyholders and is an attractive investment cum protection instrument. Policyholders can invest in any fund of their choice and avail the resulting returns, thus helping them increase their wealth over a period of time. The policy also offers a death benefit in case the life assured passes away during the policy tenure and a maturity benefit if the policyholder survives till completion of the policy term.

Life Insurance Corporation of India (LIC) is one of the leading life insurance firms in India. The company has a large and diverse consumer base and has a varied range of insurance products to help meet the needs of their customers. The insurer has reported a claim settlement ratio of 98.33% for FY15-16, which was one of the highest in the country.

Note: This policy has been withdrawn by LIC.