LIC Market Plus Plan 181 NAV, Growth Fund

LIC Market Plus Plan- How they works?

LIC is a well-known brand with a substantial domestic and worldwide presence and a broad range of life insurance products. For its diverse customer base, LIC has every kind of life insurance product to offer, from conventional endowment plans to new era market-linked solutions. One such unit-linked plan designed exclusively for retirement savings is the LIC Market Plus I plan.

LIC market plus I plan  is a unit-linked deferred pension plan that offered both a cover plan and no cover plan as choices. The policy offered the ability to select the degree of coverage within the restrictions even though it has since been withdrawn. The policyholder’s choice of a single premium or a regular premium will determine the level of coverage.Here you can know everything aout LIC market plus plan.

Read: LIC Single Premium Policy 2022

LIC Market Plus Plan- Features

Here are the features of LIC market plus-

• Since it is a unit-linked deferred pension plan, the plan is primarily intended for retirement savings.
• Depending on the need, a plan can be chosen with or without a life insurance component.
• Flexibility to pick between single premium and regular premium types and payment methods for premiums
• Based on investment need and goal, there are four main investment fund possibilities.
• The policy’s additional optional riders, which include life insurance, accident benefits, and critical sickness benefits, provide the additional protection.
• Top-ups are permitted by the policy, whereby additional premium can be paid at any point during the policy term to increase the corpus contribution.
• Risk coverage may be reduced throughout the insurance period.

LIC Market Plus Plan 181- Benefits

Look here for the benefits of lic market plus-

• If the policyholder lives past the term set forth in the LIC Market Plus policy, they will receive a payment equivalent to the value of the selected fund converted into an annuity.
• Surrender benefit: This option is only available if the policy has been in effect for at least three years. This benefit’s value is equivalent to the fund’s value on the surrender date.
• The LIC uses the value of the selected fund to pay the covered policyholder an annuity.
• Policyholders who want to commute up to one-third of their pension will be given a lump sum payment equal to that amount. The remaining cash will be paid out as an annuity.
• Death benefits: If the policy is purchased without a life insurance component, the death benefit will be given to the nominee as a lump sum or in the form of a recurring pension equivalent to the value of the fund selected. The death benefit, on the other hand, is paid to the nominee in the form of a lump sum payment or a periodic pension if the policy is purchased with life insurance. It is equal to the sum assured plus the value of the chosen fund.

LIC Market Plus Plan 181 nav- Additional Benefits

• Benefit of life insurance: Policies may choose to include a life insurance component with a selected sum assured. If the policyholder passes away within the policy period, the selected sum insured will be paid along with the fund value.
• Option for accident benefits: The insured may also choose this benefit, which has a range of 25,000 to 50 lakhs rupees. An additional payment equivalent to the accident benefit will be paid in the event that the insured passes away due to an accident within the policy period.
• Critical illness benefit -The insured may also choose a critical illness benefit rider with a range of 50,000 to 10 lakh rupees. The sum assured used for the critical illness benefit will be paid upon the insured’s diagnosis of any listed critical illness throughout the policy term.

Read: LIC Jeevan Umang Policy Full details

LIC Market Plus plan 181 nav- Eligibility Criteria

Read: LIC Policy Surrender Value for your Policy

LIC Market Plus Plan 181 nav- Growth Fund

1. Bond Fund: Does not invest more than 40% of its assets in short-term money market instruments and at least 60% of its assets in corporate or government-guaranteed securities. Those with low risk tolerance might consider this fund.
2. Balanced Fund: Seek out prospects for growth while generating a balanced income. The fund invests between 30% and 70% of its assets in publicly traded equity shares, with a minimum of 30% going into government-guaranteed securities or corporate debt, a maximum of 40% going into short-term money market instruments. For people with a medium risk profile, it is advised.
3. Growth Fund: Concentrates on long-term capital growth; holds at least 20% of its assets in corporate or government-guaranteed securities; not more than 40% of its assets in short-term money market instruments; and between 40% and 80% of its assets in publicly traded equity shares. This is intended for people with high risk profiles.
4. Secured Fund: Emphasizes establishing a reliable source of income. It makes investments that range from 15% to 55% in public stock, at least 45% in government-guaranteed securities or corporate debt, and not more than 40% in short-term money market instruments. Those with a low to medium risk tolerance level can choose this fund.

Read: 1 Crore Life Insurance Policy

LIC Market Plus Plan 181 nav Growth Fund- FAQs

1. Describe the LIC Market Plus policy.

Answer-A unit-linked deferred pension plan with the option of life insurance is called LIC Market Plus Choosing the level of coverage within the policy’s parameters, which rely on the method of premium payment and the amount of premiums paid, is one of the plan’s additional features.

2. What is the LIC Market Plus surrender value?

Answer-The insured person has the option to cancel the policy after the third policy year has ended. The fund value on the date of surrender is what the policyholder receives as the surrender value.

3. Is the amount of LIC maturity tax-free?

Answer-Taxes will not be due on any portion of the maturity benefit you get from a LIC life insurance policy. This also includes the overall bonus sum. In accordance with Section 10(10D) of the Income Tax Act of 1969, this LIC tax benefit is available.

4. How you can save with the LIC Market Plus 1 Plan?

Answer-Tax benefits can be obtained by policyholders on their own premium payments. As a result, the highest deduction allowed by Section 80C of the Income Tax Act is Rs. 1.5 lakh.

5. How do I purchase LIC stock?

Answer-Go to the IPO portion of your Depository Participant’s (DP) online platform. On the LIC IPO tab, click. Decide on the category of Policyholder. Place your bid, fill out the form, and then select “Submit.”