Money Plus 1 Summary:
LIC Money Plus 1 plan no. 193 is a unit linked (ULIP) 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. Four types of investment Funds are offered in Money Plus 1. The Policyholder has the option to choose any ONE out of the following 4 funds. Bond, Secured, Balanced and Growth.
Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the term of the policy. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-. The minimum monthly (ECS) premium will be Rs. 1000/- increasing thereafter in multiples of Rs. 250/-.
You may encash the units partially after the third policy anniversary subject to the following conditions.
1. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
2. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
3. 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.
4. 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.
5. Under Regular Premium policies where at least 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 of funds:
You are allowed to switch from one fund to another i.e. Bond funds to Growth fund. 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.
Discontinuance of premiums and lapse policy:
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.
Eligibility Conditions And Restrictions for Money Plus-1:
1. Minimum Age at entry: 0 (age last birthday)
2. Maximum Age at entry: 65 years (age nearer birthday)
3. Minimum Maturity Age: 18 years (completed)
4. Maximum Maturity Age: 75 years (age nearer birthday)
5. Minimum Policy Term: 5 years
6. Maximum Policy Term: 30 years
7. Minimum Premium: Rs.5,000 p.a.
8. Sum Assured under the Basic Plan:
a) Minimum Sum Assured : 5 times the annualized premium
b) Maximum Sum Assured :
i) 30 times of the annualized premium if age at entry is upto 45 years
ii) 20 times of the annualized premium if age at entry is 46 to 60 years
iii) 10 times of the annualized premium if age at entry is 61 years and above
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
Update: Money Plus 1 has been discontinued. Please check other ULIP Plans.