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Money Plus:1
By Nik San
Money Plus-1 is an Unit Linked Endowment scheme launched by Life Insurance Corporation of India. If you have heard of "Money Plus" plan from LIC, you would probably get an idea of what Money Plus-1 scheme has to offer you. The Money Plus-1 plan offers four investment options: * Bond Fund
* Secured Fund
* Balanced Fund
* Growth Fund Money Plus-1 plan comes with lower Fund Management Charges and features like enhanced limits for investment in the Equity market for Secured and Balanced types of funds, enhanced limits for Critical Illness coverage and liberalized conditions for continuance of the policy after lapsation. The Policyholder gets assurance for five times of the total annual premium. Depending on the age of the policy holder, the assured amount may vary from 5 times up to 30 times of the annual premium paid by the policy holder. Like the Money Plus Unit linked insurance plan launched in December 2006, the policyholder can also make partial withdrawal of units at any time after the third policy anniversary subject to certain conditions. The maximum entry age is 65 years and the minimum entry age is 0 years. The Premium can be paid in yearly, half yearly, quarterly or monthly modes with the minimum annual premium at Rs 5000/-. The allocated premium will be utilized to purchase units as per the selected fund type. On maturity, an amount equal to the Policyholder's Fund Value is payable. In the unfortunate event of death, the Nominee will be eligible to get higher of Sum Assured under the Basic Plan or the Policyholder's Fund Value provided the insurance cover is in full force. Money Plus-1 is an Insurance Policy with many advantages over insurance policies offered by private insurance houses. The Policyholder pays the premium only for the first 3 years and still has his life covered for the term of the policy. This is a truly investment-cum-insurance plan set in the advantage of the Policyholder. Not to forget the tax benefit the Policyholder may receive on the annual premium paid and the very name of LIC, being the first and the largest insurance house of India by the Indian govt. The unique identification number of the plan is 512L248V01.
This intel first appeared on: http://investsound.blogspot.com/2008/05/lic-introduces-money-plus-1...
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This intel was contributed by niksan
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May, 2012
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