LIC Money Plus-I Plan

Entry Age

Minimum - 0

Maximum - 65 years

Maturity

Minimum - 18 years

Maximum - 75 years

Policy Term

10 years

15 years - 30 years

Type

A unit- linked endowment plan.

Basis

Individual.

Coverage

1. Death Benefit: In the event the life insured dies in an unfortunate accident, then higher of fund value or sum assured is paid to the nominee. It will be subject to the provisions of partial withdrawals made. If the insured dies in an accident, the accident benefit sum assured is paid.
2. Maturity Benefit: The fund value is paid to the policyholder.
3. Surrender benefit: The policy can be surrendered after completing 3 policy year.

Sum assured

Minimum: 5 times the annualised premium

Maximum: If age at entry is up to 45 years - 30 times the annualised premium

If age at entry is between 46 years to 60 years - 20 times the annualised premium

If age at entry is 61 years and above - 10 times the annualised premium

Minimum Premium amount

Regular premium for monthly mode:

Policy term 15 - 30 years: Rs.1,000 per month

Policy term 10 years: Rs.1,500 per month

Regular premium for other modes:

Policy term 20 - 30 years: Rs.5,000 per annum

Policy term 15 - 19 years: Rs.10,000 per annum

Policy term 10 years: Rs.15,000 per annum

Premium paying term

The premium paying term is regular.

Premium paying frequency

Monthly, quarterly, half-yearly and yearly.

Premium paying method

For monthly payment, you need to transfer through ECS or direct debit.

Revival

If the premium which is due is not paid within the grace period, then the policy will lapse. The policy can be revived within 2 years from the date of the first unpaid premium or before maturity.

Reinstatement

The policy once surrendered cannot be reinstated.

Bonuses

No bonus offered.

Surrender Value

The surrender value will be paid after completing 3 policy years.

Loan

Not available.

Assignment

Not allowed.

Free look period / Cooling off period

The plan has a 15 days free look period from the date of receipt of the policy document. You will have to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions, if any.

Tax benefits

Tax benefits that are relevant will be applicable.

Nomination

You can appoint a nominee.

Exclusion

If the policyholder commits suicide within a year from the date of taking the policy, the nominee will get the fund value as available on the date of death.

Fund options

The fund options available are:

1. Balanced
2. Bond
3. Growth
4. Secured

Charges

The charges that you might incur under this plan are as follows:

1. Premium allocation charges:The premium allocation charge for the first year ranges from 23% to 26.50%. For the second and third year it is 5% and thereafter it is 2.50%.
2. Mortality charge:Mortality charge for a 25 year old is Rs.1.45 per RS.1,000 insurance cover. For a 35 year old is Rs.1.73 per RS.1,000 insurance cover. For a 45 year old is Rs.3.89 per RS.1,000 insurance cover. For a 55 year old is Rs.10.76 per RS.1,000 insurance cover.
3. Policy administration charge:Rs.60 per month for the first year. Rs.20 per month for the second year and thereafter.
4. Fund management charge:Balanced fund - 0.70% per annumBond fund - 0.50% per annumGrowth fund - 0.80% per annumSecured fund - 0.60% per annum