LIC Money Plus-I Plan

LIC Money Plus- I offers investment and insurance during the policy term. You get to choose the cover of limit and premium payment. You get to choose from the 4 types of investment funds.

Eligibility Conditions of LIC Money Plus- I

Entry Age

Minimum – 0

Maximum – 65 years


Minimum – 18 years

Maximum – 75 years

Policy Term

10 years

15 years – 30 years

Key Features of LIC Money Plus- I


A unit- linked endowment plan.




  • 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.
  • Maturity Benefit: The fund value is paid to the policyholder.
  • 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.


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.


The policy once surrendered cannot be reinstated.


No bonus offered.

Surrender Value

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


Not available.


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.


You can appoint a nominee.


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:

  • Balanced
  • Bond
  • Growth
  • Secured


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

  • 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%.

  • 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.

  • Policy administration charge:

    Rs.60 per month for the first year. Rs.20 per month for the second year and thereafter.

  • Fund management charge:

    Balanced fund – 0.70% per annum

    Bond fund – 0.50% per annum

    Growth fund – 0.80% per annum

    Secured fund – 0.60% per annum

Advantages of LIC Money Plus- I

  • Death benefit is offered to the nominee.
  • Maturity benefit is offered if the insured survives till the policy maturity.
  • You can choose from the 4 funds to meet your investment objective. The 4 funds are: Bond fund, Secured fund, Balance fund and Growth fund.
  • Policyholder can choose the level of protection during the policy term.
  • Free partial withdrawals are allowed after 2 years.
  • Two additional riders are available.

How the Plan Works

Miss. Shalini, 35 year old has taken LIC Money Plus- I for sum assured Rs.6 lakh. The premium paying term she has chosen is 15 years. The instalment premium is Rs.20,000. The mode of premium payment she has chosen is yearly mode. She will get a service tax at 10.30%. The fund she has opted is growth fund. This LIC Plan is a basic plan with life cover option. Her gross yield will be 10% and net yield will be 8.26%.

She will be charged mortality charge, service tax and policy administration charge. In the event she dies during the policy term, the nominee will receive Rs.6 lakh death benefit.

Premium Payment

The premium can be paid yearly, half-yearly, quarterly or monthly. The monthly payments are to be made through ECS or Direct Debit.


The policy has an in-built rider that is the Accidental Death Benefit Rider. The additional riders are:

  • Critical Illness benefit rider
  • Accident benefit Rider

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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