Money plus-I
Features
This is a unit linked 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. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
1. 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/-.
Benefits
Death Benefit:
Higher of Sum Assured or the Policyholder’s Fund Value* shall be available as death benefit.
*For the Life Assured of age less than 12 years before the commencement of risk, the Policyholder’s Fund Value shall be paid in case of death.
B) Maturity Benefit:
On the Life Assured surviving the maturity date of the contract, an amount equal to the Policyholder’s Fund Value is payable.
3. Options:
A) Accident Benefit Option:
If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable.
B) Critical Illness Benefit Rider:
If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India) provided the policy term is 10 years and above. This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 60 years. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, an additional sum equal to the Critical Illness Benefit shall be payable.
Eligibility Conditions And Other Restrictions:
(a) Minimum Age at entry 0 (age last birthday)
(b) Maximum Age at entry 65 years (age nearer birthday)
(c) Minimum Maturity Age 18 years (completed)
(d) Maximum Maturity Age 75 years (age nearer birthday)
(e) Minimum Policy Term 5 years
(f) Maximum Policy Term 30 years
(g) Minimum Premium Rs.5,000 p.a.
(h) Sum Assured under the Basic Plan Minimum Sum Assured : 5 times the annualized
premium
Maximum Sum Assured : 30 times of the annualized premium if age at entry is up to 45 years
20 times of the annualized premium if age at entry is 46 to 60 years
10 times of the annualized premium if age at entry is 61 years and above
Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000.
Commencement of risk in case of minor: Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In case of minors aged 12 years or more risk will commence immediately.
5. Investment of Funds: The premiums allocated to purchase units will be strictly invested according to the investment pattern committed in various fund types. Various types of fund and their investment pattern will be as under:
1) Partial Withdrawals: You may en cash the units partially after the third policy anniversary subject to the following:
- 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).
- Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
- 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.
- 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.
- 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.