Market plus is a unit linked deferred pension plan from life insurance corporation (LIC) available with or without risk cover. You can choose to pay either single premium or regular annual premiums. Being a unit linked plan your premium will be applied to purchase units as per the fund type you choose from bond fund, secured fund, balanced fund, and growth fund and also to buy insurance (if you opt for the risk cover).
You may choose to invest in any of these funds depending on your risk profile.
Bond funds invest 100% in the debt market.
Secured funds invest upto 85% in the debt market and a maximum of 35% in equities.
Balanced funds invest upto 50% in debt and upto 50% in equities.
Growth fund invests upto 40% in debt and upto 80% in equities.
You can also enjoy tax benefits under section 80C of the income tax act.
Benefit on vesting – The fund value of the units held in your account will be utilized to provide a pension. An individual may opt to commute upto one third of the payable benefit in a lump sum. In other words you can withdraw upto one third of the total corpus tax-free. And the balance amount will be used to pay the pension to the policy holder.
LIC has projected very moderate and achievable returns of 17% compounded annual growth rate (CAGR). Based on these calculations, an amount of Rs. 50,000 can grow to a value of approximately Rs. 9 lacs.
The best part is that the money can be withdrawn either before vesting as a lump sum or can be taken as monthly pension.
Please call +91-80885-66788 (M) or 99000-95096(M) for more information or visit our website: http://www.insurefuture.in
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Tags: Bangalore lic agent, lic, life insurance corporation, market plus, pension plan, ULIP
Hi,
I have taken LIC market plus policy for 50K this year. The sum assured value is shown as 0.00. Is this value ( 50 K ) eligible for tax benifit under 80C?
regards
Pandey
Yes, it is eligible for tax benefit.
policy no 218183509
date 12/08/2008