LIC LAUNCHES MARKET PLUS-1

Mumbai: Life Insurance Corporation of India (LIC) has launched its new linked deferred pension plan-Market Plus-1. The plan offers four investment options to customers such as bond fund, secured fund, balanced fund and growth fund, LIC said in a press release issued here on Tuesday.

The fund value will be utilized to provide a pension based on the then prevailing annuity rates and in the event of the death of the policy holder it will be payed as pension, the company said.

The product offers life cover, accident benefit and critical illness benefit as available options and the life option is available within certain limits depending on the age at entry of the life assured.

Though primarily a pension product, the plan offers many attractive features and options by providing enhanced limit for investment in the equity market, the company said.

The minimum amount of critical illness benefit is Rs 50,000 and the maximum is Rs 10 lakh while accident benefit can be taken from Rs 25,000 upto a maximum of Rs 50 lakh, it said.

Premiums can be paid as a single premium and also by monthly, quarterly, half-yearly and yearly modes while the policy holder can also switch from one type of fund to another upto four times a year, LIC said.

Source: The Economic Times, The Hindu