Question:

Please Give information on Money+ and Market+ policies of LIC India?

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How are these policies beneficial?

I have Jeevan Anand and Bima Gold policies. How are they useful? Is there any way to close these policies and take better policies? What do we mean by Pay-Off of policies? What is its use?

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4 ANSWERS


  1. Money Plus , Market Plus are market linked policies. The NAVs of all unit linked policies have come down drastically because of stock market crash. However, policies like Jeevan Anand and Bima Gold are better as they are life insurance policies and not unit linked policies. These policies will give good returns and should not be surrendered to get full gains. If one does not have adequate health insurance, he may consider, LIC health plus, which is again a unit linked policy but provides emergency financial assistance for health dis-orders. This is better than a pure ULIP policies like Money Plus and Market Plus.


  2. i think u should contact any lic agent that u know.

    i think only he can give u a rightful of advice.

  3. LIC's Money Plus Plan has been withdrawn. So no point in explaining them since you have not taken the policy.

    MARKET PLUS is a Unit Lindek Pension plan. The policy holder can choose the plan with or without risk cover. Here the allocated premium is utilized to buy units based on the NAV of the day.  The min. sum assured is 25,000/- DAB and CIR is optional.

    LIC has decided to close the plan from March 31,2008.

    Jeevan Anand is a combination of whole life and endowment insurance. The sum assured and bonuses are paid at the end of the PPT but the cover continues till death.

    Min S.A is 1 lac.DAB is available during the PPT and thereafter upto 70 years. I suggest you to continue this policy as it offers a life long cover.

    I believe you are referring to Paid Up policies which means in simple language that if you stop paying premiums to a poilicy after the mandatory 3years it becomes paid-up and the S.A is reduced to such extent.

    If you are planning to increase risk cover my suggestion is the you may look for Term Insurance as the premiums are very low and you can take a cover for a larger amount.

    Myself is and Investment and Isurance Advisor based in Delhi

  4. You can get more details from the insurance page on

    http://www.way2victory.com

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