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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Saturday, December 26, 2009

Changes in Market Plus I

According to IRDA Circular No: 20/IRDA/Actl/ULIP/09-10 dt.22.7.2009 all existing ULIPs should be modified to adhere the Cap on charges or withdrawn.
We have been informed by the Actuarial Department that the name and the plan number of Market Plus-I will continue to be the same even after 31st December, 2009. The Actuarial Department will be issuing the detailed circular regarding modifications. However, some salient features of this plan are being modified as given below:-
1.Maximum entry age for without life cover plans is being reduced from 80 yrs to 75 yrs.
2.The minimum deferment period is being increased from 5 yrs to 10 yrs for both life and without life cover plans.
3.The minimum regular premium, both for with and without life cover plans, is being increased from 5000/-p.a to 10,000/- for policy term of 15 to 19 years and from 5000/- to 15000/- for policy term of 10 to 14 years.
4.For Monthly ECS too the minimum premium under regular premium policies is being increased from 1000/- to 1500/- for policy term 10 to 14 years.
5.The minimum premium under single premium policy is also being increased from 10,000/- to 30,000/- for without life cover policies and from 25000/- to 30,000/- for with life cover policies.
6.For DAB the maximum entry age is being reduced from 65 years to 60 years.
(Note: No change in other conditions)

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