About Me

My photo
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.

Sunday, January 3, 2010

Modifications: Market Plus I (191)

LIC’s Market Plus I (Plan No. 191)

I. MODIFICATIONS UNDER THE PLAN:

Under Regular premium policies:

a) Minimum Premium (For Basic plan with life cover and without life cover):


EXISTING

MODIFIED

Other than monthly ECS mode:

Rs. 5,000 p.a. for other than monthly ECS mode.



Monthly ECS mode: Rs. 1,000 p.m.

Other than monthly ECS mode:

Rs 5,000 p.a. for deferment terms 20yrs and above. Rs 10,000 p.a. for deferment terms 15 to 19yrs.

Rs 15,000 p.a. for deferment terms 10 to 14yrs.


Monthly ECS mode.

Rs 1,000 p.m. for deferment terms 15 yrs and above. Rs 1,500 p.m. for deferment terms 10 to 14 yrs.

b) Minimum Deferment Term (For Basic plan with life cover and without life cover):


EXISTING

MODIFIED

5 Yrs

10 Yrs

c) Maximum entry age (For Basic plan without Life Cover):


EXISTING

MODIFIED

80 Yrs

75 Yrs

d) Accident Benefit:



EXISTING

MODIFIED

Maximum Entry Age

65 Yrs

60 Yrs

Minimum Term

5 Yrs

10 Yrs


Under Single premium:

Minimum Premium:



EXISTING

MODIFIED

For Basic plan without Life Cover

Rs. 10,000

Rs. 30,000

For Basic Plan with Life Cover

Rs. 25,000

Rs. 30,000


Under Regular premium policies & Single premium policies

a) Minimum Sum Assured (For Basic plan with Life Cover):


EXISTING

MODIFIED

Rs. 25,000

Rs. 30,000

b) Right to revise charges:

Fund Management Charge: The Maximum charge for each Fund will be as follows:



EXISTING

MODIFIED

Bond Fund

1.00 % p.a.

1.00 % p.a.

Secured Fund

1.20 % p.a.

1.10 % p.a.

Balanced Fund

1.40 % p.a.

1.20 % p.a.

Growth Fund

1.60 % p.a.

1.30 % p.a.

c) Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS

monthly. For monthly (ECS), the instalment premium shall be in multiples of Rs. 250/-.


II. POLICY DOCUMENT:

Existing Policy Document shall be used with the following modifications:

New UIN (Unique Identification Number).

An endorsement shall be required to be attached as per Annexure I enclosed.

The relevant items in the existing policy bond corresponding to the items given in the endorsement shall be required to be cancelled.

Needless to add, at the time of fresh printing of policy document these changes shall need to

be incorporated.

III. PROPOSAL FORM:

Existing Proposal Form shall be used after modifying the UIN (Unique Identification

Number). Further, it has been decided to add another question as given below. The same may be added while printing the new proposal form. For existing stock of proposal forms a rubber stamp may be used to add the question.

Question 4 c) Is your life now being proposed for another assurance or an application for revival of a policy on your life or any other proposal under consideration in any office of the corporation or to any other insurer? If yes, give details.


All other terms and conditions of the plans shall remain unchanged.

These modifications will come into force with effect from 1st January 2010.


1 comment: