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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.

Sunday, January 3, 2010

Modifications: Money Plus - I (193)

LIC’s Money Plus I (Plan No. 193)

I. MODIFICATIONS UNDER THE PLAN:

a) Minimum Premium:


EXISTING

MODIFIED

Other than monthly ECS mode:

Rs. 5,000 p.a.




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

Other than monthly ECS mode:

Rs 5,000 p.a. for terms 20 to 30 yrs. Rs 10,000 p.a. for terms 15 to 19 yrs. Rs 15,000 p.a. for term 10 yrs


Monthly ECS:

Rs. 1,000 p.m. for policy terms 15 to 30 yrs. Rs 1,500 p.m. for policy term 10 yrs.


b) Policy Term (under Basic plan, Accident Benefit rider and critical Illness Benefit rider):


EXISTING

MODIFIED

5 years to 30 years

10 years & 15 to 30 years


c) Accident Benefit:



EXISTING

MODIFIED

Maximum Entry Age

65 Yrs

60 Yrs

d) Fund Management Charge:



EXISTING

MODIFIED

Bond Fund

0.6 % p.a.

0.5 % p.a.

Secured Fund

0.8 % p.a.

0.6 % p.a.

Balanced Fund

1.00 % p.a.

0.7 % p.a.

Growth Fund

1.20 % p.a.

0.8 % p.a.

e) Right to revise charges:

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



EXISTING

MODIFIED

Bond Fund

1.20 % p.a.

1.00 % p.a.

Secured Fund

1.60 % p.a.

1.10 % p.a.

Balanced Fund

2.00 % p.a.

1.20 % p.a.

Growth Fund

2.40 % p.a.

1.30 % p.a.


f) 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. FUND MANAGEMENT CHARGE UNDER EXISTING POLICIES:

With effect from 1st January 2010 under all the existing policies of LIC’s Money Plus I (i.e. policies taken prior to 1st January 2010) the fund management charges shall be at the revised

rates as applicable in case of the policies issued with effect from 1st January 2010.

III. 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.

IV. 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:

  1. main janna chahta hun ki LIC’s Money Plus – I (Plan No. 193) me growth fund me abhi NAV kaya chal raha hai or is policy ko kisi dusre plan me badal sakte hai kaya. agar ye plan loss me ho to isi plan ko convert kara kar dusre plan me kara sakte hai kaya.

    Birendra Kumar, Giridih, Jharkhand

    ReplyDelete