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Market Plus 1

Features

"IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER"

This is a unit linked deferred pension plan. You can take the plan with or without life cover. You can also choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Regular premium contract and on the level of premium you agree to pay.

Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly or quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.

2. Eligibility Conditions And Other Restrictions:
 

For Basic Plan without Life Cover
a) Minimum Entry Age - 18 years (last birthday)
b) Maximum Entry Age - Regular premium: 75 years (nearest birthday)
    - Single premium: 80 years (nearest birthday)
c) Minimum Vesting Age - 40 years (completed)
d) Maximum Vesting Age - 85 years (nearest birthday)
e) Minimum Deferment Term - Regular premium: 10 years
    - Single premium: 5 years
f) Sum Assured - NIL
g) Minimum Premium -

Regular premium (other than monthly (ECS) mode):

  • Rs. [5,000] p.a. for deferment term 20 years and above
  • Rs. [10,000] p.a.  for deferment term 15 to 19 years 
  • Rs. [15,000] p.a.  for deferment term 10 to 14 years
  • Regular premium (for monthly (ECS) mode):
  • Rs. [1,000] p.m.  for deferment term 15 years and ;above
  • Rs. [1,500] p.m.  for deferment term 10 to 14 years

Single premium:  Rs. [30,000]  for deferment term 5 years and above 
Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/


 
 

 


For Basic Plan with Life Cover

 

 
a) Minimum Entry Age - 18 years (last birthday)
b) Maximum Entry Age - 65 years (nearer birthday
c) Minimum Vesting Age - 40 years (completed)
d) Maximum Vesting Age - 75 years (nearest birthday)
e) Minimum Deferment Term - Regular premium: 10 years
    - Single premium: 5 years
f) Minimum Premium - Regular premium
      Rs. [5,000] p.a. for deferment term 20 years and above
      Rs. [10,000] p.a. for deferment term 15 to 19 years
      Rs. [15,000] p.a. for deferment term 10 to 14 years
       
      Regular premium (for monthly (ECS) mode):
      Rs. [1,000] p.m. for deferment term 15 years and above
      Rs. [1,500] p.m. for deferment term 10 to 14 years
      Single premium: Rs. [30,000] for deferment term 5
      years and above
g) Minimum Sum Assured - Rs. 30,000
h) Maximum Sum Assured -

Single Premium :   Equal to single premium 
Regular Premium : 

  • If Critical Illness Benefit Rider is opted for: 
  • 10 times of the annualized premium if age at entry is upto 40 years.
  • 5 times of the annualized premium if age at entry is 41 years and above.
  • If Critical Illness Benefit Rider is not opted for:
  • 20 times of the annualized premium if age at entry is upto 40 years.
  • 10 times of the annualized premium if age at entry is 41 years and above.

Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.


 


3.Other Features:
 
i) Top-up (Additional Premium) : You can pay additional premium in multiples of Rs.1,000 without any limit at anytime during the term of policy. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.

ii) Switching: You can switch between any fund types during the policy term subject to switching charges, if any.

iii) Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. You can, however, decrease any or all of the risk covers within the specified limit once in a year during the Policy term, provided all due premiums under the Policy have been paid. The reduced levels of cover will be available within the limits specified in para 4 above. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased/ restored. 

iv) Partial Withdrawal: No partial withdrawal of units will be allowed under this plan. 

v) Discontinuance of premiums and revival: If premiums are payable either yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

I. Where atleast 3 years’ premiums have been paid, the Life cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.
     
During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit riders, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers:
  1. for two years from the due date of first unpaid premium, or
  2. till the date of vesting, or
  3. till such period that the Policyholder’s Fund Value reduces to one annualized premium,

whichever is earlier.
The benefits payable under the policy in different contingencies during this period shall be as under:

  1. In case of Death: Life cover Sum Assured plus the Policyholder’s Fund Value, if life cover is opted for. If life cover is not opted for, then only the Policyholder’s Fund Value is payable.
     
  2. In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.
     
  3. In case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for.
     
  4. On vesting: The Policyholder’s Fund Value.
     
  5. In case of Surrender (including Compulsory Surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.

II. Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit and Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:

  1. In case of Death: The Policyholder’s Fund Value.
     
  2. In case of death due to accident: Only, the amount as under F above.
     
  3. In case of Critical Illness claim: Nil
     
  4. In case of Surrender (including Compulsory Surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.

vi) Revival: If due premium is n