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LIC to close Market Plus policy

SHIMLA: The Shimla Division of the Life Insurance Corporation of India has collected a whopping premium amount of Rs.663 crore under its popular “Market Plus” plan through its 23 branches here and has stood first in North India and third in the entire country.

This was disclosed here on Wednesday by Senior Divisional Manager M. K. Kemu. Addressing a press conference, he said the LIC which has a target of Rs.760 crore from this division only till March 31 has so far collected more than Rs.29,000 crore as premium in the country under this plan.

But the Corporation has now decided to close this unit linked plan after March, he said. “We had given the policy holder the advantage of getting exposed in the capital market through this plan,” he added.

Explaining its special features, he said under this plan an individual can surrender the policy after three years without any charges and can get full fund value prevailing at that time.

It is a pension plan and the policyholder has the option to commute 33 per cent of the fund value at the time of maturity and arrange for pension throughout his life through this plan. The individual can take this policy with or without risk coverage, he said.

Shimla Division has also produced a record 80 MDRT (million dollar round table) agents this year while showing real professionalism in the insurance sector, said Mr. Kemu.

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LIC to close Market Plus policy

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