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LIC Money Plus Reviews

mumbai India
DO NOT INVEST IN LIC
Jan 09, 2013 03:26 PM 14650 Views

My name is Mayur and I have unfortunately invested my hard earned money in your not so reputed organisation.


I wanted to clarify doubts related to my below mentioned policies.


1...905441936 - Market plus


2...882989273 - Profit plus.


I wanted to know the details related to how to change the profile from GROWTH to BOND fund for both policies.


The issue is that not even God can reach your customer care number 1251 from MTNL at all times.


No one replies to the email queries sent 14 days ago.


The customer service division especially at your Sakinaka Office is extremely pathetic, and seriously need to understand the meaning of Customer Service.


I suggest you can try being a customer for all the 3 ways I mentioned earlier so that you will understand what I meant to convey.


I regret to inform that in an age where Customer focus is the key, LIC seems to lead in terms of numbers, but stands last in the race to service customers.


I regret again to have kept my faith in you and pray to God to teach you the meaning of Customer Service.


Agitatedly yours,


Mayur


9820781958


Bengaluru/ Bangalore India
Insurance Vs Investment
Aug 01, 2012 01:02 PM 16763 Views

If you are going to invest your hard earned money, I suggest you NOT TO INVEST IN THIS. If you think you are sick and not healthy enough and need insurance for your nominees then I will suggest you to go for this scheme (Only if you didn't find any other insurance better than this).


I am investing 30000 in this since 2007, after 5 years my total investment is 150000 and as per the current NAV, my accumulated amount in this scheme is 143000. I would have earned easily +ve profits if I would have invested in any other scheme of guaranteed return with tax benefited (PPF/RD) or without tax benefited (FD).


I am planning to stop investing in the scheme and keep the existing in this for a long term for maturity, just for Insurance and not for any profit (because I know I wont get any profit as far as money is concerned) :)


kochi India
ULIP LOSE
Jul 24, 2011 05:58 AM 16480 Views

Dear Santhosh & all, here life iunsurance co’s recruiting Every year maximum new  promoters, officials, Spouse agents of Govt. Officers, and other agents  ( THROUGH THEIR CLOSE RELATIONS!! ). Govt. Officers compelling junior  officers to take these plans C/o their spouse agency. High volume of these new Agents by  insurance companies, results in maximum losers including hard earned  money of poor peoples  invested in ULIP schemes. These companies or  govt. should make awareness program to the public.  All these complaints  reveals customer is not aware of the full features of these product  before they purchasing.  Agents highlighting some benefits &  collecting amount through their close relations.. Here now lic’s standing  for promoting Share market not for life cover. Here every people keeping relationships. so not making complaints. But losers now started their reaction.  I request all to make a  survey about the same…


YOUR RATING ON

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maaz_nawazMouthShut Verified Member
Bengaluru India
LIC Pension Plus - Goodbye Tension, Hello Pension
Oct 06, 2010 10:51 AM 19641 Views

LIC Pension Plus - Goodbye Tension, Hello Pension


Pension plans play a very important role in creating retirement income. Several years back in order to receive a pension, one has to attain the age of either 58 or 60 years. Even as of now, also the procedure is same in the ways of traditional, Savings and income. In present days there are lot many Insurance companies who are giving the pensions at the age of 40 plus.


The Life Insurance Corporation (LIC) has launched a new unit-linked pension scheme, Pension Plus with minimum guaranteed return of 4.5 percent. This policy is available to the age group of 18 A – 75 years. Minimum vesting age and maximum vesting age is 40 years and 85 years.


This policy plan started on 2nd September, 2010. Minimum premium plan for regular premium is 1500 rupees and the maximum limit for the regular premium is 1,00,000 rupees. LIC Pension Plan is giving single premium payment facility to his customers.


The new pension plus policy is connected with the Insurance Regulatory and Development Authority's latest ULIP guidelines. LIC offers new plans with two choice debt fund and mixed fund. Under the Debt fund, more than 60% of the amount would be invested in government securities while the other 40 percent would go into money market instruments.


Under the Mixed fund plan, more than 45 percent money would be invested in government securities; however 40 percent would go into money market instruments and 15-35 per cent into equities. This plan can be purchased by any one between 18-75 years of age. And Pension plus minimum maturity time is 10 years.


This new plan comes without any life cover. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. 2 switches are allowed free of charge within a given policy year. To provide an annuity based on the prevailing immediate annuity rates, Guaranteed Maturity Proceeds will compulsorily be used.


Policy holders can pay premium amount through regular modes at yearly, half-yearly or quarterly or monthly intervals over the term of the policy. The minimum regular premium that can be selected through modes other the ECS mode is Rs 15000 per annum while the maximum allowed for regular premium is Rs 1,00,000. Rs 1500 per month is the minimum premium for the ECS mode of payment. The minimum single premium is Rs 30000, however there is no limit on the upper side. With this plan, policyholders also get benefit of Top up facility which allows the customer to pay additional premiums in multiples of Rs 1000/- without any limit at anytime, during the term of the policy.


The main features of the plan:


According to the plan, if all due premiums are paid till maturity, and then a guaranteed interest shall accrue on the gross premium, including Top-up premiums if any. The guaranteed interest rate shall be 50 basis points over the average of the overturn repo rate. At present, a minimum guaranteed rate of 4.5% per annum would be available on all premiums received up to 31st March, 2011.


In case of Death, The Policyholder's Fund Value shall be due either in a lump sum or as an annuity, which will depend on the payable lump sum and the prevailing immediate annuity rates under the annuity option chosen. In case of surrender of the policy within 5 years from the date of commencement of policy, the Policyholder's Fund Value after taking the Discontinuance Charge shall be converted into monetary terms. If policy holder surrenders after 5 years from the date of commencement of policy, then the policy fund value shall be used for payment of an annuity and there will no Discontinuance Charge.


Please know the associated risks and the applicable charges, from the Insurance agent or the Intermediary or policy document of the insurer.


Direct Marketing Department from LIC Of INDIA,
Jun 23, 2010 02:40 AM 19890 Views

The performance of LIC Money Plus 1 policy has been below expectation for the past few years. It is true our customers did not get a return at a percentage expected, but that not the complete picture.




  • This policy was launched just before the 2008 stock market crash, which adversly affected the fund value.




  • The fund value went below the initial value of Rs10 per unit when the market declined from 21000 to 7000.




  • Now the fund value has increased above Rs11, which is a growth of more than 10% within 3 to 4 years.






Your own Lic Agent will be able to help you to find more information on the matter and take a right decision.


LIC If INDIA has started a new department called Direct Marketing Dept of which the objective is that customers who do not have services of a regular agent are not deprived of financial advice. This department is advertised as LIC DIRECT and the services are available in most of the cities.


You can refer to "https://licindia.in/Hindi/images/Press_Release_DM.pdf" for reference.


Any request left in the LIC website now comes our Direct Marketing department and is provided to Direct Sales Executives like me to help the customer identify their needs, give them maximum options to choose from and help make the right decisions. So any queries on existing policies or searching for new options feel free to contact us over the mail, our website and direct phone no:s.


Welcoming comments and mails on 'Email This Member' from other MS members.. tc


New Delhi India
Must read this before investing
May 30, 2010 08:18 AM 12243 Views

All Mutual Funds are directly linked with the Market. It's better to gain sufficient knowledge about the market before investing. Many people just look at the excel sheets and the Paper showing 'how Rs. X can be converted to Rs. 3X or 4X' . They don't even think once before investing.


But this is wrong. One should have enough knowledge about the schemes before investing their treasure. You can contact me @ http://www.twitter.com/vohrahul for any information. I'll be there to answer your questions.


Thank you


Rahul Vohra


Bangalore India
LIC ulips are worthless.
Oct 20, 2009 12:31 PM 16973 Views

Dear Customers,


I request you all to never take any policy especially ULIP policies from LIC. I have taken a ULIP policy and have been investing from 2 years mostly started when the market was reaching the new lows.


Even when the market has come back to its highs still the value of my investment is under loss. The agents dont give enough information on the policy.


They show a printout wherein there will be 20% returns expectations per annum which leads to a good value to your investment. But the agents miss to


inform the hidden part in it which is the high allocation charge and low death cover. Instead it is better to have ULIPs in private firms like the


Birla sunlife. For ex: My Birla Sunlife plan gives me a death cover of 6.45lakh for a premium of 15330 per annum for 15years and assured return of my premium or


the fund value whichever is higher. Whereas my LIC I am getting a death cover of 300000rs for a premium of 60000 per annum for 5years and on maturity I just


get the fund value(no assured returns itself).


Request you all to educate others on the same and help them in avoiding mistakes which I have made.


Money Back Returns a Good and Handsome Money
Feb 06, 2008 07:06 PM 19062 Views

Hi


This plan is suitable for people who require lump sum amounts in future to meet specific expenses such as children's education or marriage. At the same time, the policy provides insurance protection for the family as well as old age provision.This plan can be availed of for terms 20 or 25 years.


n case of death of the life assured within the term, the total sum insured is paid to the nominee, irrespective of earlier survival benefits.


Minimum amount of Sum Insured - Rs. 40, 000


Minimum age at entry-13 years*


Maximum age** at entry: 20 year policy - 50 years 25 year policy - 45 years Bonus additions to the policy are calculated for full sum assured. They are payable only along with final maturity benefit on date of maturity or on death, whichever is earlier.


For example, suppose a person takes a Rs. 1, 00, 000 policy for 20 years. At the end of the 5th and 10th year he receives Rs. 20, 000 each as survival benefit. If he happens to die in the 12h year, the nominee of the life assured will receive full Rs. 1, 00, 000, irrespective of the earlier benefits of Rs. 40, 000 means he will get 1 lac+ already paid(40k* 2)+ Bonus of 12 years.


For More Information:


Contact: Naveen(LIC Agent)


EmailID: gandhi.naveen@gmail.com


Phone: 9971152498


Chennai India
There are more excellent products than money plus
Jul 09, 2007 03:19 PM 26455 Views

In continuation of previous writers on Money plus...


Money plus policy is  not designed by LIC originally. Ulips are the gift to Indians by private insurance corporates. it the shame on LIC why they didn't bring such a good policies before.


the allocation charges is what the agents shut their mouth while explaining to customers. 26.5% as allocation charge in LIC is too much, while other corporates charges an average of 20% for similar policy. bajaj allianz charges only 5% in its capital Unit gain policy (CUG). the higher charge in LIC , the customers are in a position to loose 3 to 7 lakh over the period of 20 - 25 years when compared to Bajajs CUG.


regarding returns Bajaj, reliance, SBI, ICICI are giving more returns than LIC in previous year. and what about LIC, the 50 year old corporates in terms of return?


Money plus will accepted by, only if LIC cancel/ reduce the allocation charge. and give good returns like other insurance companies.


Bangalore India
EXCELLENT POLICY
Mar 17, 2007 12:22 AM 42948 Views

LIC money plus is a very gr8 scheme from LIC, if u noticed the imortant factor in its facts sheets is that they are not compulsing to invest for the whole life, it has many advantage such as:


1) dont have to invest money after lock in period which is for 3 yrs only,


2) Tax benefits of 80-c and 80-L too


3) after 3 yrs we can take out the amount with interest every year laeaving only 20000 in it


4) its a fixed scheme of 10000 rs only per year


5) Its return are calculated at 10% pA according to its fact sheets which is very nominal in equity market, and is always 20% or more in equity,


6) if you even pay first 3 years, its not compulsion to pay after that


7) and if u dont take out that money ie 30000 of three years, than at the time of maturity it will easily give u 700000/- easily


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