1- Did you inquired which policy LIC Office bought for your father?
2- Ask for a original or copy of the new policy from LIC Office?
3- Is it annuity policy?

For your info -
Market plus is a unit linked deferred pension plan from life insurance corporation available with or without risk cover. On your surviving to the date of vesting, the fund value of the units held in your unit account will compulsorily be utilized to provide a pension based on the then prevailing immediate annuity rates under the relevant annuity option. You may opt to commute up to one-third of the benefit to be paid as a lump sum. In other words you can withdraw upto one third of the total corpus tax-free. And with the balance amount you can choose to buy an annuity from LIC or any other insurer. But note that annuities are taxable.