Re: phrase match modifier
If you use quotes around a keyword, that makes it a Phrase Match keyword. In that case, I assume the AdWords system will ignore the + marks (as it does most punctuation) and will try to match your keyword with searches for "loyalty program india" when it can.
Trying to "mix" match types in a keyword can produce unusual results, though, and not always good ones, so it's not generally recommended.
Hope that helps!
Google AdWords Top Contributor