LIC’s PENSION PLUS with effect from 2nd September 2010
LIC Pension Plus is a unique UNIT Linked pension plan where a minimum rate of interest of 4.5% is confirmed and guaranteed. Also after maturity, one third of the corpus can be withdrawn as a lumpsum amount and the remaining two-thirds would be paid in either monthly or half-yearly installments (Pension) after maturity, which would be decided by the policy holders. The plan is without any life cover during the deferment term of the policy.
The Minimum maturity period/term for LIC Pension Plus plan is 10 years.
LIC Pension Plus is open for anyone between the age of 18 to 75 years.
Mode of Premium Payment:
Premiums can be paid at yearly, half yearly, quarterly or monthly (through ECS mode only) or a single premium.
The minimum regular premium is Rs.15000 per annum (Except ECS Mode) while the maximum allowed for regular premium is Rs 1,00,000/-
For the ECS payment mode:
The minimum premium is Rs 1500 per month.
The minimum single premium is Rs.30000 and There is no limit on Maximum one time premium.
Top up facility is available under LIC Pension Plus plan which enables you to pay additional premiums in multiples of Rs 1000/- without any limit at anytime, during the term of the policy.
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
On surviving to the date of vesting, the higher of Policyholder’s Fund Value or Guaranteed Maturity Amount.
Vesting Age Limit:
Minimum Deferment Term allowed is 10 years.
Minimum Vesting Age is 40 years while the Maximum Vesting Age allowed is 85 years.
After Maturity Benefit:
Even after the maturity one third of the capital can be withdrawn as a lump sum amount. The remaining two-third amount will be paid as per the policy of policy holders either in monthly or half-yearly installments.
The Pension Plus plan is available in two options — Debt fund and Mixed fund.
1. Debt Fund: Not less than 60 per cent of the corpus would be invested in government securities, and remaining 40 per cent would be invested in money market instruments.
2. Mixed Fund: Investment in government securities not be less than 45 per cent, and 40 per cent into money market instruments and 15-35 per cent into equities.
Two free switches per policy year is allowed free of charge.
How to Apply for LIC Of India’s New Pension Plus Plan?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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