“LIC PENSION PLUS” (Plan No. 803) a new pension plan from LIC
LIC PENSION PLUS (Plan No 803) is a unit-linked deferred pension plan which offers an investment of contributions during the term of the policy. The plan is without risk cover. The allocated premium will be utilized to purchase units as per the selected fund type. Units will be allotted and canceled based on the Net Asset Value (NAV) of the respective fund applicable to the date of allotment/cancellation. There is no fixed Bonus under this plan like conventional plans. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to the NAV). The LIC PENSION PLUS NAV will be computed on a daily basis and will be based on the investment performance, Fund Management Charges (FMC), and whether the fund is expanding or contracting under each fund type.
LIC PENSION PLUS Eligibility Conditions:
| Minimum Age | 18 years (last birthday) |
| Maximum Age | 75 years (nearest birthday) |
| Minimum Vesting Age | 40 years (completed) |
| Maximum Vesting Age | 85 years (nearest birthday) |
| Minimum Deferment Term | 10 years |
| Sum Assured | NIL |
| Minimum Premium | Rs.15,000 p.a. Regular premium (other than monthly ECS mode), Monthly ECS mode : Rs.1,500 p.m. Single premium: Rs.30,000 |
| Maximum Premium | Regular premium : Rs.1,00,000 p.a. Single premium: No Limit |
Loan: No loan is available under the LIC Pension Plus plan.
Assignment: No Assignment allowed.
Premium Mode:
- Single premium,
- Yearly,
- Half-yearly,
- Quarterly &
- Monthly (ECS only)
Grace Period:
- 30 days for yearly, half-yearly, or quarterly mode.
- 15 days for monthly ECS mode
LIC PENSION PLUS BENEFITS:
Death Benefit:
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates under the annuity option chosen.
Benefit on Vesting:
On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, will compulsorily be utilized to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. However, you may opt to commute up to one-third of the Benefit to be paid.
