LIC Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover. After maturity, one third of the corpus can be withdrawn as a lumpsum amount and the remaining two-thirds would be paid in either monthly or half-yearly installments  after maturity, which would be decided by the policyholders.

LIC Pension Plus Plan 803

Minimum Term:
The Minimum term for Pension Plus plan is 10 years.

Mode of Premium Payment:
Premiums can be paid at yearly, half yearly, quarterly or monthly (through ECS mode only) or a single premium.

Premium Limit:
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.

Single Premium:
The minimum single premium is Rs.30000 and There is no limit on Maximum one time premium.

Top-up Premiums:
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.

Death Benefit:
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.

Survival Benefits:
On surviving to the date of vesting, the higher of Policyholder’s Fund Value or Guaranteed Maturity Amount.

Fund Type:
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.

Fund Switching:
Two free switches per policy year is allowed free of charge.

Eligibility  Conditions  And  Other  Restrictions for Pension Plus:

  1. a)  Minimum Entry Age – 18 years (last birthday)
    b)  Maximum Entry Age – 75 years (nearest birthday)
    c)  Minimum Vesting Age  – 40 years (completed)
    d)  Maximum Vesting Age –  85 years (nearest birthday)
    f)  Sum Assured – NILPension Plus 803

Premium Allocation Charges:

  • For Single premium policies:  3.3%
  • For Regular Premium: First Year 6.75% 2nd to 5th Year 4.50% thereafter 2.50%
  • Allocation charge for Top-up: 1.25%

How to Apply for Pension Plus Plan?


Update: LIC Pension Plus Plan No.803 Has Been Discontinued.


Note:
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.