LIC’s Pension Plus Summary:
LIC’s 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After maturity, one third of the corpus can be withdrawn as a lumpsum amount and the remaining two-thirds would be paid in either monthly or half-yearly installments after maturity, which would be decided by the policy holders.
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.
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.
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.
Eligibility Conditions And Other Restrictions for Pension Plus:
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 – NIL
Premium Allocation Charge for Pension Plus:
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 LIC Of India’s 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)
LIC Of India SMS Alert:
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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