LIC New Pension Plus Plan: 10 Things To Know About The Plan

LIC New Pension Plus Plan: Here’s all you need to know about this plan

1) This new pension scheme came into effect from September 5, LIC said in a tweet.

2) The plan can be purchased either as a single premium paying policy or as a regular premium paying policy. Under the regular payment option, the premium will be payable during the term of the policy.

3) The policyholder will have the option to choose the amount of premium payable and the term of the policy, subject to minimum and maximum limits of premium, policy term and vesting age.

4) An option to extend the accumulation period or the deferment period will also be available within the same policy with the same terms and conditions as the original policy, subject to certain conditions.

5) It is a non-participating, unit linked, individual pension plan which helps in creating a corpus by systematic and disciplined savings which can be converted into regular income by purchasing an annuity plan on completion of the term.

6) To invest the amount, the policyholder will have the option to select one fund out of a total of four; Each premium will be subject to ‘Premium Allocation Fee’

7) Four free switches are available for money change in a policy year.)

8) Guaranteed Additions offered by LIC will be payable from 5% to 15.5% on Regular Premium and 5% on Single Premium.

9) In both the cases, it will have to be paid on completion of the policy year.

10) The plan can be purchased through agents, other intermediaries as well as online from LIC’s website.

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