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 After maturity, one-third of the corpus can be withdrawn as a lump sum amount and the remaining two-thirds would be paid in either monthly or half-yearly installments after maturity, which would be decided by the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.
The minimum term for the Pension Plus plan is 10 years.
Mode of Premium Payment:
Premiums can be paid 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 the Maximum one-time premium.
The top-up facility is available under the LIC Pension Plus plan which enables you to pay additional premiums in multiples of Rs 1000/- without any limit at any time, 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 percent of the corpus would be invested in government securities, and the remaining 40 percent would be invested in money market instruments.
2. Mixed Fund: Investment in government securities is not less than 45 percent, and 40 percent into money market instruments and 15-35 percent into equities.
Two free switches per policy year are 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 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%
Update: LIC Pension Plus Plan No.803 Has Been Discontinued.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.