Pension Plus Plan 803 – ULIP Based

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 After maturity, one-third of the corpus can be withdrawn as a lump sum amount and the remaining two-thirds would be paid in either monthly or half-yearly installments after maturity, which would be decided by the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.

Minimum Term:
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.

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 the Maximum one-time premium.

Top-up Premiums:
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.

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 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.

Fund Switching:
Two free switches per policy year are 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 – 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.

Note:
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.