LIC's New Pension Plus (Tab 867)
INTRODUCTION :- LIC’s New Pension Plus is a Non-Participating, Unit Linked, Individual Pension plan which helps to build corpus by systematic and disciplined savings which can be converted into regular income. This plan can be purchased either as a Single Premium or Regular premium payment frequency. LIC’s New Pension Plus Policy is the best insurance policy for those individuals who understand the ups and downs of the stock market and do not mind taking risks. And they want to make good returns on their investments.
Basic Eligibility Conditions and Features of LIC’s New Pension Plus Plan (Table No. 867): –
i) Basic Sum Assured:- Not Applicable
ii) Minimum Premium:- Yearly Mode – Rs. 30000, Half Yearly – Rs. 16000, Quarterly – 9000, Monthly – Rs. 3000, and for Single Mode it will be Rs. 100000
iii) Maximum Premium:- No Limit
iv) Policy Term:- Minimum 10 Years and Maximum 42 years
v) Minimum Age at entry:- 25 years Last Birthday
vi) Maximum Age at Entry:- 75 years Last Birthday
vii) Minimum Vesting Age:- 35 years last birthday
viii) Maximum Age at Maturity:- 85 years last birthday
Death Benefit: – Death Benefit will be higher of Unit Fund Value of 105% of Total Premium paid.
Maturity Benefit: – Utilize entire proceeds to purchase annuity plan or commute up to 60% and utilize the balance amount.