On the occasion of 54th Anniversary of the Corporation, LIC has announced launch of its new product - LIC's Pension Plus with effect from September 2, 2010.Pension Plus Features:
1. Guaranteed Maturity Proceeds
2. One-third of the corpus can be withdrawn as a lumpsum amount
3. The remaining two-thirds would be paid in either monthly or half-yearly installments after maturity
4. Guarantee of interest rate on Discontinued Policy Fund:
5. Top-up (Additional Premium) :
6. Switching:
7. Partial Withdrawal:
8. Revival:
9. Conversion to annuity:
10. Minimum allocation charge
Eligibility Conditions And Other Restrictions:
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)
e) Minimum Deferment Term - 10 years
f) Sum Assured – NIL
g) Minimum Premium -
Regular premium (other than monthly (ECS) mode) : Rs. [15,000] p.a.
Regular premium (for monthly (ECS) mode) : Rs. [1,500] p.m.
Single premium: Rs. [30,000]
h) Maximum Premium -
Regular premium : Rs. [1,00,000] p.a.
Single premium: No Limit
Two Fund Type:
1. Debt Fund
2. Mixed Fund
Benefit on Vesting:
On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds. However, you may opt to commute up to one-third of the Benefit to be paid as a lump sum. Further, you may choose to purchase annuity from LIC or other life insurance company.
Payment of Premiums:
You may pay premiums yearly, half-yearly or quarterly or monthly through ECS mode.
Alternatively, a Single premium can also be paid.
Minimum Premium
Regular premium (other than monthly (ECS) mode):Rs.15,000 yearly.
Regular premium (for monthly (ECS) mode) :Rs.1,500 p.m.
Single premium: Rs.30,000
Maximum Premium
Regular premium : Rs. 1,00,000 yearly
Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium Allocation Charge:
First Year: 6.75%
2nd to 5th Year: 4.50%
thereafter: 2.50%
Allocation charge for Top-up: 1.25%
Policy Administration charge:
Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Switching Charge:
Within a given policy year 2 switches will be allowed free of charge in Pension Plus plan. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.
Death Benefit:
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
For more Pension Plans contact us @ 9958609831 with Guaranteed returns.
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)
e) Minimum Deferment Term - 10 years
f) Sum Assured – NIL
g) Minimum Premium -
Regular premium (other than monthly (ECS) mode) : Rs. [15,000] p.a.
Regular premium (for monthly (ECS) mode) : Rs. [1,500] p.m.
Single premium: Rs. [30,000]
h) Maximum Premium -
Regular premium : Rs. [1,00,000] p.a.
Single premium: No Limit
Two Fund Type:
1. Debt Fund
2. Mixed Fund
Benefit on Vesting:
On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds. However, you may opt to commute up to one-third of the Benefit to be paid as a lump sum. Further, you may choose to purchase annuity from LIC or other life insurance company.
Payment of Premiums:
You may pay premiums yearly, half-yearly or quarterly or monthly through ECS mode.
Alternatively, a Single premium can also be paid.
Minimum Premium
Regular premium (other than monthly (ECS) mode):Rs.15,000 yearly.
Regular premium (for monthly (ECS) mode) :Rs.1,500 p.m.
Single premium: Rs.30,000
Maximum Premium
Regular premium : Rs. 1,00,000 yearly
Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium Allocation Charge:
First Year: 6.75%
2nd to 5th Year: 4.50%
thereafter: 2.50%
Allocation charge for Top-up: 1.25%
Policy Administration charge:
Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Switching Charge:
Within a given policy year 2 switches will be allowed free of charge in Pension Plus plan. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.
Death Benefit:
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
For more Pension Plans contact us @ 9958609831 with Guaranteed returns.
