LIC new pension plus plan: 10 things to know about the scheme

LIC new pension plus plan: Here’s all you want to know about the scheme

1) This new pension plan got here into impact from September 5, LIC stated in a tweet. 

2) The plan might be bought both as a single premium fee coverage or common premium fee. Under the common fee choice, the premium shall be payable over the time period of the coverage. 

3) The policyholder shall have choice to select the quantity of premium payable and the coverage time period topic to minimal and most limits of premium, coverage time period and vesting age.

4) An choice shall even be accessible to prolong the accumulation interval or deferment interval inside the identical coverage with the identical phrases and situations as the authentic coverage, topic to sure situations.

5) This is a non collaborating, unit Linked, particular person pension plan that helps construct a corpus by systematic and disciplined financial savings which might be transformed into common earnings by buy of an annuity plan on completion of time period.

6) To make investments the quantity, the policyholder could have the alternative to choose a fund from a complete of 4; every premium shall be topic to a ‘Premium Allocation Charge

7) Four free switches for change of funds in a coverage yr can be found.).

8) Guaranteed additions provided by LIC shall be payable as 5% to 15.5% on common premium, and up to 5% on single premium. 

9) In each circumstances, it has to be paid on the completion of a coverage yr.

10) The plan might be bought offline by means of brokers, different intermediaries in addition to on-line from the LIC web site.

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