LIC’s New Pension Plus is a Unit Linked, Non-Participating, Individual Pension plan designed to help you build a corpus through systematic and disciplined savings, which can later be converted into a regular income stream. This plan offers the flexibility of being purchased as either a Single Premium or through Regular Premium payments.
You have the option to buy this plan either Offline, with the assistance of an intermediary, or Online through the LIC website at www.licindia.in. This pension plan provides you with the opportunity to secure your financial future and ensure a steady income for your retirement years.
Benefits
Benefits payable on death
In case of the policyholder’s death before the Vesting date, LIC’s New Pension Plus plan will pay out the higher of the Unit Fund Value or the Assured Death Benefit. The Assured Death Benefit is calculated as 105% of the total premiums paid, minus any Partial Withdrawals made in the two years leading up to the policyholder’s death. Any charges, except for Fund Management Charges and their associated taxes, will be added back to the Unit Fund Value and paid to the nominee or beneficiary. Any Guaranteed Additions added after the date of death will be deducted from the Unit Fund, and the payout should be managed as per the plan’s provisions.
Benefit payable on Vesting
- Buy annuity from LIC or another insurer (up to 50% after commutation).
- Commute up to 60% and use the rest for annuity.
- Extend the Vesting date as per Para 4.b).
If proceeds can’t meet minimum annuity requirements, a lump sum is paid. For annuity from another insurer, inform LIC in advance.
Eligibility Conditions
| Minimum/Maximum Basic Sum Assured | Not Applicable | |
| Maximum Premium | No limit | |
| Minimum Entry Age | [25] years (last birthday) | |
| Maximum Entry Age | [75] years (last birthday) | |
| Minimum Vesting Age | [35] years (last birthday) | |
| Maximum Vesting Age | [85] years (last birthday) | |
Exclusion:
Suicide Clause: In the unfortunate event of suicide within 12 months from the policy’s start or revival date, the Nominee or Beneficiary will receive the Unit Fund Value available upon reporting the death. The use of these proceeds is subject to the terms mentioned in Para 2.A.ii). No other claims will be entertained by the Corporation.
Any charges and taxes, except Fund Management Charges and tax on FMC, imposed after the date of death, will be added back to the Unit Fund Value.
Guaranteed Additions made after the date of death will be deducted from the Unit Fund.
