Home / Insurance / News /  LIC new pension plus plan: 10 things to know about the scheme
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LIC new pension plus plan: Life Insurance Corporation of India (LIC)has introduced new pension plus plan. The plan can be purchased either as a single premium payment policy or regular premium payment. According to LIC, the plan is ‘suitable for young persons to make provisions for post-retirement life’, and can be purchased both offline (through agents/intermediaries) and online (from Its Unique Identity Number (UIN) is 512L347V01.

LIC new pension plus plan: Here's all you need to know about the scheme

1) This new pension plan came into effect from September 5, LIC said in a tweet. 

2) The plan can be purchased either as a single premium payment policy or regular premium payment. Under the regular payment option, the premium shall be payable over the term of the policy. 

3) The policyholder shall have option to choose the amount of premium payable and the policy term subject to minimum and maximum limits of premium, policy term and vesting age.

4) An option shall also be available to extend the accumulation period or deferment period within the same policy with the same terms and conditions as the original policy, subject to certain conditions.

5) This is a non participating, unit Linked, individual pension plan that helps build a corpus by systematic and disciplined savings which can be converted into regular income by purchase of an annuity plan on completion of term.

6) To invest the amount, the policyholder will have the choice to select a fund from a total of four; each premium shall be subject to a 'Premium Allocation Charge

7) Four free switches for change of funds in a policy year are available.).

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

9) In both cases, it has to be paid on the completion of a policy year.

10) The plan can be purchased offline through agents, other intermediaries as well as online from the LIC website.




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