LIC announces new Pension Plus plan: everything you need to know about the plan


Life Insurance Corporation of India (LIC) has introduced a new non-participating unit linked pension scheme called “New Pension Plus”. According to LIC, the program “will help build a corpus through systematic and disciplined savings that can be converted into regular income through the purchase of an annuity plan at the end of the terms.”

This new pension plan went into effect on September 5, LIC said in a tweet. Here’s everything you need to know about the diet:

(1.) It can be purchased as a single premium payment or regular premium payment policy. Under the regular policy, the amount is payable over the term of the policy.

(2.) Subject to the term of the policy, the age of acquisition and the minimum and maximum limits of the premium, the policyholder will have the possibility of choosing the amount of the premium payable and the duration of the police.

(3.) An option to extend the accumulation period or the deferral period within the same policy, with the same terms and conditions as in the original policy, will also be available (under certain conditions).

(4.) To invest the amount, the policyholder will have the choice of selecting one fund from a total of four; each award will be subject to a “prize award tax”.

(5.) Guaranteed supplements offered by LIC are payable from 5% to 15.5% on the regular premium and up to 5% on the single premium. In both cases, these must be paid at the end of an insurance year.

(6.) The plan is, in the words of LIC, “suitable for young people to make arrangements for life after retirement”, and can be purchased both offline (through agents/intermediaries) and online (from Its unique identity number (UIN) is 512L347V01.


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