Thanks to my son who suggested I should start investing in the LIC Pension scheme when I was in my late 50s. His advice is now helping me to live my life king-size, and I don't have to depend on my son for my day-to-day needs. by Mr. Bhagat
Mr. Bhagat bought LIC New Pension Plus Plan in his late 50’s. His son helped and made him understand the importance of having a pension plan. To convince his father, he took the help of Policybazaar and arranged a call for an in-depth understanding of pension plans. After talking to the team of Policybazaar, Mr. Bhagat was convinced that the pension plans are of great importance and chose to buy the LIC New Pension Plus plan. Let us explore more about this plan and understand what Mr. Bhagat bought this plan:
LIC New Pension Plus is a unit-linked pension plan in which the policyholder can choose to make a single premium payment or regular premium payments throughout the policy tenure. The total corpus built till the time of retirement can be converted into a regular income.
What is the Eligibility Criteria for the LIC New Pension Plus Plan?
Criteria
Minimum
Maximum
Entry Age
25 years
75 years
Policy Term
10 years
42 years
Age at Maturity/Vesting
35 years
85 years
Premium Payment Term
Single Premium: One Time Regular Premium: Same as policy term
Lic Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
What are the Benefits of LIC New Pension Plus Plan?
Death Benefit
If the policyholder dies during the policy term, the higher of the fund value or 105% of total premiums paid up to the date of death shall be given to the nominee.
Partial Withdrawal
The plan comes with the benefit of partial withdrawals, wherein the policyholder can withdraw funds at any time after the 5 years of the lock-in period.
Options to extend the date of Vesting
Under this benefit, the policyholder has the option to extend the accumulation period or deferment period, provide that
You must be less than 60 years old while exercising this option.
Extension of accumulation or deferment period shall be up to the maximum Vesting age under the plan.
The sum of the original policy term and extended policy term cannot exceed 42 years.
One needs to submit the extension request before the first Vesting date.
Free Switching of Funds
The plan lets you switch between the available four funds. The plan allows you to switch four times at zero charges. However, subsequent switches will incur a charge of Rs.100 per switch.
Maturity Benefit
If the policyholder survives till the end of the policy term, the plan will offer a maturity benefit equal to the Unit Fund Value.
Choice of Funds
The plan offers a choice of 4 investment fund options from which the policyholder can choose as per their risk appetite. The available 4 investment fund options are:
Pension Bond Fund
Pension Secured Fund
Pension Balanced Fund
Pension Growth Fund
Guaranteed Additions
Guaranteed Additions will be added to the Unit Fund at the end of the sixth, tenth, and each subsequent policy year from the eleventh year onward until the end of the policy term.
LIC Pension Plans serve as a means of financial stability and security after retirement. Along with Mr. Bhagat and other customers, who have bought LIC Plan are living stress-free knowing that their post-retirement life will be financially secure. The plan offers pocket-full of benefits and ensures that you receive monthly income to fulfill your daily requirements.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in