Pension during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life
UIN
512L347V01
Plan:867
Product Summary
LIC’s New Pension Plus is a Non-Participating, Unit Linked, Individual Pension plan which helps to build corpus by systematic and disciplined savings which can be converted into regular income. This plan can be purchased either as Single Premium or Regular Premium payment frequency. Under a Regular Premium policy, the Premium shall be payable over the term of the policy.
This plan can be purchased Offline through agents/other intermediaries as well as Online directly through website www.lbsfinlife.com
The Policyholder shall have option to choose the amount of premium payable and policy term subject to minimum and maximum limits of Premium, Policy Term and Vesting Age. An Option shall also be available to Life Assured to extend the accumulation period or deferment period within the same policy with the same terms and conditions as the original policy.
The Policyholder has a choice of investing premiums in one of the four types of funds available. Each premium paid by the policyholder shall be subject to Premium Allocation Charge. The balance amount known as allocation rate constitutes that part of premium which is utilized to purchase the units of the fund chosen by the Policyholder in the policy.
At the end of specified policy durations, the Guaranteed Additions as a percentage of Annual Premium/Single Premium shall be added to the Unit Fund under an in-force policy. The amount of Guaranteed Additions shall be utilized to purchase units as per the opted fund type.
Unit Fund Value is calculated by multiplying the Net Asset Value (NAV) of the chosen fund type with the number of units in the respective Unit Fund. The Unit Fund Value shall be subject to deduction of various other charges either as cancellation of number of units or by adjusting the NAV. Units will be allotted and cancelled based on the NAV of the respective fund as applicable as on the date of allotment/cancellation. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge of each fund type.
The Life Assured shall utilize the proceeds of the Policy on Vesting (i.e. at the end of the Policy Term)/on Surrender/ on Discontinuance.
MODES OF PREMIUM PAYMENT:
The policyholder can choose frequency of premium payment either as a Single Premium or as Regular Premium. In case of Regular Premium, the mode of premium payment can be Yearly, Half-yearly, Quarterly or Monthly (through NACH only) and has to be chosen at commencement.
Eligibility conditions and Features-
a) Basic Sum Assured : Not Applicable
b) Minimum Premium : as below in table>
| Mode/Premium Payment Frequency | Single Premium (Rs.) | Regular Premium (Rs.) |
|---|---|---|
| Yearly | 1,00,000 | 30,000 |
| Half-Yearly | 16,000 | |
| Quarterly | 9,000 | |
| Monthly (NACH) | 3,000 |
The Regular Premiums shall be payable in multiples of Rs. 1,000/- for all modes other than monthly (NACH). For monthly (NACH), the premium shall be in multiples of Rs. 250/-. The Single Premium shall be payable in the multiples of Rs. 10,000/-.
c) Maximum Premium : No limit.
d) Minimum Entry Age : [25] years (last birthday)
e) Maximum Entry Age : [75] years (last birthday)
f) Premium Paying Frequency and Premium Paying Term :
| S. No. | Premium Payment Frequency | Premium Paying Term |
|---|---|---|
| 1 | Single Premium | Single Premium |
| 2 | Regular Premium [Yearly, Half-yearly, Quarterly and Monthly (NACH)] | Same as Policy Term |
g) Minimum/Maximum Policy Term :
| Premium Payment Frequency | Minimum (Years) | Maximum (Years) |
|---|---|---|
| Single/Regular Premium | 10 | 42 |
The minimum/maximum policy term shall be subject to minimum/maximum Vesting age as specified in Para 2.h & 2.i below
h) Minimum Vesting Age : [35] years (last birthday)
i) Maximum Vesting Age : [85] years (last birthday)
Policy Benefits
A. Benefits payable on Vesting:
On survival of the Life Assured till the date of Vesting (in case the policy is in-force or the policy is in reduced paid-up status as on the date of Vesting), an amount equal to the Unit Fund Value as on the date of Vesting shall be payable.
The proceeds of the Policy shall be utilized as per annuitization provision .
The purchase of the annuity shall be subject to terms and conditions of the then available annuity product(s).
If the policyholder opts to purchase annuity from any other life insurance Company, he/she will have to inform his/her intention to the Corporation before the date of vesting.
B. Benefits payable on Death:
1. Benefits payable on death of the Life Assured before the stipulated Date of Vesting (including during Grace Period in case of Regular Premium):
In case of an in-force policy:
An amount equal to higher of the following shall be payable:
- Unit Fund Value as on the date of intimation of death; or
- Assured Death Benefit
Where,
Assured Death Benefit is 105% of the Total Premiums received upto the date of death reduced by Partial Withdrawals made during two-year period immediately preceding the death of the Life Assured.
GUARANTEED ADDITIONS
Guaranteed Additions shall be payable only under an in-force policy i.e. if all due premiums have been paid. The Guaranteed Additions as a percentage of Annual Premium or ‘Annualized Premium’ (in case of Regular Premium policy) or Single Premium shall be added to the Unit Fund at the end of 6th, 10th and each policy year from 11th year and onwards till the expiry of policy term provided all due premiums have been paid and the policy is in-force.
INVESTMENT FUND TYPES:
UNIT FUND-
- 1. Pension Bond Fund
- 2. Pension Secured Fund
- 3. Pension Balanced Fund
- 4. Pension Growth Fund
Computation of NAV:
The NAV of all the five segregated funds i.e. Pension Bond Fund, Pension Secured Fund, Pension Balanced Fund, Pension Growth Fund and Pension Discontinued Fund will be computed on daily basis and will be based on investment performance, Fund Management Charge of each fund type.
POLICY LOAN
No loan facility shall be available under this plan.
Taxes
Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.