Product summary
LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover.
You have a choice of investing your premiums in one of the two types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
Death Benefit
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates under the annuity option chosen.
Benefit on Vesting
On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, as defined under para 10(i), will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. However, you may opt to commute up to one-third of the Benefit to be paid as a lump sum. Further, you may choose to purchase annuity from LIC or other life insurance company.
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