Plan Features
New Pension Plus 867
Product Summary
New Pension Plus-(867) is a Unit Linked, individual pension plan which helps to build corpus by systemetic savings which can be converted to regular income.The plan is available as single as well as regular payment plan. The fund value available by surrender or as maturity benefit has to be utilized to purchase a pension. Comutation option can be availed up to 60 % of the fund value if needed.
Premium Payment Mode
Regular Premium(Yearly, Half Yearly, Quartery and monthly mode) and Single Premium mode
Annuity Mode
-
Optional Benefits
-
Term
10 to 42 years
Premium Paying Term
-
Minimum Age at Entry
25 years last birthday
Maximum Age at Entry
75 years
Annuity Options
-
Minimum Purchase Price
-
Deferment Period
-
Joint Annuity
-
Maximum Cover Ceasing Age
-
Maturity Age
-
Sum Assured
-
Maturity Benefit
-
Death Benefit
-
Minimum Basic Sum Assured
-
Minimum age at the end of Premium Paying Term
-
Maximum Maturity Age
85 years(Last birth day)
Minimum Premium
Regular Premium [Yearly - 30,000, Half Yearly - 16,000, Quarterly -9,000, Monthly -.3000]; Single Premium-[1,00,000]
Maximum Premium
No limit (Subject to other conditions)
Minimum Basic Sum Assured
-
Sum Assured on Death
-
Minimum Sum Assured
-
Maximum Sum Assured
-
Guaranteed Additions
-
Survival Benefits
-
Riders Available
Nil
Accidental Death and Disability benefit (ADDB)
Not available
Policy Benefits
On Death
In case of an inforce policy:Higher of the (1)Unit fund value as on the date of intimation of death (2) Assured death benefit of 105% of the total premium received upto the date of death, reduced by partial withdrawals made during 2 year period immediatedly preceding the death of life assured.
On Survival
Unit fund value is paid on policy holder surviving the term of the policy which has to be utilized for purchasing a pension plan. Commutation facility can be availed if needed up to 60% of the fund value.
On detection of Early Stage Cancer
-
On detection of Major Stage Cancer
-
Settlement Option
-
Multiple Allowed
-
Surrender Value
Fund value available at the date of surrender(if surrendered after the lock in period)
Loan
No loan facility available
Income Tax Benefit
LIC will intimate soon if available
Proposal Form
Special proposal form applicable
| Product Summary | New Pension Plus-(867) is a Unit Linked, individual pension plan which helps to build corpus by systemetic savings which can be converted to regular income.The plan is available as single as well as regular payment plan. The fund value available by surrender or as maturity benefit has to be utilized to purchase a pension. Comutation option can be availed up to 60 % of the fund value if needed. |
|---|---|
| Premium Payment Mode | Regular Premium(Yearly, Half Yearly, Quartery and monthly mode) and Single Premium mode |
| Annuity Mode | - |
| Optional Benefits | - |
| Term | 10 to 42 years |
| Premium Paying Term | - |
| Minimum Age at Entry | 25 years last birthday |
| Maximum Age at Entry | 75 years |
| Annuity Options | - |
| Minimum Purchase Price | - |
| Deferment Period | - |
| Joint Annuity | - |
| Maximum Cover Ceasing Age | - |
| Maturity Age | - |
| Sum Assured | - |
| Maturity Benefit | - |
| Death Benefit | - |
| Minimum Basic Sum Assured | - |
| Minimum age at the end of Premium Paying Term | - | Maximum Maturity Age | 85 years(Last birth day) |
| Minimum Premium | Regular Premium [Yearly - 30,000, Half Yearly - 16,000, Quarterly -9,000, Monthly -.3000]; Single Premium-[1,00,000] |
| Maximum Premium | No limit (Subject to other conditions) |
| Minimum Basic Sum Assured | - |
| Sum Assured on Death | - |
| Minimum Sum Assured | - |
| Maximum Sum Assured | - |
| Guaranteed Additions | - |
| Survival Benefits | - |
| Riders Available | Nil |
| Accidental Death and Disability benefit (ADDB) | Not available |
| On Death | In case of an inforce policy:Higher of the (1)Unit fund value as on the date of intimation of death (2) Assured death benefit of 105% of the total premium received upto the date of death, reduced by partial withdrawals made during 2 year period immediatedly preceding the death of life assured. |
|---|---|
| On Survival | Unit fund value is paid on policy holder surviving the term of the policy which has to be utilized for purchasing a pension plan. Commutation facility can be availed if needed up to 60% of the fund value. |
| On detection of Early Stage Cancer | - |
| On detection of Major Stage Cancer | - |
| Settlement Option | - |
| Multiple Allowed | - |
| Surrender Value | Fund value available at the date of surrender(if surrendered after the lock in period) |
| Loan | No loan facility available |
| Income Tax Benefit | LIC will intimate soon if available |
| Proposal Form | Special proposal form applicable |
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