LIC New Immediate Future Secure Pension Plan 259

The LIC New Immediate Future Secure Pension Plan 259 is a non-linked, single-premium, immediate annuity plan under LIC International's pension plan category, where pension income starts right away rather than after a waiting period. A one-time payment is made when the policy begins, thereby creating a second, regular income stream, with an option to extend annuity benefits to the spouse for policyholders from as early as age 40 to age 75.

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About LIC New Immediate Future Secure Pension Plan 259

At the beginning of the contract, the annuitant chooses from a wide set of annuity structures, including a plain Life Annuity, a Life Annuity with Return of Purchase Price on death, a Life Annuity with 50% or 100% of the income continuing to the spouse, a Life Annuity with 100% spouse continuation plus Return of Purchase Price, or an Annuity Payment Guaranteed for 5, 10, 15, or 20 years and for life thereafter.

Key Features of New Immediate Future Secure Pension Plan 259

Mode of Premium Payment

A single premium is payable at the start of the term, in full, rather than through any recurring installments. Once this one-time payment is made, no further contributions are due for the rest of the policy term.

Return of Purchase Price

Return of Purchase Price is available only under Option C and Option F. None of the other options include this feature.

Maturity Benefit

No maturity benefit is available under this plan, since it is structured entirely around annuity income rather than a fixed-term payout.

Guaranteed Annuity Payment

Annuity Payment Guaranteed for 5/10/15/20 years and for life thereafter.

Annuity Options Under New Immediate Future Secure Pension Plan 259

This pension plan is built around a wide choice of annuity structures rather than a single fixed payout style:

Option A: Annuity for life, with no return of purchase price
Options B5, B10, B15, and B20: Annuity guaranteed for a fixed period of 5, 10, 15, or 20 years respectively, and for life thereafter
Option C: Annuity with Return of Purchase Price on death
Option D: Annuity for life with 100% of the income continuing to the spouse on the annuitant's death
Option E: Annuity for life with 50% of the income continuing to the spouse on the annuitant's death
Option F: Annuity for life with 100% spouse continuation and Return of Purchase Price combined

Eligibility Criteria for New Immediate Future Secure Pension Plan 259

Eligibility under New Immediate Future Secure Pension Plan 259 is set by the purchase price paid and the entry age of the annuitant:

Attribute	Minimum	Maximum
Purchase Price	USD 15,000	No limit, subject to underwriting
Entry Age	40 years (completed)	75 years (nearer birthday)
Premium Payment Term	Single premium
Mode of Premium Payment	Single premium
Mode of Annuity Payment	Yearly, half-yearly, quarterly or monthly

A single premium is payable at the start of the term under this plan.

Benefits of New Immediate Future Secure Pension Plan 259

New Immediate Future Secure Pension Plan 259 pays out differently depending on the option chosen at inception.

Annuity Benefits (Payable on Survival)

Option	Type	Benefit on Survival
Option A	Annuity for life	Payments are made in arrears for as long as the annuitant is alive, ceasing on death.
Option B5	Guaranteed 5 years, then for life	Payments are made in arrears for as long as the annuitant is alive or until the end of the 5-year guaranteed period, whichever is later.
Option B10	Guaranteed 10 years, then for life	Payments are made in arrears for as long as the annuitant is alive or until the end of the 10-year guaranteed period, whichever is later.
Option B15	Guaranteed 15 years, then for life	Payments are made in arrears for as long as the annuitant is alive or until the end of the 15-year guaranteed period, whichever is later.
Option B20	Guaranteed 20 years, then for life	Payments are made in arrears for as long as the annuitant is alive or until the end of the 20-year guaranteed period, whichever is later.
Options B5–B20 (shared rule)	—	If the annuitant passes away during the guaranteed period, the annuity becomes payable to the nominee until the guaranteed period expires.
Option C	Return of Purchase Price	Payments are made in arrears for as long as the annuitant is alive. Payments cease on death, and the purchase price is paid to the nominee.
Option D	100% to spouse	Payments continue for as long as the annuitant is alive. If the annuitant passes away, 100% of the annuity is paid to the surviving spouse for as long as they live. The payments cease when the spouse is no longer alive. If the spouse passes away before the annuitant, payments continue until the annuitant's death.
Option E	50% to spouse	Payments continue for as long as the annuitant is alive. If the annuitant passes away, 50% of the annuity is paid to the surviving spouse for as long as they live; payments cease when the spouse is no longer alive. If the spouse passes away before the annuitant, payments continue until the annuitant's death.
Option F	100% to spouse + ROP	Payments continue for as long as the annuitant is alive. If the annuitant passes away, 100% of the annuity is paid to the surviving spouse for as long as they live. Payments cease when the spouse is no longer alive, and the purchase price is then paid to the nominee. If the spouse passes away before the annuitant, payments continue until the annuitant's death, and the purchase price is then paid to the nominee.

Beneficiary Benefits (Payable on Death)

Option	Benefit on Death
Option A	Nothing is payable to the beneficiary. Payments cease immediately and the policy terminates.
Option B5	Death during the 5-year guaranteed period passes the annuity to the beneficiary until the period expires, after which payments cease and the policy terminates. Death after the guaranteed period ends the policy immediately with no further payout.
Option B10	Death during the 10-year guaranteed period passes the annuity to the beneficiary until the period expires, after which payments cease and the policy terminates. Death after the guaranteed period ends the policy immediately with no further payout.
Option B15	Death during the 15-year guaranteed period passes the annuity to the beneficiary until the period expires, after which payments cease and the policy terminates. Death after the guaranteed period ends the policy immediately with no further payout.
Option B20	Death during the 20-year guaranteed period passes the annuity to the beneficiary until the period expires, after which payments cease and the policy terminates. Death after the guaranteed period ends the policy immediately with no further payout.
Option C	Payments cease immediately on death. The purchase price is paid to the beneficiary, and the policy terminates.
Option D	On the annuitant's death, 100% of the annuity continues to the surviving spouse for as long as they live, ceasing immediately on the spouse's subsequent death, at which point the policy terminates. If the spouse predeceases the annuitant, payments continue and cease on the annuitant's death, after which the policy terminates.
Option E	On the annuitant's death, 50% of the annuity continues to the surviving spouse for as long as they live, ceasing immediately on the spouse's subsequent death, at which point the policy terminates. If the spouse predeceases the annuitant, payments continue and cease on the annuitant's death, after which the policy terminates.
Option F	On the annuitant's death, 100% of the annuity continues to the surviving spouse for as long as they live, ceasing immediately on the spouse's subsequent death; the purchase price is then paid to the beneficiary and the policy terminates. If the spouse predeceases the annuitant, payments continue and cease on the annuitant's death, after which the purchase price is paid to the beneficiary, and the policy terminates.

Policy Details of LIC New Immediate Future Secure Pension Plan 259

The LIC New Immediate Future Secure Pension Plan 259 has a few servicing rules that apply regardless of which annuity option is chosen. Below are the policy details discussed briefly:

Surrender Benefit

A surrender benefit is available only under Option C and Option F, and only under extreme circumstances such as critical illness of the annuitant, loss of job before superannuation, or a child's marriage. For these options, the surrender value becomes available once one full policy year is complete. The guaranteed surrender value is 90% of the purchase price, and the special surrender value is 95% of the purchase price, although the special surrender value may change in the future at the company's discretion.

Policy Loan

A policy loan is not available under this plan. Since the plan is structured entirely around converting a purchase price into annuity income rather than building an accessible cash value, there is no facility to borrow against the policy at any stage.

Paid Up Value

No paid-up value applies under any of the annuity options offered. Because the plan is funded through a single premium with no recurring payments to miss, there is no scenario in which the policy would need to fall back to a reduced, paid-up state.

FAQs

What annuity options are available in LIC New Immediate Future Secure Pension Plan 259?

Ans: LIC New Immediate Future Secure Pension Plan 259 offers several annuity options at the same time, like life annuity or guaranteed annuity for 5, 10, 15, or 20 years, plus the Return of Purchase Price and with joint-life options, a person could have either a 50% or a 100% spouse pension.
Which options offer the Return of Purchase Price in LIC New Immediate Future Secure Pension Plan 259?

Ans: Only Option C and Option F have Return of Purchase Price. After the nominee fulfils the death benefit conditions, he/she would be compensated for the original amount paid in return for purchase of the policy under these options.
Can I get a loan under LIC New Immediate Future Secure Pension Plan 259?

Ans: No, LIC's New Immediate Future Secure Pension Plan 259 policy does not support a loan. As it is a non-cash value single-premium instant annuity plan, the policyholder does not have the privilege of borrowing against the annuity.
How will I receive my annuity under LIC New Immediate Future Secure Pension Plan 259?

Ans: You can be paid a single annuity per month or per quarter or semi-annually or annually as the case may be. This payment mode is chosen at the time of purchase; generally there will be no change in the annuity period.
Who can buy LIC New Immediate Future Secure Pension Plan 259?

Ans: Anyone aged 40 to 75 years (nearer birthday) can purchase LIC New Immediate Future Secure Pension Plan 259. The minimum investment amount for purchase of a policy is USD 15,000, whereas the limit of the maximum amount is a decision that underwriting will make.

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