Review of LIC New Pension Plus

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 

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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

What are the Benefits of LIC New Pension Plus Plan?

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

  7. 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.

Wrapping it Up

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.

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