LIC’s New Pension Plus is a Unit Linked, Non-Participating Individual Pension plan designed to facilitate the accumulation of a substantial corpus through systematic and disciplined savings, which can subsequently be converted into a reliable stream of income. This plan offers flexibility in payment options, allowing you to choose between a Single Premium or Regular Premium payment frequency.
Policy Features
Premium and Term Selection:
You have the freedom to select the premium amount and policy term, subject to the minimum and maximum limits detailed in Para 5. For Regular Premium policies, premiums are payable throughout the policy term.
Vesting Options:
Upon Vesting (i.e., at the conclusion of the Policy Term), you will have access to various options outlined in Para 2.B). ii to effectively utilize the policy proceeds. Additionally, you may opt to extend the accumulation or deferment period under the same terms and conditions as the original policy, in accordance with the stipulations in Para 4.b).
Investment Choices:
You can invest your premiums in one of four available investment funds. After deducting the Premium Allocation Charge, each premium paid will be utilized to purchase units in your chosen fund. Please note that the Unit Fund Value will be subject to various charges, which may result in either a reduction in the number of units or adjustments to the Net Asset Value (NAV). The value of your units may fluctuate based on the NAV.
Guaranteed Additions:
For in-force policies, Guaranteed Additions, expressed as a percentage of the Annual or Single Premium, will be added to the Unit Fund at the end of specified policy durations, and these additions will be used to purchase additional units.
This plan is an excellent choice for those looking to secure their financial future while enjoying the benefits of disciplined savings and investment growth.