Pension plans are the individuals plan, which offers you financial stability during your retirement age. This plan offers policies which are most suited for senior citizens and those planning for secure future. LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid.
In this plan you can pay premiums yearly, half-yearly, quarterly or monthly. A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
Pension plans provide security to the entire family. There are various pension plans available like:
In this plan if life insurance contract is terminated at an early stage, then the surrender value is allocated. The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year the Guaranteed Surrender value is 30% of the basic premium. For the case of single premium the Guaranteed Surrender value is 90% of the premium paid apart from all extra premiums. In respect of thepolicy at least 2 full years of premiums must be paid and if the successive premium is not pending then the policy will not be void, but the amount of Notional Cash Option shall reduced to such a sum as the number of premiums actually paid.
The option of commutation of 25% pension will also be available on the vesting age. If however the annuity payable is less than the minimum of Rs. 250/-, the Corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as per the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease. Under this plan no loan and assignment will be allocated by the Corporation to the policyholders.
In this plan you can pay premiums yearly, half-yearly, quarterly or monthly. A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
Pension plans provide security to the entire family. There are various pension plans available like:
- Jeevan Nidhi: under this plan accumulated amount is used for making pension even when the policyholder survives after the term of policy. Moreover it provides Guaranteed Additions, benefits on vesting and Annuity options.
- Jeevan Akshay-VI: this plan offers the annuity payments for the stated money for the entire life of the annuitant. Annuity is paid to the nominee till the end of Guaranteed period on death during the Guaranteed period and annuity ceases after the death of Guaranteed period.50% of the annuity is allocated to the surviving spouse during his / her death. From the date of purchase of annuity first installment of annuity is allocated after 1 month, 3 month, 6 month or one year.
- New Jeevan Dhara-I: During the death of Life Assured the basic premiums paid apart from the extra premiums up to the date of death accumulated with interest rates determined by the Corporation will be allocated to nominee. Current interest rate is 3%, 4% or 5% in case death occurs within the first 10 years, 20 years or thereafter. Supplementary/Extra is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium.
- New Jeevan Suraksha-I: On the death of the policyholder who has selected for term assurance rider, all premiums plus Term Assurance Sum Assured up to the date of the death accumulated at the rate of 5% per annum by the Corporation will be allocated time to time to the nominee.
The option of commutation of 25% pension will also be available on the vesting age. If however the annuity payable is less than the minimum of Rs. 250/-, the Corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as per the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease. Under this plan no loan and assignment will be allocated by the Corporation to the policyholders.
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