The policyholder will have the choice between four funds when investing the amount. Each premium by the policyholder will be subject to a premium allocation charge
Representative image.. AFP
The Life Insurance Corporation of India (LIC) has launched its “New Pension Plus” scheme. The plan, which went into effect on September 5, can be purchased as a single-premium or regular-premium policy. Under the regular premium policy, the premium will be payable throughout the duration of the New Pension Plus scheme. According to LIC, the non-participating, unit-linked individual pension scheme can be purchased either through agents/intermediaries or on the company’s website – www.licindia.in.
The public insurance company revealed details of the plan via its Twitter account. According to LIC, the plan will help “build a corpus through systematic, disciplined savings that can be converted into regular income through the purchase of an annuity plan at the end of the term.”
In accordance with the ICA, partial withdrawal of units is permitted after five years. The insured must be between the ages of 25 and 75 to benefit from it. The minimum policy term is 10 years, while the maximum term is 42 years.
Guaranteed supplements offered by LIC will be payable up to 5% on the single premium at the end of a policy year. For the regular premium, the guaranteed addition varies from 5 to 15%.
See the tweet here:
The policyholder will have the choice between four funds when investing the amount. Each premium by the policyholder will be subject to a premium allocation charge. Four free switches for changing funds in one policy year can be used by the holder.
The New Pension Plus plan will allow policyholders to choose the amount of premium they have to pay and the duration of the policy, provided that their choice is subject to the age of acquisition, the duration of the policy and the minimum and maximum premium limits. An option to extend the accumulation/carry-over period on the same policy, with the same applicable terms and conditions as the original policy will be provided (under certain conditions).
The net asset value (NAV) will be based on the management fees of each type of fund as well as on the performance of the investments. It will be calculated daily.
For more details, you can visit the LIC website.
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