LIC Pension Plus Plan Unveiled

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DELHI, INDIA (GaeaTimes.com)- The biggest state owned insurance company of India LIC has unveiled its plan to come up with a new unit-linked pension scheme that includes a lowest guaranteed return equaling 4.5 percent. The company has named the new plan Pension Plus. T S Ramakrishnan the Senior Divisional Manager of the Delhi zone of LIC said in his statement that the new scheme will be unveiled with a number of benefits for the buyers. After the maturity period the policy holder can withdraw one-third of the corpus as lumpsum. The remaining portion or two third amount of the money would be given back to the policy buyer as half yearly installments post maturity. The policy holders can also choose to take the payment as monthly installments.

The LIC management said that the newly unveiled Pension Plus scheme adheres to the new guidelines defined by the IRDA or Insurance Regulatory and Development Authority. It can be bought by a person under two schemes- mixed fund and debt fund. The minimum required maturity period for this plan is 10 years and a person within the age group of 18-75 years can opt for it. This makes it a really flexible plan. However, this plan does not come with life cover unlike most of the other plans of LIC India.

The premiums for the Pension Plus scheme of LIC can be paid through ECS mode and half yearly intervals as it has been reported. The minimum single premium is INR 30000 but there is no higher limit. The buyers can also pay additional top up premiums.