New Pension Plus-(867)
Product Summary: New Pension Plus-(867) is a Unit Linked, individual pension plan which helps to build corpus by systemetic savings which can be converted to regular income.The plan is available as single as well as regular payment plan. The fund value available by surrender or as maturity benefit has to be utilized to purchase a pension. Comutation option can be availed up to 60 % of the fund value if needed.
Premium Payment Mode: Regular Premium(Yearly, Half Yearly, Quartery and monthly mode) and Single Premium mode
Term: 10 to 42 years
Minimum Age at Entry: 25 years last birthday
Maximum Age at Entry: 75 years
Maximum Maturity Age: 85 years(Last birth day)
Minimum Instalment Premium: Regular Premium [Yearly - 30,000, Half Yearly - 16,000, Quarterly -9,000, Monthly -.3000]; Single Premium-[1,00,000];
Maximum Premium: No limit (Subject to other conditions)
Riders Available Nil
Accidental Death and Disability Benefit (ADDB): not available
On Death: In case of an inforce policy:Higher of the (1)Unit fund value as on the date of intimation of death (2) Assured death benefit of 105% of the total premium received upto the date of death, reduced by partial withdrawals made during 2 year period immediatedly preceding the death of life assured.
On Survival: Unit fund value is paid on policy holder surviving the term of the policy which has to be utilized for purchasing a pension plan. Commutation facility can be availed if needed up to 60% of the fund value.
Surrender Value: Fund value available at the date of surrender(if surrendered after the lock in period)
Loan: No loan facility available
Income Tax Benefit: LIC will intimate soon if available
Proposal Form Special proposal form applicable
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