Plan808

LIC’s New Pension Plan

  • Basic Features: LIC’s Pension (Money Back) is a non-linked with profit whole life assurance plan which provides fixed yearly amount(8% of sum assured per year upto 100 year) after completion of premium payment age and on maturity lumpsum amount of maturity (Completion of 100 years) or death payment will be paid.
  • Key Features:
    • 8% of SA per year as guaranteed survival benefits
    • Suitable plan for pension life long
    • Whole life risk cover
    • Availability of Accidental benefit rider
    • Paid premiums are eligible for income tax benefit
    • Survival benefit is tax free
  • Survival Benefit & Maturity Benefits:
    • On Successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits upto a year prior to maturity, and
    • On Completion of policy term, Basic Sum Assured + Simple Reversionary Bonus + FAB will be paid as maturity claim.
  • Payable on Death:
    • If death happens before commencement of risk, app premiums paid without interest excluding taxes will be paid to nominee as death claim.
    • If death happens after commencement of risk, then basic sum assured + Bonus +FAB will be paid to nominee as death claim.
  • Commencement of Risk: In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier. Eg: If policyholder is 2 year old, then life cover(risk) will start after 2 year i.e when policyholder will become 4 year old and if policyholder is 7 year old, then, risk will start when policyholder becomes 8 year old.
    • If policyholder is 8 year old at the time of buying policy then, risk will start immediately.
  • Accident Death Benefit: Available subject to payment of additional premium.
  • Salient Features:
  • Plan Available for Ages: 90 days (completed) to 55/50/45/40 Years (as per Paying Term)
  • Policy Term: 100 – Age at entry
  • Premium Paying Term: 15/20/25/30 Years (Fixed)
  • Minimum Sum Assured: 2 Lac(in multiples of 25000)
  • Maximum Sum Assured: No Limit
  • Mode Rebate: Yearly 2%,Half Yearly 1% (Both on tabular premium)
  • Premium Can Be Paid: Yearly/Half Yearly/Quarterly/Monthly
  • Paidup/Surrender/Policy Loan: After payment of full 3 years premium.
  • Revivals: Within 2 years of First Unpaid Premium.