Lic Pension Plan

This is a unit linked pension plan wherein the pension is payable after a   specified period.  Four types of investment Funds namely Bond, Secured, Balanced and Growth Fund are offered. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future.
BENEFITS

A)- On Vesting:
On   vesting of  policy,  Fund Value will be utilized to provide a pension based on  then prevailing Annuity rates. An option to commute upto one third of  payable benefit in a lump sum is available.

B) On Death:
In event of  unfortunate death of  policy holder  Fund Value along with  Riders, if any,  will be payable in a lump sum or as a pension.

OPTIONS
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on  age at entry of  life assured.  other options are available to all proposers who have opted for Life Cover.  quantum of  risk covers can also be reduced; subject to  minimum limits, once a year. A policy can be taken without any of  riders also.

REVIVAL
An attractive feature of  plan is that provided  premiums have been paid for a minimum period of three years, all  riders under  policy will continue for a period of two years from  due date of first unpaid premium by deduction of relevant charges from  policy fund. This period of two years is called  “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying  arrears of premium, within  Revival Period.
PAYMENT OF PREMIUMS
Premiums can be paid in a lump sum (single premium) and also by monthly(ECS), quarterly, half-yearly and yearly modes.

CHANGE IN FUND TYPE (SWITCH)
plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.

OTHER FEAUTRES
There will be no spread between  Bid and Offer price.  Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000 can be paid without any limit at anytime during  term of policy.

above information is only a gist of  benefits/features of  plan. For further details please refer to  sales brochure available with   our agents/offices.