LIC Pension Plus plan features, charges return and benefits

LIC Pension Plus plan terms features return and  benefits

LIC Pension Plus

Life Insurance Corporation (LIC) introduced a ULIP based investment with insurance plan called LIC Pension Plus.  The new LIC Pension follows the strict rules by IRDA that come into effect from September 1 2010.  LIC Pension Plus plan is designed in such a way that to accumulate wealth during a persons lifetime until pension, and let him live in a tension free life after the retirement. The minimum premium period  of the policy is 10 years and maximum 40 years. At the end of the policy term, the fund value will be paid with guaranteed maturity benefits, either as a lump sum or in the form of installments. Unfortunately there is no life cover with this policy. However, in the event of any mishap during the policy term, the exiting fund value will be cashed to the relatives. The LIC  Pension Plus plan assured a 4.5% yearly return as per IRDA norms.

LIC Pension Plus plan terms, features, return and benefits:

The premium collected from  an investor is converted into units, and a NAV is set for the units. The premium is then invested into various funds. There are two fund options in LIC Pension plus, debt and mixed funds. The debt fund invests the premium after charges in government securities and bonds with lower risks. The mixed fund invests the premium after charges in equity funds as well as the debt funds.  The Equity fund option will give more returns, but the fund value will be affected by the up and downs in stock markets. There is also an option to switch between funds based on preferences. Earlier There was no surrender charge with LIC ULIP products. However, due to the new IRDA rules and its expected effect  in profit margins, LIC introduced surrender charges for their new Pension Plus ULIP product. LIC Pension Plus plan has a surrender charge ranging from 2-10% for premature withdrawal or cancellation of policy- but there is no surrender charge after the policy year five. The entry age to LIC Pension Plus is 18 years and maximum of 75 years.  The minimum amount of premium required in Pension Plus regular plan is 1500 (monthly) -15000 (yearly) and maximum one lakh. There is no limit for the single premium plan.

The charges associated with Pension Plus is much smaller when compared with old ULIP plans from LIC.  The premium allocation charge for LIC Pension Plus regular plan is 6.75% for the first year, 4.5% from 2nd to 5th year and 2.5 % thereafter until the maturity. For single premium, it’s only 3.5 %  and for any top-up on premium its 1.25%. The policy administration charge in this plan is 30 RS. Fund management costs 0.7% for debt fund and 0.8% for the mixed fund options.  The NAV of a LIC Pension Plus unit is currently at the starting point 10.00, and its likely to increase in the coming days.

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40 Responses to LIC Pension Plus plan features, charges return and benefits

  1. shanky says:

    Hi ,

    I have taken this policy with single premium of 1 lakh for 25 years.How much should I expect it to grow after that period as they said it will grow to 12L minimum.Second thing I want to know that is Shall I go for top ups or invest in some other policies or invest in FD as I want to have good savings by the time I retire.

  2. Team Downhub says:

    You have not mentioned your fund option. There are two fund options in LIC Pension Plus, mixed and debt fund. I think for the mixed fund you will reach around the target return specified. The performance of LIC Pension Plus is based on the market and value of NAV will surely reach the required amount in the long term.

  3. Mohandas says:

    you opted for single premium of 1L. This is not good.

    LIC given an option that will support 15,000 as minimum for S.P. For this, the premium allocation charge is 3.5%, ie 525Rs and rest 85,000 you need to add as top-up. For this top up the premium allocation charge is 1062.5Rs. in total 1587.5 But now you may be paid 3500Rs. you loosed 1912.5Rs. Actually this amound may grow a lot. Please take care while your next investment.

  4. Team Downhub says:

    Thanks Mohandas, That’s a good trick you suggested.

  5. Satinath says:

    I like to get rs 10000 per month as pension from lics pension plus policy. What amount i should invest yearly basis to achieve the above.

  6. ms.kumaravel says:

    Dear sir
    i want illustration details about this ulip pension plus plan .please sent me the details.this is kind information.

  7. Abhishek Bhattacharyya says:

    Dear Sir,
    I want to know in details about the LIC Pension Plus Policy.If I wish to get Rs.25000 as monthly income What amount should I invest now? Now I am 28 yrs.I want it at the age of 55.I would invest in monthly basis.

    Awaiting for your kind reply………….

  8. Abhishek Bhattacharyya says:

    Dear Sir,

    I have taken a policy of LIC Jeevan Anand for 25 yrs.I pay monthly installment of Rs.1034…against Rs.1000 monthly deposit……What is the sum I would get in return?

  9. Abhishek Bhattacharyya says:

    dear Sir,

    I have taken a policy of LIC Jeevan Saral for 20 Yrs. turm.I pay monthly Rs. 1000…Please update me the details of the above said plan….

    Waiting for your kind response………

  10. praveen kumar says:

    I would like to join LIC Jeevan Saral for 20 Yrs. turm.I pay monthly Rs. 1000…Please update me the details of the above said plan…how much i would get as a monthly pension and how long i have to pay

  11. nagaraj says:

    I have taken this lic pension policy with single premium of 1 lakh for 10 years.How much should I expect it to grow after that period.after 10 year how much i get pension min and max, tell me please

  12. nagaraj says:

    I would like to join in your recently started LIC Pension Scheme. I am 33 year old now and wish to have pension from 44 years of age. I wish to pay a single time amount Rs. 1,00000. Kindly provide the details- How much would be my monthly pension at the age of 44 I mean a rough figure.

  13. nagaraj says:

    i waiting for your reply for this message ” I would like to join in your recently started LIC Pension Scheme. I am 33 year old now and wish to have pension from 44 years of age. I wish to pay a single time amount Rs. 1,00000. Kindly provide the details- How much would be my monthly pension at the age of 44 I mean a rough figure.”

  14. Sital Chandra De says:

    I want to invest 10000/- per year in pension plus or any other pension scheme (LIC) for 10 years.I want know what amount I wll get after maturity . please provide details about that.

  15. Sital Chandra De says:

    Please provide needfull information about transfer of all my running LIC’s from PASIGHAT, ARUNACHAL PRADESH to KOLKAT/ASANSOL, WEST BENGAL as I am transferred from Arunachal Prodesh to West Bengal

  16. Sanjay Bharadwaj says:

    My age is 35 yrs, I need Rs 8000 as monthly pension after 55 years. What amount should I invest monthly to acheive this target.

  17. subhasish nandy says:

    My age is 40 yrs, I need Rs 5000 as monthly pension after 60 years. What amount should I invest one time to acheive this target.

  18. sunil dutt says:

    Sunil Dutt ,

    My age is 30 yrs, I need rs 15000 as monthly pension after 50 years. What amount should I invest monthly to acheive this target

  19. ankit sharma says:

    for any kind of suggestion on pension plan contact me at 9259369725
    i am direct sales executive in lic, dont go anywhere it is a good plan foer investment in future

  20. Arya says:

    Dear Sir pls Suggest me Best LIC Pension Plan, now am 35 years old after 55 yrs i want Pension per month 2000.00 minimum. Single and yearly Premium both you can explain me.
    Thanks & Regards
    Arya

  21. tarun mukherjee says:

    My age is 35 yrs, I need Rs 8000 as monthly pension after 55 years. What amount should I invest monthly to acheive this target.

  22. GB Mohapatra says:

    Hi
    Now I am 34.At the age of 50 I want Rs30000/- as monthly pension. So what amount I have to deposit yearly.Plz clarify this for both the funds.

  23. anilprasad says:

    sir,
    now I am 40 years stii I am working in KSA.HOW CAN I GET 25000 THOUSAND RUPEES PENSION PER MONTH WHEN I AM ON 50.WICH POLICY INEED TO TAKE ?

  24. unus basha says:

    i want to support my sister through pension plus plan. She is aged 30 yrs. I think she get pension after 10yrs. I want to invest 1500 p.m.. How much pension she get. What is the best fund that acquires a best yield.

  25. MAYUR TAANK says:

    HELLO SIR
    I’M A ZONAL MANAGER CLUB MEMBER OF LIC.SINCE LAST 12 YEARS I WORKED MORE THAN 3 CRORE BUSINESS EVERY YEAR AND I HAVE MORE THAN 2000 CLIENTS.SO PLZ ANY ASSISTENCE PLZ CALL ME MY NO IS 09826147647.

  26. vijay joshi says:

    I would like to join LIC Jeevan Saral for 15 Yrs. turm.I pay monthly Rs. 1000…Please update me the details of the above said plan…how much i would get as a monthly pension presently i am 40 years

  27. BS RAO says:

    IF I INVEST 100000 PER 10 YRS. IN THIS SCHEME, WHAT WILL BE THE GUARANTEED RETURN AFTER 10 YRS. AND WHO WILL BE NOMINEE, ONLY SPOUSE OR CHILDREN ALSO.

  28. Aseem Kumar Das says:

    I like to get rs 10000 per month as pension from lics pension plus policy. What amount i should invest yearly basis to achieve the above.

  29. harish says:

    Yes you can get a very good pension from by investing in LIC of india’s pension plan

    contact
    9811896425

  30. elango says:

    Hi,
    I am 48 years old, earning 90 K per month.would like to recieve a monthly income of Rs 100000/-from age of 56.can you suggest me the policy details matching my requirement and what would be the monthly/yearly premium payable and for how many year?

  31. Prashanth.S says:

    Dear Sir,
    I would like to take a pension plan which fetches me Rs 20000 per month after I retire at the age of 55.At present I am 32 years old.How much should i invest monthly so that I achieve this amount after retirement.
    Also I would not like to take any policy through agent .please guide if i can take a policy directly through LIC.

    Regards

    Prashanth.S

  32. Sandy says:

    Dear sir,

    can both husband and wife jointly have a pension policy, which is good? age is 37yrs. after 20yrs if we have to get 15,000rs p.m. as pension how much should we invest. give me the details of yearly, quarterly n monthly invest basis to get the above pension. pls suggest.

  33. raghava says:

    Dear Sir,
    I would like to take a pension plan which fetches me Rs 20000 per month after I retire at the age of 55.At present I am 33 years old.How much should i invest monthly so that I achieve this amount after retirement.

  34. raghava says:

    I have taken this policy with single premium of 1 lakh for 25 years.How much should I expect it to grow after that period as they said it will grow to 12L minimum

  35. raghava says:

    Dear Sir,

    I want to take some suitable policy for my daughter aged 1year please suggest.

  36. Senthil kumar says:

    Sir, Now my age is 29, I have to get 15,000pm as pension How much should i invest?. this is the correct time of investment, please give me the detail

  37. Jyothish. K says:

    Dear Sir,

    My plan is to invest 500,000/- in LIC Pension Plus scheme for 10Years I need to reply from you after 10 years what is the maturity benefite or after 10yeras how much i can rtake returns and monthly how much i get the pension amount. waiting for your valuable advice

  38. simha says:

    hi sir,
    at present my age is 25 if i put 1 lakh rupee at a time, after 20 yrs how much amount i can get as pension(monthly) is there any risk coverage in ths scheme and at the end of life how much amount my nominee will get.

  39. Narendra says:

    I like to get rs 10000 per month as pension from lics pension plus policy. What amount i should invest monthly basis to achieve the above. I am 33 year old

  40. venkatesh pasupureddi says:

    Sir i am 28 years old, and would like to have a pension of 10,000 at the age of 40, can you suggest me the best policy avlable.

    thanks

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