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.
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.
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.
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.
Thanks Mohandas, That’s a good trick you suggested.
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.
Dear sir
i want illustration details about this ulip pension plus plan .please sent me the details.this is kind information.
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………….
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?
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………
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
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
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.
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.”
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.
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
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.
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.
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
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
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
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.
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.
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 ?
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.
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.
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
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.
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.
Yes you can get a very good pension from by investing in LIC of india’s pension plan
contact
9811896425
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?
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
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.
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.
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
Dear Sir,
I want to take some suitable policy for my daughter aged 1year please suggest.