It is a conventional with profit pension plan with a combination of protection and saving features. Plan provides death cover during the deferred period and offers annuity on survival on date of vesting. Policy participates into profit with guaranteed bonus addition @ Rs. 50 per thousand for first five years and bonus thereafter. Policy can be availed with duration of 7 years to 35 years and can be taken any person between the ages of 20 Years to 60 years. For Single premium payment, term duration can be reduced till 5 years.
As per valuation result declare by LIC every year, profit is being shared among all policyholder during premium paying term with a guaranteed addition at first five years.
At the time of vesting, after withdrawing partial amount, balance amount will be reinvested to purchase immediate annuity plan.
Partial amount of corpus created can be withdrawn at the time of maturity for any immediate needs. Balance amount can be utilised for pension.
It offers risk cover during the premium term and create corpus at the time of maturity. The corpus created is reinvested to provide pension for securing retirement needs.
For Basic Plan
|Age at Entry||20 years completed||60 years (Single Premium)|
|58 years (Regular Premium)|
|Age at vesting||55 years (Nearest birthday)||65 years (Nearest birthday)|
|Deferment period||5 years for Single Premium||35 years|
|7 years for Regular Premium|
|Sum Assured||₹ 1,50,000/- For Single Premium||No limit.|
|₹ 1,00,000/- For Regular Premium|
Minimum age at entry : 20 years (completed)
Maximum age at entry : The cover can be opted for at any policy anniversary during the deferment period
Minimum Sum Assured : ₹ 1,00,000/-
Maximum Sum Assured : An amount equal to the basic sum assured subject to the maximum of ₹ 50,00,000/-