LIC New Pension Plus Plan: Life Insurance Corporation of India is a statutory insurance and investment corporation of India headquartered in the city of Mumbai, India. It is owned by the Government of India. The LIC of India was based on 1 September 1956, when the Parliament of India passed the Life Insurance Act of India which nationalized the insurance industry in India.
More than 245 insurance organizations and provident societies were merged to form the state-owned Life Insurance Corporation of India. LIC reported 290 million policyholders as of 2019, a total life fund of ₹ 28.3 Trillion, and the total value of policies sold in the year 2018-19 was ₹21.4 million. The company also reported a settlement of 26 million claims in 2018-19.
LIC is offering Bima Jyoti Plan which is an individual, non-participating, non-linked, life insurance savings insurance plan. By availing of this insurance policy, you will be able to save a certain amount which can help you take care of your future financial needs as well as insurance coverage in case something happens. You can buy this insurance policy both online and offline.
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What is LIC New Pension Plus Plan 867?
India’s largest insurance company LIC launched a new pension plan on 5 Sep 2022, which is named New Pension Plus Plan. This pension plan has been implemented for the customers from 5th September. LIC said that this is a non-participating, unit-linked, individual pension plan.
LIC New Pension Plus Plan | Details
|Minimum sum assured||Rs.1 lakh|
|Maximum sum assured||No limit|
|Minimum entry age||25 Years|
|Maximum entry age||80 Years|
|Minimum maturity age||N/A|
|Maximum entry age||N/A|
|Policy term||10 Years-42 Years|
|Premium paying term||N/A|
LIC New Pension Plus | Eligibility | Conditions | Features
The eligibility conditions of LIC’s New Pension Plus (NPP) are as follows:
- Entry Age:- Minimum entry age is 25 years and maximum entry age is 75 years.
- Implicit Age:- The minimum vesting age or the minimum age at which one can choose to receive regular annuity is 35 years and the maximum age is 85 years.
- Policy Term:- The minimum policy term is 10 years and maximum is 42 years.
Premium Payment Option
There are two options for premium payment – Single Premium and Regular Premium. , For regular premium, the premium paying term will be the same as the policy term.
Minimum and Maximum Premium
Minimum premium varies with the frequency of payment. The minimum premium for monthly payment is Rs 3,000, for quarterly, Rs 9,000, for half yearly Rs 16,000 and for yearly payment the minimum premium is Rs 30,000. There is no maximum premium limit.
READ MORE: LIC Jeevan Arogya
Partial withdrawal A maximum of three partial withdrawals are allowed between 10 per cent to 25 per cent of the fund value depending on the premium band during the policy term for specified purposes such as education, treatment, marriage, residence etc., subject to the terms and conditions of the policy. 100 per withdrawal fee.
LIC New Pension Plus Plan | Guaranteed Additions
On current policies, a guaranteed increase of up to 15.5 per cent of the annual premium on regular premium plans and up to 5 per cent on single premium plans will be added at the end of 6th year, 10th year and each subsequent year. From the 11th year till the end of the policy term.
READ MORE: LIC Saral Pension Yojana 862
LIC New Pension Plus Plan | Death Benefits
In case of unfortunate death of the policyholder during the policy term, 105 percent of the Fund Value or total premiums paid, whichever is higher, will be available.
LIC New Pension Plus Plan 867 | Documents Required
The following standard documents are required to buy LIC New Pension Plus Plan (867):-
- Address Proof
- Income Proof
- PAN Card
- Self Canceled Check
New Pension Plus Plan | Apply Offline And Online
If you want to take New Pension Plus Plan, then you can meet an agent for this or you can also apply online from the official website.
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