Srinagar: Life Insurance Corporation of India has introduced a new plan – LIC’s New Pension Plus.
As per the statement, the UIN for this plan is 512L347V01. This is a non-participating, Unit Linked, Individual Pension Plan which helps to build a corpus of systematic and disciplined savings which can be converted into regular income by the purchase of an annuity plan on completion of the term.
The product was launched at Hotel Trident in the function of the Insurance Week Celebration in the presence of Retired Chairmen and Managing Directors. Shri. G.N. Bajpai, Retired Chairman, LIC & SEBI and Shri. T.S.Vijayan, Retired Chairman, LIC & IRDAI were also present at the event.
The statement states that this plan can be purchased either as Single Premium or Regular Premium payment frequency. Under a Regular Premium policy, the Premium shall be payable over the term of the policy. The
The policyholder shall have the option to choose the amount of premium payable and policy term subject to
minimum and maximum limits of Premium, Policy Term and Vesting Age.
An option shall also be available to Life Assured to extend the accumulation period or deferment period within the same policy with the same terms and conditions as the original policy subject to certain conditions.
The Policyholder has a choice of investing premiums in one of the four types of funds available, according to a statement.