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LIC launches unit linked pension plan
Corporate Reporter
CHENNAI:
Life Insurance Corporation of India (LIC) has launched its unit linked pension plan — Market Plus — which combines investment and pension benefit with the option of insurance cover during the term of the policy.
The plan is available to individuals between 18 and 70 years of age. The minimum premium is Rs. 5,000 annually under regular modes and Rs. 10,000 under single premium. There is, however, no upper limit as the maximum premium is dependent upon the financial standing of the proposer. The minimum period after which the pension starts is five years from the date of commencement of the policy or 40 years of age of the proposer, whichever is later.
The premium paid by the policy holder after deduction of administrative charges, fund management charges, risk premium and premium for accident benefit, if opted for, will be invested in the fund type chosen by the policy holder and he has four options to choose from, namely bond fund, secured fund, balance fund and growth fund.
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