Andhra Pradesh - Others   

LIC to launch `Master Plus' pension scheme today

Staff Reporter

Scheme will be open for one month

KADAPA: Life Insurance Corporation of India will introduce `Master Plus', a unit-linked pension scheme from July 5, according to LIC Senior Divisional Manager K. Vijaya Kumar.

The scheme, open to persons aged between 18 and 70 years, offered pension, insurance cover and bonus, he said. Policy-holders could pay a single premium of a minimum of Rs. 10,000 and a minimum annual premium of Rs. 5,000.

Pension payment

The policy term would be at least five years and pension payment would commence from a minimum age of 40 years. Premium could be paid yearly, half-yearly and quarterly besides a single premium.

Policy-holders could opt for investment of their premium amounts either in bond fund, security fund, balance fund and growth fund, Mr. Vijaya Kumar said. Investment in equity fund would not exceed 35 per cent in security fund, 50 per cent in balance funds and 80 per cent in growth fund. The scheme would be open for one month from July 5 and face value of each unit would be Rs. 10. The policy could be converted from one fund to another four times in one year. Single premium would provide insurance cover for an equivalent sum and regular policy payment would offer insurance cover for 20 times the amount. Pension rates would be paid as per face value of the units at maturity. One-third of the pension amount could be commuted, he said.

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