LIC good pension plan: The Life Insurance coverage Company of India (LIC) on Wednesday launched a brand new pension scheme known as the Good Pension Plan.
The LIC good pension plan gives a variety of annuity choices for each single life and joint life annuities.(Hemant Mishra/Mint)
It’s a non-par, non-linked, particular person/group, financial savings, and speedy annuity plan for varied retirement wants. It gives a variety of annuity choices for each single life and joint life annuities.
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Options of the LIC Good Pension PlanIt is a single premium speedy annuity plan.Subscribers can select between single life annuity and joint life annuity choices.The mode of annuity funds are yearly, half-yearly, quarterly, and month-to-month.The plan gives incentives for greater buy worth and in addition incentives for current policyholders and nominee.Deceased policyholders can get a liquidity choice, superior annuity choice, or an annuity accumulation choice. On the subject of dying advantages, there could be a lumpsum dying profit, annuitisation of dying advantages, or in installments.Nationwide Pension System (NPS) subscribers get the choice to go for speedy annuityThe plan additionally contains an choice to safe monetary advantages for dependent individuals with disabilities.
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Eligibility for the LIC Good Pension plan
The minimal age of entry into the plan is eighteen years, whereas the utmost age of entry ranges from 65 to 100 years, relying on the annuity choice chosen.
Different particulars of the LIC Good Pension plan
Minimal buy worth of the plan is ₹1,00,000, and there’s no restrict on the utmost buy worth. Nevertheless, LIC additionally states that the utmost buy worth allowed is topic to acceptance as per the board permitted underwriting coverage.
In the meantime, the minimal annuity quantities might be ₹1,000 per 30 days, ₹3,000 per quarter, ₹6,000 per half-year, or ₹12,000 every year, relying on the chosen mode of annuity cost.
Policyholders can avail loans after three months from the date of issuance or after the free-look interval, whichever comes later. Nevertheless, the mortgage availability is topic to particular annuity choices and phrases.
The right way to get the LIC Good Pension Plan
The LIC Good Pension Plan might be bought offline by means of LIC brokers, intermediaries, Level of Gross sales Individuals-Life Insurance coverage (POSP-LI), and Frequent Public Service Facilities (CPSC-SPV), or will also be bought on-line straight from the official web site.
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