LIC launched New Pension Plus scheme, check premiums & more details

New Delhi: Everyone in today's world wants an economically secure future. For this, they start savings in a systematic and disciplined way. Keeping this in mind, New Pension Plus was launched by LIC of India on September 5. This non-participating, unit-linked, individual pension plan assists in creating a corpus through methodical and disciplined saving that can be converted into regular income by purchasing an annuity plan at the end of the term.

The plan is available for purchase as a regular premium payment or as a single premium payment policy for people. Under the regular payment option, the premium will be paid over the course of the insurance. People have to pay a premium as a one-time payment in the single premium policy for people. (Also Read: Want to get paid without 'doing nothing?' Follow THIS man's formula)

Policyholders have the option to choose the amount of premium they want to pay. They have also the option of choosing the policy term in accordance with the minimum and maximum premium limits, the policy term, and the vesting age. Subject to certain conditions, he or she may also prolong the accumulating time under the same terms and conditions. (Also Read: HDFC unveiled SMS Banking Services: Here’s how to register, check account balance & mini statement)

The option to invest premiums in one of the four different types of funds is given to the policyholder. The policyholder will be charged a premium allocation charge for each premium they pay. The remaining sum, referred to as the allocation rate, is the portion of the premium used to buy units of a fund that the policyholder has chosen.

There are four accessible free switches for changing funds within a policy year. One can buy the premium plans through Agent or on the official website of LIC.

On the market listing day in May, Life Insurance Corporation rose to the fifth-largest firm in terms of valuation with a market worth of Rs 5,53,721.92 lakh crore. On the BSE, LIC's shares opened on Tuesday at a discount of 8.61%, or Rs 867.20 per share.