LIC Pension Plus offers you 3% guaranteed minimum interest rate and the maximum interest is 6%. This interest rate is allowed in gross premium and also provide an opportunity for growth as a unit linked Insurance Plan (ULIP). LIC more Pension plan is a low-premium plan that allows two options (Fund) named debt funds and mixed funds. One is purely oriented investor safe debt and the other is a percentage of the equity investment also for medium risk investors.
LIC offer a structure low cost for this plan pension also, like all other LIC plans. They require only Rs. 360 for the entire year. And yearly charge will increase by 3%. According to the direction of IRDAs policy guarantees a minimum return on investment at maturity.
You can pay the premium with a practical option for monthly, quarterly, half yearly and annually. A single premium of time is also permitted for those who are interested to do so. For the purpose of investment you pay additional premiums also.
Pension plan could not withdraw entirely by current regulations. The investor must purchase annuity at least two-thirds of the accumulated corpus. An investor can withdraw money and purchase annuity after five years of the lock period.
As we mentioned, at the beginning, there are two types of funds in this schema. One is low-risk debt fund that is invested approximately 60% of the money in government securities, Government guaranteed securities or debt corporate and approximately 40% of the Fund in money market and short-term instruments investment instruments. The second type of Fund is risk low or middle joint funds investing approximately 45% in titles, Government guaranteed securities or a corporate debt, about 40% in money market instruments and about 15% in shares traded.
It's a good plan for private employees who do not have an employer's pension and it ensures guaranteed minimum interest and opportunities for growth as a market linked to an insurance plan that can obtain excellent performance. Mandatory annuity purchase is provides goal (pension) and there will be a regular income at the start of the annuity. Modes of payment of the premium practices are suitable for all types of income group.
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