Today in this article we will discuss about the latest program LIC New Pension Plus Plan, which is introduced by the LIC. We are aware of that the government employees get pension after retirement but those employees who actually work in private sector after retirement they don’t get anything, so it made them anxious that how they are going to continue their daily needs. This program is not basically based on insurance but it will help all the daily needs. This blog will cover all the mandatory details regarding this New Pension Plus Plan, such as the eligibility criteria, benefits, features, and various other details will be given in this blog, kindly read this consciously.
LIC New Pension Plus Plan 803
The LIC Life Insurance Corporation of India, has recently initiated the latest plan for the people of private sector and also those who will not get pension after retirement, the LIC announced New Pension Plus Plan for all of them, and the plan will starts form September 5th 2022. The plan can be purchased as a single premium policy or as a regular premium policy. With the regular payment option, the premium is due over the term of the policy. The policyholder has the option of investing the premiums in one of four available fund types. The policyholder has the option to choose the level of premium to be paid and the duration of the policy subject to the minimum and maximum limits of the premium, the duration of the policy and the age of purchase.
There will also be an option forExtend the accumulation period or deferral period within the same policy with the same terms as the original policy, subject to certain conditions. A premium allocation fee is charged for each premium paid by the policyholder. The amount of credit, referred to as an allotment, represents that portion of the premium that is used to purchase shares in a fund chosen by the policyholder.
Features of LIC New Pension Plus Plan
The guaranteed surcharge on regular premiums is between 5% and 15%, the guaranteed surcharge on single premiums is up to 5% at the end of an insurance year. The guaranteed interest rate is the same as on the last business day of June, September, December and March of the previous year. 50 basis points are added to the current reverse repo rate to arrive at the guaranteed interest rate.
Life insurance uses policy funds when it expires, resigns, or cancels under the annuity clause, and if the insured has paid all premiums by the time the loan is paid off, the gross premium is guaranteed to earn interest at the end of each exercise.
Benefits of LIC New Pension plan Plus
- Under Section 80C, a person may deduct the amount of annual life insurance premium payments up to Rs 1,000 from his taxable income.
- Tax assistance is also provided by the LIC New Pension Plus Plan 803. Sections 80C and 10(10D) of the ITA, 1961 provide tax benefits for this plan, LIC provides customer service 24 hours a day, 7 days a week. There is always an insurance agent available, and complaints are always accepted online.
- The LIC website allows online renewal of policies. The insurer’s website contains all the information necessary to understand this policy. The plan does not include any life insurance coverage in the event of the death of a beneficiary.
- In the event that the person designated as nominee survives the policyholder, they will receive the fund amount in a lump sum or in the form of an annuity.
- If the policyholder lives to the grant date, the value of their fund and insured income must be used to purchase an annuity at maturity. necessary.
- Policyholders can make quarterly, monthly, semi-annual, annual, one-time, and recurring payments. Existing policyholders and consumers can sign up for special services on the website. The insurer specializes in customizing programs to meet consumers’ needs and budgets.
LIC New Pension Plan Plus Limitations and Eligibility
In order to get LIC Pension Plus Plan, then you are required to go through with this requirements given below:
- Age requirements limit starts from 18 to 75 years old.
- The age range will be starts form 40 to 85 years.
- Normal premiums vary from Rs 15,000 to Rs 1 lakh.
- Payment methods: quarterly and monthly,annual, semi-annual.
Why Should we Purchase LIC New Pension Plus?
We know that Life Insurance Corporation of India is one of the best and major insurer corporation, and LIC brought together 245 insurance companies to offer business and individual life insurance. It is a trusted Indian insurance brand.