LIC New Pension Plus Plan 867

1. The LIC New Pension Plus 867 is a unit-linked pension plan that seeks to accumulate capital with methodical conversion into consistent income upon retirement following the purchase of an annuity plan.
2. Up to 60% of your pension may be commuted if you choose that option. However, an annuity can be created from the remaining 40%.
3. The plan provides periodic guaranteed additions of 5% to 15.5% of the annual premium.
4. Customers have the choice of an immediate or deferred pension.
5. Three times during the term of the policy, the unit may be partially withdrawn.
6. Within the same policy and under the same terms and conditions, the pension plan offers the option to prolong the accumulation period or deferment period.
7. Both the single premium and the regular premium options are available for the pension plan.
8. A single premium requires a minimum investment of Rs.1 lakh. The corresponding minimum premium amounts for a regular premium are Rs.3,000, Rs.9,000, Rs.16,000, and Rs.30,000 for monthly, quarterly, half-yearly, and annual coverage, respectively.
9. Investors have the option of purchasing this plan online, offline, from agents, or by going to the local LIC branch.
10. The investor has a choice of four different funds for investing.
11. The sum assured has no minimum or maximum because it is determined by the premium you pay.
12. The available policy term ranges from 10 to 42 years.
13. The minimum and maximum vesting ages are 35 and 85 respectively. This means that the pension can be expected at either a minimum age of 35 or a maximum age of 85. Partial withdrawals of 10% to 25% of the fund's value are permitted. Only special circumstances, including education, medical care, marriage, or home purchases, are permitted.

Key Policy Features of the LIC New Pension Plus 867   

Benefits of the LIC New Pension Plus Plan 867 

1.  Maturity Benefit: The policyholder receives the fund value as a lump sum or as an annuity at the conclusion of the policy term. 
2. Death Benefit: The nominee will receive the greater of the fund value or 105% of the premiums paid in the event that the policyholder passes away during the policy term.
3. Guaranteed Additions: At the conclusion of each policy year, LIC increases the value of the fund by a guaranteed fixed amount.
4.  Flexibility: The policyholder has the freedom to select the method for paying the premiums, their investment options, and their preferred method of settlement. 
5. Tax Benefits: The policyholder may be eligible for tax breaks on the premiums paid and benefits received under Sections 80C and 10(10A) of the Income Tax Act of 1961, respectively.

Types of investments under the LIC New Pension Plus Plan 867   

The Secured, Balanced, Bond, and Growth funds are the different types of investments available through the LIC New Pension Plus Plan. The Secured and Bond Funds make investments in fixed-income securities like debentures and government bonds. The Growth Fund invests primarily in equity shares to generate higher long-term returns than the Balanced Fund, which also includes investments in fixed-income securities.

Depending on their level of risk tolerance and investment objectives, the policyholder may decide to invest in any one of these funds or a combination of them.

Note: N/A stands for "Not Applicable". The Pension Discontinued Fund is for discontinued policies, so there is no investment breakdown provided.

Guaranteed Additions for the LIC New Pension Plus Plan 867   

The guaranteed additions for different policy years under the LIC New Pension Plus 867 are listed below:

Note: The table shows the guaranteed additions expressed as a percentage of the annual premium and single premium, respectively, for each policy year.

Eligibility for the LIC New Pension Plus Plan 867 

1. To be eligible for the plan, a person must be at least 25 years old, but not more than 75 years old.
2. The policy term can range from 10 to 42 years, and the age at maturity or vesting can range from 35 to 85 years.
3. The premium payment term varies based on the type of premium chosen. For single premium payment, it is a one-time payment, while for regular premium payment, it is the same as the policy term.

Sample Benefit Illustration for the LIC New Pension Plus Plan 867

Let's say a 35-year-old person invests an annual premium of Rs 50,000 for a policy term of 30 years. This brings the total investment to Rs 15,00,000.

Assuming that the investment is being made in a mix of Bond, Secured, Balanced, and Growth funds with an annual return rate of 10%, the calculated benefits are:

Total maturity value - Rs 2,22,82,885

Pension per year - Rs 16,15,049

Please note that the actual returns on investment may vary based on the market conditions and the performance of the chosen funds. It is recommended to use the LIC New Pension Plus maturity calculator tool or consult with a licensed financial advisor for a more accurate calculation based on individual requirements.