LIC’S PENSION PLUS• A unique Unit Linked Pension Plan with guarantee on the minimum rate of interest.
• Rate of Interest applied to gross premium.
• Being a ULIP plan the fund has immense possibility for growth.
• Benefit of Annuity from Maturity Proceeds.
Benefit on Maturity :
• Annuity purchased from Fund Value or Guaranteed Maturity Proceeds whichever is higher.
• Option to commute 1/3rd. of the Maturity Proceeds.
Benefit on death - Fund Value. Nominee has the option to receive the amount in lump Sum or as Annuity.
Guaranteed Maturity Proceeds: premiums are paid till maturity, a guaranteed
interest shall accrue on the gross premium, including Top-up premiums, at the end of each
financial year. The guaranteed interest rate shall be 50 basis points above the average of the
reverse repo rate prevailing as on the last working day of June, September, December and
March of the preceding year.
However, the guaranteed interest rate shall be subject to a maximum of 6% and a minimum of
3%. This guaranteed interest rate is not applicable to a discontinued policy.
The minimum guaranteed rate of 4.5% p.a. is applicable to all premiums received up to 31st
March, 2011, including any Top-up premiums paid.
Pension Plus – Other features
• If premiums are not paid within days of grace life assured has to exercise option
to
(i) Revive the policy or
(ii) Withdraw the policy.
• Revival: Payment of Arrears without Interest.
• Withdrawal : On Withdrawal, Monetary Value is due. 1/3rd of the Monetary Value can be commuted, Balance is used for Annuity.
Two free switches per year.
Why Pension Plus
• Minimum Interest Guaranteed. This
protects against fluctuation of interest due
to policies of the government in the distant
future.
• Since individuals in Private Employment and those engaged in Business do not have pension security, Pension Plus fulfils their need for a secured future.
• Being Market Linked, the plan has possibility of getting excellent returns.
• Easy Purchase.
• Top-up premiums allowed except during the last 5 years of Maturity.
• Partial Withdrawal Not allowed.
• Surrender allowed. Discontinuance charges applicable for the first 5 years. • Convenient modes of payment , Single Premium mode also available.
• Compulsory purchase of Annuity ensures channelisation of funds for specific purpose.
• Regular income from the commencement of annuity.
| Plan presentation specially customised for Chitta aged 31 years. | | | | | |
| Presentation based on an assumed NAV growth rate of 13 % per annum.* | | | | |
| Year | Age | Premium | Allocation charge | Invested amount | NAV | Total Charges | Deducted units | Units after deduction | Fund Value at year end |
| 1 | 31 | 30000 | 2025 | 27975 | 10 | 2422.1 | 35.1 | 2762.4 | 31215 | |
| 2 | 32 | 30000 | 1350 | 28650 | 11.3 | 1759 | 32 | 5300.9 | 67687 | |
| 3 | 33 | 30000 | 1350 | 28650 | 12.8 | 1771.3 | 29.2 | 7547.4 | 108901 | |
| 4 | 34 | 30000 | 1350 | 28650 | 14.4 | 1783.9 | 26.6 | 9535.6 | 155475 | |
| 5 | 35 | 30000 | 1350 | 28650 | 16.3 | 1796.9 | 24.3 | 11295.1 | 208105 | |
| 6 | 36 | 30000 | 750 | 29250 | 18.4 | 1210.3 | 22.1 | 12884.8 | 268256 | |
| 7 | 37 | 30000 | 750 | 29250 | 20.8 | 1224.1 | 20.2 | 14291.7 | 336228 | |
| 8 | 38 | 30000 | 750 | 29250 | 23.5 | 1238.4 | 18.4 | 15536.8 | 413037 | |
| 9 | 39 | 30000 | 750 | 29250 | 26.6 | 1253 | 16.7 | 16638.7 | 499833 | |
| 10 | 40 | 30000 | 750 | 29250 | 30 | 1268.1 | 15.3 | 17613.9 | 597914 | |
| 11 | 41 | 30000 | 750 | 29250 | 33.9 | 1283.6 | 13.9 | 18476.9 | 708748 | |
| 12 | 42 | 30000 | 750 | 29250 | 38.4 | 1299.7 | 12.7 | 19240.7 | 833991 | |
| 13 | 43 | 30000 | 750 | 29250 | 43.3 | 1316.1 | 11.6 | 19916.6 | 975517 | |
| 14 | 44 | 30000 | 750 | 29250 | 49 | 1333.1 | 10.5 | 20514.8 | 1135443 | |
| 15 | 45 | 30000 | 750 | 29250 | 55.3 | 1350.6 | 9.6 | 21044.2 | 1316162 | |
| 16 | 46 | 30000 | 750 | 29250 | 62.5 | 1368.6 | 8.8 | 21512.7 | 1520375 | |
| 17 | 47 | 30000 | 750 | 29250 | 70.7 | 1387.2 | 8 | 21927.4 | 1751138 | |
| 18 | 48 | 30000 | 750 | 29250 | 79.9 | 1406.3 | 7.3 | 22294.4 | 2011902 | |
| 19 | 49 | 30000 | 750 | 29250 | 90.2 | 1426 | 6.6 | 22619.1 | 2306568 | |
| 20 | 50 | 30000 | 750 | 29250 | 102 | 1446.3 | 6 | 22906.5 | 2639542 | |
| Total pension fund available at the end of 20 years will be Rs.2639541* | | | | |
| Pension Availble without commutattion | | | Pension available with 1/3rd commutation | |
| Pension Fund | | Yearly pension | Monthly pension | | Pension Fund | Commuted amount | Yearly pension | Monthly pension | |
| 2639542 | | | 195590 | 15573 | | 2639541 | 879847 | 130393 | 10382 | |
| | | | | | | | | | |
| * Actual pension rate may varry depending on the performance of fund and annuity rate at the time of maturity. | |
| * Fund Value Totally depends on NAV Values. | | | | | | |
| * This Presentaion Based on NAV Value 13. This illustration is may be not correct because Return depends NAV Value. |
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