LIC has announced the launch of its new pension plan, the New Pension Plus plan number 867, on 5th September 2022. This unit-linked plan will provide investors with a fixed income stream after retirement. The plan can be purchased with a single premium, regular premium, or automatic withdrawal option. It is a good choice for young investors looking for a flexible retirement plan.

The New Pension Plus plan is a unit-linked individual pension plan from LIC. It helps you build a corpus by systematic savings. After the policy matures, you can convert your fund into regular income with the help of an annuity plan. LIC offers a single premium payment option for the New Pension Plus plan, as well as a regular premium payment option. LIC allows the policyholder four free switchovers during the policy year.

The death benefit in this plan is 105% of your premiums, minus any partial withdrawals. In addition to this, the plan allows you to choose the commutation option at maturity. Another option is the annuity option, which is only available to 40% of the Life Assured.

LIC’s DhanaVarsha plan (Plan 867) offers single premium and non-linked options, a guaranteed maturity option, and two death cover options. The plan also offers a minimum basic SA of 125000 and a Guarantee Addition of twenty-five per thousand SA. The plan also has a 10 year premium-paying term.