LIC Pension Plus to ensure minimum 4.5 percent return

LIC Pension Plus scheme with alluring features have been launched by Life Insurance Corporation (LIC) on Wednesday which ensures a minimum of 4.5 percent guaranteed return.

The scheme is to come into effect from today onwards and is expected to revolutionize the insurance sector with hosts of benefits to its customer as reported by LIC Senior Manager of Delhi zone, Mr. T S Ramakrishnan.

The Pension Plus policy is in line with the Insurance Regulatory and Development Authority’s latest ULIP guidelines, which became effective today as told by Ramakrishnan.

As per sources, it has been reported that the unique plan which came into effect from today can be subscribed by people between the age group 18-75 under which a minimum rate of interest of 4.5 percent is guaranteed. Even after the maturity one third of the capital can be withdrawn as a lump sum amount. The remaining amount will be paid as per the policy of policy holders either in monthly or half-yearly installments.

In accordance to the pension plan, two options to the customers will be provided-debt plan and mixed plan. According to the debt plan, a minimum of 60 percent of the total capital would be invested in government securities while the remaining 40 percent of the capital would go into money market instruments.

Contrary to the debt plan, mixed plan apart from security and market share also invests 15-35 percent in equities while government securities  around 45 percent and 40 percent in money market instruments.

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