The Hindu Business Line : LIC launches unit-linked pension plan

According to Mr D. Krishnan, Executive Director, Corporate Communications, LIC, the product is in tune with the needs of the market. "The idea is to project it as a second income once a person crosses 40," he said.

The plan is available with or without life cover and can be taken as a single premium policy or under regular premium payment mode. The minimum premium payable under single premium mode is Rs 10,000 while it is Rs 5,000 under regular premium mode, which is payable either in half-yearly or yearly instalments.

The minimum and maximum age for receiving pension is 40 years and 75 years respectively. The minimum policy term is five years.

Future Plus comes with the option to invest in any of the four types of funds, based on the level of risk.

Mr Thomas Mathew T., Zonal Manager, LIC, said "By 2020, the country will have 30 crore people who are above 60 years. To address this, we have come up with more insurance products in the pension segment".

LIC sold 6,825 crore individual pension policies in first premium as on February 15, against 5,044 crore during the same time last year.

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