This is a Pension Plan provided by Life Insurance Corporation of India. Information about Pension Plus states eligibility criteria, policy term, policy returns etc. for this plan. Online buying option is not available for this policy. Pension Plus Premium payment options consist of Regular Pay and Single Pay. The Pension Plus information about eligibility and policy term as provided by insurance company is as follows. Minimum entry age to acquire this policy is 18 years and maximum entry age is 75 years. Minimum policy term is 10 years and maximum policy term is not provided.
Most of the insurance companies provide a facility of a policy loan. Policy loan is an amount borrowed from an insurance company against the fund value. This loan amount has to be returned with interest within definite time period. One cannot avail loan under Pension Plus. Guaranteed surrender value is assured by the insurance provider. Pension Plus Benefits are provided in the form of bonus i.e. an additional sum that a policyholder will receive during the policy term or after maturity. There are various bonuses such as terminal bonus, reversionary bonus and interim bonus given by an insurance company.
Different benefits like tax benefits, maturity benefits, death benefits etc. are provided by an insurance company. Tax benefit is not available for this policy. Service tax is not applicable for this policy. Following is status of the other benefits of Pension Plus.
Provisions in Pension Plus basically include riders and policy renewal. Renewal period is provided for Pension Plus.
Terms and conditions for Pension Plus generally include grace period, free look period, exclusions, charges etc. Grace period is an extra time period allowed after due date during which one can pay lagging premium. Grace period for the plan is 30 Days. Free look period allows a policyholder to examine the life insurance policy and return it if he is not satisfied. Free look period for this policy is 15 Days.
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