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Pension Plus
Pension Plus




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Pension Plus Information

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1 Details
1.1 Insurance Provider
Life Insurance Corporation of India
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
95.51%
Rank: 1 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
98.00%
Rank: 1 (Overall)
Edelweiss Tokio My Life Plus Information
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
98.17 %
Rank: 1 (Overall)
DHFL Pramerica Family Income Information
1.3 Type
Pension Plan
1.4 Status
In-force
1.5 Online
38% Pension Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
18 years
Rank: 17 (Overall)
Bajaj Allianz Cash Assure Information
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1.6.2 Max Entry Age
ICICI Pru Immed..
75 years
Rank: 8 (Overall)
Reliance Classic Plan 2 Information
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1.6.3 Min Vesting Age
Canara HSBC Sma..
40 years
Rank: 25 (Overall)
Shriram Secure Investment Plan Information
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1.6.4 Max Vesting Age
Bharti AXA Life..
58 years
Rank: 27 (Overall)
LIC New Children Money Back Plan Information
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1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
10 years
Rank: 8 (Overall)
HDFC Life New Group Unit Linked Plan Information
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1.7.2 Max Term
TATA AIA Fortun..
Not Available
Rank: N/A (Overall)
HDFC Life New Group Unit Linked Plan Information
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1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
Not Available
Rank: N/A (Overall)
ICICI Pru Immediate Annuity Plan Information
1.8.2 Min Sum Assured (Variable)
Not Available
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
Kotak Gratuity Plus Group Plan Information
1.8.4 Max Sum Assured (Variable)
Not Available
1.9 Group Plan
No Pension Plans Life insurance plans has it !
1.9.1 Group Type
Not Applicable
1.9.2 NEE Size
Metlife Group T..
Not Available
Rank: N/A (Overall)
Reliance Traditional Group Employee Benefit Plan Information
1.9.3 EE Size
Metlife Complet..
Not Available
Rank: N/A (Overall)
HDFC Group Term Insurance Information
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
₹ 15000
Rank: 49 (Overall)
HDFC Life Group Credit Protect Insurance Plan Information
2.1.2 Min Premium (Variable)
Not Applicable
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
₹ 100000
Rank: 24 (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Information
2.2.2 Max Premium (Variable)
Not Applicable
2.3 Payment Options
Regular Pay, Single Pay
2.4 Regular Modes
Annual, Monthly, Quarterly, Semi-Annual
2.5 Top Up
Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
₹ 1000
Rank: 6 (Overall)
Pension Plus Information
3 Loan And Benefits
3.1 Loan
8% Pension Plans Life insurance plans have it !
3.2 Surrender
83% Pension Plans Life insurance plans have it !
3.2.1 Surrender Value
Policyholder’s Fund Value will be converted to annuity, if policy is discontinued or surrendered after 5 years from the date of commencement of policy.
3.3 Benefits
3.3.1 Tax
92% Pension Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
Not Applicable
3.3.3 Service Tax
Not Applicable
3.3.4 Maturity
79% Pension Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
If all due premiums are paid till maturity, a guaranteed interest shall accrue on the gross premium, including Top-up premiums if any, at the end of each financial year.
3.3.6 Death
96% Pension Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Not Applicable
3.3.8 Annuity
75% Pension Plans Life insurance plans have it !
3.4 Bonus
Not Available
4 Provisions
4.1 Renewal
92% Pension Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
Not Available
Rank: N/A (Overall)
HDFC Life Group Unit Linked Pension Plan Information
4.2 Riders
4.2.1 Accidental Death
17% Pension Plans Life insurance plans have it !
4.2.2 ADBR Description
Not Applicable
4.2.3 Critical Illness
8% Pension Plans Life insurance plans have it !
4.2.4 CI Description
Not Applicable
4.2.5 Term Rider
12% Pension Plans Life insurance plans have it !
4.2.6 TR Description
Not Applicable
4.2.7 Permanent Disability
8% Pension Plans Life insurance plans have it !
4.2.8 PD Description
Not Applicable
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance Information
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5.2 Free Look Period
Mera Term Plan ..
15 Days
Rank: 2 (Overall)
Reliance Online Term Information
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5.3 Exclusion On Base Policy
Not Applicable
5.4 Charges
5.4.1 Premium Allocation
42% Pension Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Available
5.4.3 Policy Administration
42% Pension Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Available
5.4.5 Fund Management
46% Pension Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Available
5.4.7 Mortality
21% Pension Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Available
5.4.9 Switching
Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus Information
5.4.11 Partial Withdrawal
Not Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan Information
5.4.13 Premium Redirection
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus Information
5.5 Group Members
5.5.1 Addition
Not Allowed
5.5.2 Deletion
Not Allowed
5.6 Medical Examination
29% Pension Plans Life insurance plans have it !

Information about Pension Plus

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.

Loan under Pension Plus

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.

Benefits of Pension Plus

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.

  • Maturity Benefit: Available.
  • Death Benefit: Not Available.
  • Annuity Benefit: Available.

Provisions in Pension Plus

Provisions in Pension Plus basically include riders and policy renewal. Renewal period is provided for Pension Plus.

  • Accidental Death Benefit Rider: Not Available.
  • Critical Illness Rider: Not Available.
  • Term Rider: Not Available.
  • Permanent Disability Rider: Not Available.

Terms and Conditions 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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