LIC's New Pension Plus

September 09, 2022
Current Context: The Life Insurance Corporation of India (LIC) launched an Individual Pension Plan called LIC's New Pension Plus (NPP).
LIC's New Pension Plus
  • It is a non-participating and Unit Linked Pension Plan with a Unique Identification Number (UIN).
  • The investment options include Pension Bond Fund, Pension Balanced Fund, Pension Secured Fund, Pension Discontinued Fund, and Pension Growth Fund.
  • The minimum entry age is 25 and the maximum entry age is 75.
  • The minimum vesting age is 35 and the maximum vesting age is 85.
  • The minimum policy term is 10 years and the maximum policy term is 42 years.
  • The minimum premium varies with the frequency of payment.
    1. For monthly payments, the minimum premium is Rs 3,000
    2. For quarterly, it is Rs 9,000
    3. For half yearly, it is Rs 16,000
    4. For yearly payments, it is Rs 30,000.
  • There is no cap on maximum premium.
  • In case of the death of a policyholder during the policy term, an amount higher than the fund value and 105% of the total premium paid, will be paid to the nominee.

Question:

Q.1 New Pension Plus is launched by?
a. LIC
b. SBI
c. HDFC
d. PNB

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