New Pension Plus 867 Plan Details
New Pension Plus 867 Plan Details
Special Features:
• Single Premium or Regular Premium
• Minimum 1Lakh in single Premium
• Minimum Premium : Yly 30,000/-,Hly 16,000/-, Qly 9000/-,Monthly (NACH) 3000/ Maximum Premium – No limit
• Minimum entry age – 25 LBD, Maximum entry age – 75 LBD
• Premium paying term same as policy term
• Minimum term 10 years, Maximum term 42 years
• Minimum vesting age 35 years LBD
• Maximum vesting age 85 years LBD
• Option to extend the accumulation period or deferment period,partial withdrawal s,
settlement option, switching option allowed.
• Types of funds available :Bond,secured, balanced,growth
• Dis-continuation fund also available.
• 5 years lock-in period
• Commutation option available
• Loan,backdating not allowed
BENEFI TS PAYABLE ON VESTING:
An amount equal to unit fund value on the date of vesting is payable.The proceed should be utilized to purchase immediate or deferred annuity at the then prevailing rate of the corporation or from any other insurer after commutation.
DEATH BENEFIT:
Unit fund value as on the date of intimation of death or 105% of the total Premiums received upto the date of death reduced by partial withdrawals made during 2 year period immediately preceding the death of life assured
GUARANTEED ADDITIONS:
Guaranteed addition is payable as a percentage of annual Premium or annualized Premium (incase of regular Premium policy) or single Premium as per chart below.
| End of policy year | Guaranteed Additions per annum (as a percentage of one Annual Premium) | Guaranteed Additions per annum as a percentage of one ingle Premium) |
| 6th | 5.00% | 4.00% |
| 10 th | 10.00% | 5.00% |
| 11th to 15 th | 4.00% | 1.25% |
| 16 th to 20 th | 5.50% | 1.50°/o |
| 2 1st to 25 th | 7.00% | 2.00°/o |
| 26th to 30 th | 8.75% | 2 .50°/o |
| 3 1st to 35 th | 10.75% | 3.00°/o |
| 36 th to 40 th | 13.00% | 3.75°/o |
| 4 1st to 42 nd | 15.50% | 4.50°/o |
PREMIUM ALLOCATION CHARGE FOR REGULAR PREMIUM POLICIES
| Year | Annual Premium (AP) less than Rs. 50,000/- | Annual Premium (AP) greater than or equalto Rs. 50,000/- |
| As a % of Instalment Premium | As a % of Instalment Premium | |
| 1st | 7.00% | 7.00% |
| 2nd to 5 th | 4.50% | 4.00% |
| 6th and onwards | 3.50% | 3.00% |
FOR SINGLE PREMIUM (SP) POLICIES :
| Year | As a 0/o of SP |
| 1st | 3.30% |
| 2ndand onwards | Nil |
• Mortality charges: NIL
• Policy Administration Charge: For first 5 years only
• Fund Management Charge: 1.35% p.a.of Unit Fund for all the four funds and 0.50% p.a. of Unit Fund for “Pension Discontinued Fund
• Switching Charge: 4 switches allowed free of charge in a year and thereafter Rs. 100/- per switch.
• Discontinuation Charge
• Partial Withdrawal Charge: Rs.100/- for every partial withdrawal.
• Tax Charge: As per prevailing tax laws/notification as issued by Govt.of India from time to time
• Loan backdating not allowed
• Free look period,assignment, nomination, surrender allowed
