LIC launches unit-linked pension plan

Mumbai: LIC has launched a unit-linked pension plan called `Future Plus' that will come into effect from today. According to 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 Rs10,000 while it is Rs5,000 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.