LIC's Deferred Pension Plan huge hit in eastern region

Kolkata, Jun 24 (UNI) The LIC's latest offering, Unit linked Deferred Pension Plan-Market Plus 1, has made huge impact in the eastern region making a business of over Rs 19 crore since its launching exactly a week ago.

Announcing this here today, LIC's zonal manager R R Dash said the uniqueness of the plan was its four investment options - bond fund, secured fund, balanced fund and growth fund.

''The plan has enhanced limit for investment in the equity market for secured and balanced types of funds. Though primarily a pension product, the plan has many features and options which made the product popular among the people for its retirement solution,'' Mr Dash added.

On vesting of the policy, the fund value will be utilised to provide a pension based on the then prevailing annuity rates. An option to commute upto one-third of the payable benefit in a lump sum is available. In the event of death of the policy holder the fund value along with the riders, if any, will be payable in a lump sum or as a pension.

The scheme has three years locking period.

Mr Dash said since its country-wide launching on June 17, nearly Rs 19.2 crore business was achieved in the eastern region alone.

Mr Dash said the LIC was planning to relaunch three popular schemes of Jeevan Ananda, Jeevan Sathi and Jeevan Tarang in this fiscal.

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