LIC New Pension Plus 867 is the third ULIP scheme launched by LIC Of India in between year 2020 to 2022. LIC has launched this plan from 5th September, 2022. LIC’s New Pension Plus 867 is a Single Premium and regular premium, Non-Participating, Unit Linked, Individual Life Insurance plan which offers insurance cum investment during the term of the policy.

The plan indicates that LIC would provide guaranteed additions between 5% to 15.5% of yearly premium or single premium.

What is LIC Pension Plus ULIP plan 867?

LIC New Pension Plus plan launched - Guaranteed income after retirement and up to 15% additional benefit. LIC New Pension Plus Plan 867 is suitable for young persons to make provisions for happy retirement.

"The scheme new pension plus 867" is also available in online and offline modes. You can invest in four different fund options as per this plan.

LIC New Pension Plus 867 – Key Features

• LIC New Pension Plus 867 is single and regular premium policy with single, monthly, quarterly, half yearly and yearly saving option.
• You can select from 4 different fund options bond, secured, balanced and growth.
• Switching is allowed between all four funds 4 times in a year.
• 10% to 25% of the fund value can be withdrawn as partial withdrawal.
• You can partial withdrawal money after 5th years onward.
• Guaranteed addition offered in addition to unit fund value.
• The facility of surrender is available after the lock-in period of 5 years.

LIC New Pension Plus 867 - Eligibility/Parameter

Also Read This - LIC Best pension plan for life time know more.....

Benefits of LIC new pension plus 867

Death Benefits

On death after the Date of Commencement of Risk: An amount equal to the highest of the following shall be payable.

1. Unit Fund Value; or
2. 105% of the total premiums received (less partial withdrawals) whichever is higher.

Maturity Benefit

Benefits payable on maturity: On Life Assured surviving the stipulated Date of Maturity 60% is eligible for commutation and rest 40% can be converted into annuity.

Guaranteed Additions

Guaranteed additions as a percentage of one annualized premium as mentioned in the table below shall be added to the Unit Fund on completion of specific duration of policy years.

Guaranteed Additions - For regular premium policy

Guaranteed Additions - For single premium policy

Investment Fund Types

There are 4 funds available in LIC Plan 867

Also Read This - LIC's New Single Premium ULIP Plan 849

LIC New Pension Plus Plan 867 with an Example

To Illustrate the benefits of LIC New Plan 867, Let's take an example of a person who is purchasing LIC pension plus plan 867 with following details.

Maturity Details

At the time of maturity you have to opt your fund value for a pension, then up to 60% commutation is possible. But the remaining 40% can be converted into an annuity.