LIC’s New Pension Plus (Plan No. 867, UIN 512L347V01) is a unit‑linked, non‑participating, individual pension plan designed to build a retirement corpus through market‑linked investments and then convert it into regular pension (annuity).​

Plan type and objective

• ULIP‑type pension plan: Premiums are invested in one or more pension funds chosen by the policyholder; fund value fluctuates with market performance.​
• Goal: Accumulate a corpus during the accumulation phase and use it at vesting to buy an annuity and/or commute a part as lumpsum, as per regulations.​

Key features (from LIC brochure/CIS)

You should pick the exact grid from the current Sales Brochure and CIS linked on the LIC page when publishing details or advising clients.​

Typical structure includes:

• Policy type: Non‑participating, unit‑linked, individual pension plan (no bonuses; returns depend on fund performance and charges).​
• Premium options: Single premium and/or regular premium (yearly/half‑yearly/other modes) as defined in the brochure.​
• Fund options: Multiple pension funds with different equity–debt mixes; policyholder can choose and switch between funds subject to rules.​
• Charges: Premium allocation charges, policy administration charges, fund management charges, mortality/other risk charges, and discontinuance/surrender charges as per ULIP norms.​
• Lock‑in: 5‑year lock‑in typical for ULIPs; exits before this are heavily restricted/subject to discontinuance rules.​

Benefits at vesting, death, and surrender

Exact percentages and options must be taken from the latest brochure and CIS PDFs linked on the LIC page.​

• Vesting (maturity) benefit:
  • Fund value on vesting date.
  • As per pension regulations, a part can usually be commuted as tax‑advantaged lump‑sum (up to permitted limit), and balance must be used to buy an immediate or deferred annuity from LIC (or other allowed options).​
• Death benefit:
  • Fund value (or defined higher of fund value/guaranteed amount, if applicable) payable to nominee; they may have options to take it as lump‑sum and/or purchase annuity.​
• Surrender/discontinuance:
  • Before lock‑in: Proceeds are moved to a discontinued fund and payable only after completion of lock‑in, with applicable charges.​
  • After lock‑in: Surrender value equal to fund value, subject to conditions; must be used as per pension product regulations (commutation plus compulsory annuity beyond limits).​

Eligibility and basic parameters (high‑level)

From the official LIC page you attached, detailed numbers (min/max age, premium, term, vesting age, etc.) are in the Sales Brochure and CIS PDFs updated as of 28‑11‑2025; you should quote them directly for client‑facing material.​

At a high level, the plan typically defines:

• Minimum/maximum entry age.
• Minimum/maximum vesting (retirement) age.
• Minimum premium and minimum policy term (years until vesting).
• Rules for top‑ups, switches, partial withdrawals (if allowed), and annuity purchase at vesting.​

Practical positioning points

• Suitable for clients comfortable with market‑linked pension accumulation who want a LIC‑backed annuity at retirement rather than traditional par endowment pensions.​
• Not suitable for ultra‑conservative investors who want fully guaranteed returns throughout; they must understand NAV risk and ULIP charges.​