LIC Pension Plus Plan 803 Calculator
Calculate Your Pension Benefits with Guaranteed Returns
Plan Details
Pension Plus
803
02-09-2010
Unit Linked Pension
18 Years – 75 Years
40 Years – 85 Years
Your Details
Eligibility Criteria
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years | 75 Years |
| Vesting Age | 40 Years | 85 Years |
| Regular Premium | ₹15,000 | ₹1,00,000 |
| Single Premium | ₹30,000 | No Limit |
Fund Options
| Fund | Risk Level | Expected Growth |
|---|---|---|
| Guaranteed Fund | Very Low | 4.5% |
| Debt Fund | Low | 6% |
| Mixed Fund | Moderate | 8% |
| Growth Fund | High | 10% |
Key Features
- Guaranteed Interest Rate of 4.5% per annum on premiums paid.
- Unit Linked Pension Plan designed for retirement planning.
- Maturity Benefit is higher of Fund Value or Guaranteed Value.
- Death Benefit is higher of Fund Value or 105% of premiums paid.
- Commutation allowed up to one-third of maturity proceeds.
- Balance amount used to purchase annuity from LIC.
- Partial withdrawals allowed after 5-year lock-in period.
- Multiple premium payment modes available.
- Suitable for long-term retirement corpus creation.
Frequently Asked Questions
What is LIC Pension Plus Plan 803?
LIC Pension Plus Plan 803 is a Unit Linked Pension Plan (ULIP) that helps build a retirement corpus through market-linked investments along with guaranteed minimum growth.
When was the plan launched?
The plan was launched on 02 September 2010.
When was the plan withdrawn?
The plan was withdrawn from sale on 01 January 2012.
What is the guaranteed interest rate?
The plan provides a guaranteed growth rate of 4.5% per annum on premiums paid.
What is vesting benefit?
At vesting, the policyholder receives the higher of the Fund Value or Guaranteed Value.
Can I take a lump sum at maturity?
Yes. Up to one-third of the maturity proceeds may be commuted and withdrawn as a lump sum.
Important Notes
- This calculator provides estimated values only.
- Actual fund performance depends on NAV movement and market conditions.
- Annuity rates may vary at the time of vesting.
- Tax benefits are subject to prevailing tax laws.
- Actual maturity and pension benefits may differ from estimates.
- Illustrations are based on assumed growth rates entered by the user.
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Introduction to LIC Pension Plus Plan 803
LIC Pension Plus Plan 803 was introduced as a Unit Linked Pension Plan (ULIP) aimed at helping individuals build a retirement fund while enjoying life insurance protection. The plan offered the advantage of market-linked growth along with a guaranteed minimum return on premiums, making it a suitable option for long-term retirement planning.
What is LIC Pension Plus Plan 803?
LIC Pension Plus Plan 803 is a deferred pension ULIP that helps policyholders accumulate a retirement corpus over time. The premiums paid under the policy are invested in selected funds, and the accumulated amount is later converted into a pension through an annuity plan at vesting.
The plan combines investment opportunities with insurance protection, allowing policyholders to benefit from market performance while preparing for retirement.
Launch and Withdrawal Dates
| Particular | Details |
|---|---|
| Launch Date | 2 September 2010 |
| Withdrawal Date | 1 January 2012 |
Although the plan is no longer available for new purchases, existing policyholders continue to receive benefits according to their policy terms.
Plan Features
| Feature | Details |
|---|---|
| Guaranteed Interest | 4.5% per annum on premiums paid |
| Minimum Premium | ₹15,000 per annum / ₹1,500 per month |
| Maximum Premium | No limit (subject to underwriting) |
| Entry Age | 25 to 55 years |
| Vesting Age | 40 to 85 years |
| Policy Term | 10 to 42 years |
| Maturity Benefit | Higher of Fund Value or Guaranteed Amount |
| Annuity Option | Purchased from maturity proceeds |
| Commutation | Up to one-third of maturity proceeds |
| Death Benefit | Higher of Fund Value or 105% of premiums paid |
Eligibility Criteria for LIC Pension Plus Plan 803
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 75 years |
| Vesting Age | 40 years | 85 years |
| Deferment Term | 10 years | Linked to maximum vesting age |
| Annual Premium | ₹15,000 | ₹1,00,000 |
| Single Premium | ₹30,000 | No upper limit |
| Fund Options | Debt Fund and Mixed Fund | Debt Fund and Mixed Fund |
Key Features of LIC Pension Plus Plan 803
Market-Linked Growth with Guaranteed Return
Being a ULIP, the plan allows investments in market-linked funds while also offering a guaranteed minimum interest rate on gross premiums paid.
Flexible Premium Payment Options
Policyholders can pay premiums annually, half-yearly, quarterly, monthly through ECS, or choose a single premium option.
Long-Term Retirement Planning
The plan helps individuals build a retirement corpus over a selected policy term and convert it into regular pension income after vesting.
Annuity Purchase at Maturity
At vesting, the accumulated fund value or guaranteed maturity amount, whichever is higher, is used to purchase an annuity from LIC.
How LIC Pension Plus Plan 803 Works
Premium Payment
The policyholder pays premiums either regularly during the policy term or through a single premium option.
Investment of Premiums
The premium amount is invested in the selected fund option based on the policyholder's investment preference and risk profile.
Fund Value Growth
The value of the policy grows according to the performance of the selected investment fund and prevailing NAV.
Guaranteed Interest Benefit
In addition to market-linked growth, a guaranteed minimum interest rate is credited on gross premiums paid.
Vesting Benefit
At the end of the deferment period, the accumulated corpus becomes available for annuity purchase.
Pension Income
Once the annuity is purchased, LIC starts paying pension benefits according to the selected annuity option.
Benefits of LIC Pension Plus Plan 803
Guaranteed Minimum Return
The plan provides a guaranteed minimum interest rate on premiums, helping create a stable retirement corpus.
Commutation Facility
Policyholders can commute up to one-third of the maturity proceeds and receive it as a lump sum.
Regular Pension Income
The remaining corpus is used to purchase an annuity that provides a regular income after retirement.
Partial Withdrawal Facility
Partial withdrawals are available after the lock-in period, subject to policy terms and conditions.
Death Benefit Protection
In the event of death during the policy term, benefits are payable to the nominee as per policy provisions.
Flexible Premium Payments
Multiple premium payment modes make it convenient for policyholders to manage contributions.
Tax Benefits
Premium payments and eligible policy benefits may qualify for tax benefits under applicable income tax provisions.
LIC Pension Plus Plan 803 Calculator
The LIC Pension Plus Plan 803 Calculator is a useful tool that helps policyholders estimate their future retirement corpus, premium requirements, vesting benefits, and pension income based on different assumptions.
Purpose of the Calculator
The calculator is designed to:
- Estimate the maturity corpus available at vesting.
- Calculate projected fund value based on assumed investment returns.
- Determine pension benefits after annuity purchase.
- Compare different premium amounts and policy terms.
- Assist in long-term retirement planning.
Details Required for Calculation
To generate projections, the calculator generally requires:
- Current age of the policyholder
- Vesting age
- Policy term
- Premium amount
- Premium payment frequency
- Fund option selected
- Expected rate of return
Results Displayed by the Calculator
After entering the required details, the calculator usually provides:
- Total premiums paid
- Projected fund value
- Guaranteed maturity value
- Vesting benefit
- Estimated pension amount
- Death benefit payable during the policy term
Fund Options Available Under LIC Pension Plus Plan 803
The plan offered two investment fund choices:
Debt Fund
This fund primarily invested in debt and money market instruments and was suitable for conservative investors seeking stability with lower risk.
Mixed Fund
The mixed fund invested in a combination of equity and debt instruments, aiming to provide balanced growth along with moderate risk.
Policyholders could switch between available funds as per policy conditions.
Maturity Benefit
On completion of the policy term, the policyholder receives the higher of:
- Fund Value, or
- Guaranteed Maturity Amount
As per pension regulations, up to one-third of the corpus can be withdrawn as a lump sum, while the remaining amount must be used to purchase an annuity.
Death Benefit
If the life assured dies during the policy term, the nominee receives the higher of:
- Fund Value, or
- 105% of total premiums paid
This ensures financial protection for the family even if market conditions are unfavourable.
Surrender and Discontinuance Rules
The policy could be surrendered according to LIC's prevailing ULIP and pension plan guidelines.
If premiums were discontinued before the lock-in period, the policy fund was transferred to a discontinuance fund and benefits became payable after completion of the lock-in period.
Advantages of LIC Pension Plus Plan 803
- Market-linked growth opportunity.
- Guaranteed minimum return on premiums.
- Retirement-focused savings solution.
- Flexible premium payment options.
- Choice of investment funds.
- Tax benefits under applicable laws.
- Option to receive a lump sum and pension income.
Important Points to Remember
- The plan was withdrawn from sale on 1 January 2012.
- Existing policyholders continue to receive benefits.
- Returns depend on market performance and fund selection.
- Pension benefits are available only through annuity purchase at vesting.
- Guaranteed benefits are subject to policy conditions.
Frequently Asked Questions
What is LIC Pension Plus Plan 803?
LIC Pension Plus Plan 803 is a Unit Linked Pension Plan designed to help policyholders build a retirement corpus through market-linked investments while providing insurance protection.
When was LIC Pension Plus Plan 803 launched?
The plan was launched on 2 September 2010.
Is LIC Pension Plus Plan 803 still available?
No. The plan was withdrawn from sale on 1 January 2012 and is not available for new customers.
What fund options were available under the plan?
The plan offered Debt Fund and Mixed Fund options, allowing policyholders to choose according to their risk preference.
What happens at maturity?
At vesting, the policyholder receives the higher of the fund value or guaranteed maturity amount. Up to one-third can be withdrawn as a lump sum, and the remaining amount must be used to purchase an annuity.
What is the death benefit under LIC Pension Plus Plan 803?
The nominee receives the higher of the fund value or 105% of total premiums paid during the policy term.
Conclusion
LIC Pension Plus Plan 803 was a retirement-oriented ULIP that combined market-linked investment growth with a guaranteed minimum return on premiums. With flexible premium options, fund choices, and pension benefits at vesting, it provided a structured approach to retirement planning. Although the plan has been withdrawn, it remains important for existing policyholders who wish to monitor their fund value, estimate vesting benefits, and plan their future pension income using the LIC Pension Plus Plan 803 Calculator.
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