### LIC’s Pension Plus(T-803)Benefits...
A) Death Benefit:
The Policyholder’s Fund Value shall be payable either in a lump sum or as an annuity, as desired by the nominee.
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates under the annuity option chosen.
B) Benefit on Vesting:
On your surviving to the date of vesting, the higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, as defined under para 10
(i), will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. However, you may opt to commute up to one-third of the Benefit to be paid as a lump sum.
Further, you may choose to purchase annuity from LIC or other life insurance company.
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