Future Plus is essentially a Unit Linked deferred Pension Plan. The Policy holder can take the plan with or without life cover. He/she can also choose a level of cover within the limits, which will depend on whether the policy is a Single Premium or Regular Premium.

The allocated premiums will be applied to purchase units as per the Fund type chosen. The Policyholder's Unit Account will be subject to deduction of charges as specified in the Policy Conditions. The value of units in the Unit Fund may increase or decrease, depending on the investment return of the assets representing the chosen Fund.

Regular premium can be paid either in yearly or half-yearly installments. The minimum annual premium will be Rs.5,000/- increasing thereafter in multiples of Rs.1,000/-. Alternatively a Single Premium can be paid subject to a minimum of Rs.10,000/- and thereafter in multiples of Rs.1,000/-.

Death Benefit: In case of death of the policyholder within the policy term, when the Life cover is opted for and is in force, the nominee will get the Sum Assured under the basic plan together with the Bid Value of units held in the Policyholder's unit account either as a lump sum or as pension on his/her life-the actual amount of the pension will depend on the then prevailing immediate annuity rates under the annuity option chosen. The limits of life cover i.e. Sum Assured under the Basic plan are as under.

For Single Premium Policies: Equal to Single Premium.

For Regular Premium Policies: 5 to 20 times of the Annualised Premium as per the option exercised by the proposer. However the maximum life cover shall not exceed the annualized premium multiplied by the term subject to a minimum of 5 times of the annualized premium.

In case the policy is taken without life cover, then the bid value of the units held in the Policyholder's account shall be payable either as a lump sum or as a pension on his/her life.

On policyholder surviving the date of vesting, the bid value of units held in the policyholder's unit account will be compulsorily utilized to provide pension. However, the policyholder may opt to commute up to one-third of the Bid Value of the units held in the Policyholder's Unit Account at the time of vesting, which shall be paid as a lump sum.

Accident Benefit option and critical illness benefit rider can be availed by paying appropriate additional premium. Maximum accident benefit that can be availed is equal to the basic Sum Assured subject to an overall limit of Rs.25 lakhs under all policies of the policy holder with the LIC taken together.

Maximum Critical Illness Benefit Cover allowed is Rs.5.00 lakhs under all policies of the policy holder with the LIC taken together.

The minimum & maximum age at entry is 18 - 65 years. Minimum age of vesting is 40 years. Maximum age of vesting is 75 years. Minimum policy term is 5 years. Minimum premium is Rs.10,000/- for Single Premium and Rs.5,000/- for Regular Premium.

This product was introduced on 4-3-2005 and it was well received in the market. Amongst the unit linked pension plans this plan appears to be a very good product.