Quote Originally Posted by Cygnus_A View Post
I would like to know what is the maturity benefit of such a policy.
This policy has two stages:
1- Accumulation Phase - In this your money will be accumulated in the fund you wanted to invest.
2- Annuity or Pension Phase - Once the accumulation phase is over then you will need to buy an annuity and that annuity will give you monthly/or annual pension.

Is it like ULIP of LIC ?
Yes, it is an ULIP. But you can choose which fund (from the below list) you wanted to invest you money in.
1- Pension Flexi Growth
2- Pension Flexi Balanced
3- Pension Protector
4- Pension Maximiser
5- Pension Balancer
6- Pension Preserver
7- Pension Multiplier
8- Pension R.I.C.H.
9- Pension Return Guarantee Fund (PRGF)


Read more about the above funds - Link.

One time lump sum payment of the market value of the portfolio comprising number of units of the two funds or not?
If not, then what benefit will accrue?
No lumpsum of portfolio. You will only receive tax-free commutation up to one-third of the accumulated value on vesting (retirement) date. And for remaining amount, you will need to buy annuity or pension policy.