Life Insurance Corp has launched a new unit-linked group Superannuation Plus plan, where every employee of a firm will get the freedom to choose the investment option according to the risk appetite.

Considering general term a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment.

The term superannuation refer to a pension granted upon retirement.Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions.