LIC’s New Jeevan Nidhi Plan No. 818

LIC New Jeevan Nidhi Plan No. 818 

 

A Compulsory Pension Plan from LIC

LIC New Jeevan Nidhi Plan is introduced with effect of 27th Jan 2014. This is conventional with profit Pension Plan from LIC.

Eligibility conditions and restrictions:

1.	Minimum Age at entry for Life Assured:	20 years (nearest Birth day)
2.	Maximum Age at entry for Life Assured:	58 years (nearest Bday) in Regular Premium
		60 years (nearest Bday) in Single Premium
3.	Minimum Deferment Period:	5 years under Single Premium 7 years under Regular Premium
4.	Maximum Deferment Period:	35 years
5.	Minimum age at Maturity:	55 years (Nearest Birthday)
6.	Maximum age at Maturity:	65 years (Nearest Birthday)
7.	Premium payment mode:	Yearly, Half-yearly, Quarterly, Monthly (SSS or Single Premium
8.	Minimum Sum Assured:	Rs 1,00,000/- for regular Premium Rs 1,50,000/- for Single Premium
9.	Maximum Sum Assured:	No Limit

Benefits: 

(A) Guaranteed Additions:

Provided the policy is in full force, Guaranteed Additions @ Rs. 50 per Thousand Basic Sum Assured will be added to the Basic Sum Assured for each completed year, for first five years.

In case of surrender of fully paid up policy or in case of death claim, the guaranteed additions for the policy year of death or surrender will be added fully.

(B) Optional Benefit on LIC’s  Accidental Death and Disability Benefit Rider at extra premium

(C) Participation in Profits

The Policy shall participate in profits from the 6th year onwards till the end of deferment period and at such rates as may be declared by the corporation provided the policy is kept in force for full sum assured.

Final Additional Bonus may also be declared under the policy depending on experience of LIC

(D) Benefit on Vesting 

Provided this policy is in full in force, on vesting, an amount equal to Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Final Additional Bonus if any shall be made available to the life assured. The benefits available on vesting shall be payable as per details given below:

(E)Option available to the Life Assured for utilization of benefit amount: 

The following options will be available to the life assured for the utilization of benefit amount on vesting/surrender

1) To Purchase in immediate annuity

The life assured will have a choice to commute the amount available on vesting/surrender to the extent allowed under Income tax act. The entire amount available on vesting/surrender or the balance amount after commutation as the case may be, shall be utilized to purchase immediate annuity at then prevailing annuity rates. Commutation will only be allowed provided that the balance is sufficient to purchase the minimum amount of annuity as per the provisions of sections of insurance Act. 1938.

In case the said is insufficient to purchase the minimum amount of annuity then the said amount shall be paid as a lump sum to the life assured.

The annuity shall only be purchased from Life Insurance Corporation of India.

2) To purchase a new Single premium deferred pension product from Life Insurance Corporation of India.

Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policyholder satisfied the eligibility criteria for purchasing a single premium deferred pension product.

(F) Death Benefit:

Death during the first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.

Death after first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus, vested Simple Reversionery Bonuses and Final Additional Bonus, if any,  shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.

In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of total premiums paid (excluding taxes, extra premium and rider premium, if any).