LIC New Jeevan Nidhi Plan 818 – Deferred Annuity Pension Plan

LIC New Jeevan Nidhi Plan is another pension plan from LIC of India after LIC Jeevan Akshay VI plan. But there is a little difference between LIC Jeevan Akshay VI VS LIC New Jeevan Nidhi Plan. Jeevan Nidhi is a deferred annuity plan when the Jeevan Akshay is an immediate annuity plan.

This is a non unit-linked insurance pension plan. This plan is purchased to cover the risk of living too long and hence has multiple pension options to cover that risk. Find every details about LIC New Jeevan Nidhi policy Review, LIC New Jeevan Nidhi premium calculator, LIC New Jeevan Nidhi maturity values, Rebates, Surrender value and many more info at one page only.

lic jeevan nidhi plan review

Benefits of LIC New Jeevan Nidhi Policy

Benefit of Vesting : On vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversion bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

 

Death Benefit: Death during first five policy years: Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

Death after first five policy years: Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.

The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

Guaranteed Additions: The policy provides for Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

Participation in profits: The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive Simple Reversionary bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final Additional Bonus may also be declared in addition.

Eligibility conditions in LIC New Jeevan Nidhi Plan

  Minimum Maximum
Basic Sum Assured (in Rs.) 1,00,000 for Regular Premium and 1,50,000 for Single Premium No Limit
Deferment Period (in years) 7 for Regular Premium

5 for Single Premium

35
Premium Payment Term (in years) Single Regular
Entry Age (in years) 20 58 for Regular Premium and 60 for Single Premium
Age at Vesting (in years) 55 65
Premium (in Rs.) 10,000 for Single

3000 for Regular

No Limit
Payment modes Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

 

LIC New Jeevan Nidhi Policy Rebates

Sum Assured Rebate for Regular premium policies:

Sum Assured Rebate
Rs. 1,00,000/- to Rs. 2,95,000/- NIL
Rs. 3,00,000/- and above 2.00 % Basic Sum Assured

Sum Assured Rebate for Regular premium policies:

Sum Assured Rebate
Rs. 1,00,000/- to Rs. 2,95,000/- NIL
Rs. 3,00,000/- and above 5.00 % Basic Sum Assured

Mode Rebate:

Mode Percentage
Yearly    Table premium 2%
Half yearly Table Premium 1%

LIC New Jeevan Nidhi policy Premium calculator

Check out the LIC New Jeevan Nidhi Premium calculator by visiting the LIC of India official website and provide your desired pension amount to get the premium amount that you have to pay.

LIC New Jeevan Nidhi Revival Benefits

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.

LIC New Jeevan Nidhi Loan Benefits

There is no facility to apply for loan against LIC Jeevan Nidhi plan.

LIC New Jeevan Nidhi Cooling-Off Period

There is a cooling-off period of 15 days within which you have return the policy in case you are not happy with the policy as per the terms.

LIC New Jeevan Nidhi Exclusion

Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

For more details please visit LIC Jeevan Nidhi Official web page.

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