LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan with a combination of protection and saving features. This plan provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
• Minimum Basic Sum Assured: Regular Pay –
• Single Pay – Rs.1,50,000/-
• Maximum Basic Sum Assured: No Limit
• Minimum Policy Term: 5 years
• Maximum Policy Term: 35 years
• Minimum Entry Age: 20 years (completed)
• Maximum Entry Age: Regular Pay – 58
• Single Pay – 60 years
• Minimum Vesting Age: 55 years
• Maximum Vesting Age: 65 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
LIC’s Jeevan Nidhi Benefit Details
• On Death during first five policy year : Sum Assured + Guaranteed Addition
• On Death after first five policy year : Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
• This Death Benefit shall not be less than 105% of all Premiums paid as on death.
• On Vesting : On survival Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: the policy can be
surrendered anytime for Single Pay plans where the Surrender Value if
surrendered in the first 3 years will be 70% of the premium paid and thereafter
it will be 90% of the premium paid.
• For Regular Pay plans, the policy can be surrendered after 2 or 3 full years premiums have been paid.
• Loan : Loan is not available under the plan.
• Income Tax Benefit: Income tax benefit
on the premium paid as per Section 80CCC
• on the death benefit under Section 10(10D) of the Income Tax Act.