LIC Jeevan Nidhi Table No 169
Premium Ceasing Age : 75 Premium Ceasing Term : 5
LIC’s Jeevan Nidhi Plan is a with-profits plan which provides for death cover during the deferment period and on survival to the date of vesting, the maturity proceeds are compulsorily to be used for purchase of annuity.
Benefit On Vesting :
Provided the policy is in full force, Sum Assured under the Basic Plan along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Terminal Bonus, if any, will compulsorily be converted into annuity. There is an option to commute up to 1/3rd of Sum Assured under the Basic Plan together with accrued Guaranteed Additions and Bonuses. If commutation is exercised then the annuity is payable for the balanced amount.
Benefit on death before annuity vests :
On death of the Life Assured during the deferment period of the policy an amount equal to the Sum Assured under the Basic Plan along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Terminal Bonus, if any, shall be payable in a lump sum to the appointed nominee provided the policy is in full force.
Annuity Options :
On vesting Life Assured shall have an option to purchase annuity from Life Insurance Corporation of India or from any other Life Insurance Company. If the Life Assured desires to purchase the annuity from other company, he/she shall be required to inform the same to Life Insurance Corporation of India in writing three months before the date of vesting. If purchased from LIC, then the type of annuity and annuity rate will be that applicable at the time of vesting.
IT Rebate :
As per present tax provisions, the premiums under the plan shall be allowed for rebate under Section 80CCC of the IT Act, 1961.
Guaranteed Additions :
Provided the policy is in full force, Guaranteed Additions @ Rs.50/- per thousand Sum Assured will be added to the Sum Assured under the Basic Plan at the end of each policy year, for the first five years.
Loans : No loans will be available to the policyholders under this plan.