LIC New Jeevan Nidhi (Plan 812) is conventional with profits
pension policy with a combination of saving and protection features. LIC Jeevan
Nidhi Plan provides for death cover during the defer period and offers an annuity
on survival to the date of vesting. The new UIN (Unique Identification Number)
for LIC’s New Jeevan Nidhi Pension plan is 512N271V01. The New Jeevan Nidhi
Pension Plan ensure the life assured to get a good monthly pension after
retirement. LIC Jeevan Nidhi Pension Plan ensures that you lead a happy life on
your terms even after retirement. New Jeevan Nidhi Pension plans present you
financial security so that when your professional income starts to decrease
gradually, you can still live with pride on your living standards without
compromising. Due to the rising inflation, & high cost of living &
inflation, retirement planning has become the most significant. So, It is
important to start saving early for a stress-free, comfortable retired life.
Features
New LIC Jeevan Nidhi provides an options to choose your retirement age and control your investments are managed to meet your retirement needs. This New LIC Pension plan helps you to do the things what you always have been doing even after Retirement. Let’s have a look at the salient features offered by the LIC New Jeevan Nidhi Pension Plan (818) in the following section.
- LIC New Jeevan Nidhi Annuity Plan is a Conventional Deferred Pension Plan.
- Guaranteed Additions: The Jeevan Nidhi Pension Plan provides Guaranteed Additions at the rate of Rs. 50/- per thousand Basic Sum Assured for each completed year, for the first 5 years.
- Participation in Profits: This LIC New Jeevan Nidhi Policy allows participation in Profits in the form of Bonus from the 6th policy year onwards.
- The Accidental Death and Disability Benefit Rider offered by LIC is available under this plan as an optional rider.
- Two Options available on Maturity: Purchase deferred annuity OR Purchase immediate annuity.
- The Minimum Accident Benefit Sum assured has been increased from Rs. 25,000/- to Rs. 1,00,000/-.
Eligibility Conditions
S.No
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Conditons
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Details
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1
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Entry Age allowed
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Minimum 20 years
(Completed).
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Maximum Entry Age:
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Under Single Premium: 60
years (Completed).
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Under Regular Premium: 58
years (Completed).
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2
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Basic Sum Assured
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Minimum Basic Sum Assured:
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Under Regular Premium: Rs.
1,00,000/-.
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Under Single
Premium: Rs. 1, 50,000/-.
|
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Maximum Basic Sum Assured.
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No Limit (The Basic Sum
Assured shall be in multiples of Rs.5000/-) (in years).
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3
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Deferment period
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Under Single Premium: 5
years to 35 years.
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Under Regular
Premium: 7 years to 35 years.
|
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4
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Vesting Age
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Minimum 55 Years
(Completed).
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Maximum 65 years
(Completed).
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5
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Premium Paying Modes
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Regullarly: Monthly
(ECS, SSS), Quarterly, Half-Yearly, Yearly.
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Single Premium.
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Benefits
Death Benefit: The total Death Benefit at any time shall not
be less than 105% of the total premiums paid which excludes extra premiums,
taxes, and rider premium if any.
- Death during first 5 policy years: Provided the Pension policy is in full force. The nominee will get the Sum Assured + Accrued Guaranteed Additions which can be paid in a lump sum or partly in lump sum and balance in the form of an annuity to the nominee, provided all premiums have been paid.
- Death after first 5 Policy years: The legal heir will be provided the Basic Sum Assured + accrued Guaranteed Additions + Final Additional Bonus + Simple Reversionary, if any, which can be paid in a lump sum or as the annuity or a combination of the two, provided all premiums have been paid.
Benefit on Vesting: On vesting an amount equivalent to the
basic Sum Assured along with accumulated assured additions, vested simple
revision bonuses and Final Additional bonus, if there are any, will be provided
to the Life assured. The given options shall be available to the policyholder
for utilization of the benefit amount.
- To purchase an immediate annuity.
- To purchase a new Single Premium Deferred pension product.
Tax Benefit: The Premiums paid under LIC Jeevan Nidhi
Pension Plan are exempted from tax under Section 80C, Income Tax Act, 1961.
Guaranteed Additions: The LIC New Jeevan Nidhi Plan provides
Guaranteed Additions @ Rs. 50/- per thousand Basic Sum Assured for each
completed year, for the first 5 years.
Premium Rate: The table premium rates per Rs. 1000/- Basic
Sum Assured are encompass in I-Annexure. Class-I extra premium rates per Rs.
1000/- Basic Sum Assured are enclosed in Annexure – II.
Riders
LIC Accidental Death and Disability Benefit Rider: An
optional rider is available as LIC Accidental Death & Disability Benefit
Rider by payment of additional premium under regular premium policies. In the
case of accidental death, the Accidental Benefit Sum Assured will be payable as
lump sum along with the death benefit under the basic plan.
The Accident Benefit Sum Assured amount may opt for an
amount upto the Basic Sum Assured subject to the minimum of Rs. 1,00,000/- and
the maximum of Rs. 50,00,000/-. This LIC Accidental Death and Disability
Benefit Rider benefit will be available only until the vesting age.
Claim Procedure
The Life Assured can claim the Pension plan offered by LIC,
India after the completion of the policy period. In the case of eventual death
of the annuitant, the nominee can claim instead of the insured. Check the
documents required for Claim the LIC new Jeevan Nidhi Pension Plan here.
- NEFT Form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Proof of title.
- Proof of Accident and Disability.
- Original Policy Bond / Document.
- Death certificate ( If in the case of the eventual death of the life assured).
Additional
Information
Grace Period: A Grace period not less than 30 days will be
allowed for payment of yearly or half-yearly or quarterly premiums and 15 days
for monthly premiums.
Service Tax: Under LIC New Jeevan Nidhi Plan, the amount of
service tax as per the prevailing rates shall be payable by the life assured on
premium, as and when the policy premiums are paid.
Surrender Value: The LIC New Jeevan Nidhi Policy can be
surrendered at any time after completion of at least 3 policy years but before
the date on which pension vests.
Loan: No loan will be available under the New Jeevan Nidhi Policy.
Suicide Clause: LIC New Jeevan Nidhi shall be void if the
policyholder commits suicide at any time within one year from the date of start
of risk. The Insurance Company will not entertain any other claim by this
policy except to the extent of a maximum of 90% of one-time premium paid
excluding any extra premium.
Reinsurance:The regular procedure for reinsurance shall apply.
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