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LIC's latest pension plan - New Jeevan Nidhi

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Updated: Wednesday, January 2, 2013, 16:13 [IST]
 
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LIC's latest pension plan - New Jeevan Nidhi

Life Insurance Corporation has unveiled latest pension plan named New Jeevan Nidhi. It is a deferred pension plan which is launched on 2nd JAN 2013.

LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.Policy loan:

No loan facility will be available under this plan

Death Benefit:

1) If Death occurs with in first 5 years of starting LIC JEEVAN NIDHI, Sum assured along with guaranteed accrued bonus will be paid
2) If Death occurs after 5 years, Sum assured, Guaranteed bonus and vested reversionary bonus*1 and final additional bonus*2.

Maturity Benefit:

1) Pension: Option to purchase pension on maturity
2) Reinvest: Maturity proceed can be reinvested into single premium deferred pension plan.
Back dating - Allowed within same Financial year.

Eligibility conditions:

Eligibility conditions and other restrictions in LIC Jeevan Nidhi Plan
Description Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 5 for Regular Premium
6 for Single Premium
35 Years
Entry Age of Policyholder (in years) 18 Years 65 Years
Age at Vesting (in years) 40 Years 75 Years
Premium (in Rs.) 10,000 for Single
3000 for Regular
No Limit
Payment modes Single, Yearly, Half-yearly, Quarterly, Monthly and SSS

Revival:

A policy may be revived within a period of 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender:

The policy can be surrendered at any time on payment of at least 3 years' premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable shall be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

*1: Reversionary Bonus shall be added from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation.
*2:Final Additional Bonus shall be payable either on vesting or on earlier death at the rates declared by the Corporation.

Service Tax:

Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.

Cooling-off period:

If the Life Assured is not satisfied with the 'Terms and Conditions' of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the risk premium, expenses incurred on medical examination and stamp duty.

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).

GoodReturns.in

Story first published:  Wednesday, January 2, 2013, 12:43 [IST]
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