LIC’s
New Jeevan Nidhi Plan no. 818 is a deferred annuity plan with bonus. This
Plan is a non unit-linked insurance pension plan. Jeevan Nidhi Plan in LIC is purchased to cover the risk of living too long and hence
has multiple pension options to cover that risk. This is a regular premium pension plan of
LIC. Premium needs to be paid till the end of the accumulation period. In this lic
jeevan nidhi plan at the end of the accumulation period,
the maturity comprising of the sum assured, increment bonus and the final
additional bonus will be converted into pension. After the expiry of the
life insured, a lump sum will be paid to the nominee.
Types of Plans in New Jeevan Nidhi
1. Single Premium: Buying Premium with lump sum amount at once.
2. Regular Premium: Paying Premium at different intervals such as
Yearly, Half-Yearly, quarterly or monthly (through ECS only) or through SSS
mode over the term of policy.
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| LIC's New Jeevan Nidhi |
Benefits of New
Jeevan Nidhi Plan No. 818:
1. Guaranteed Additions: The policy
provides for Guaranteed Additions @ Rs.50/- per thousand Sum assured for each
completed year, for the first five years.
2. Optional Benefit: Accident
Benefit Rider: Accident Benefit Rider is available as an optional rider by
payment of additional premium under regular premium policies. In case of
accidental death, the Accident Benefit Rider Sum Assured will be payable as
lumpsum along with the death benefit under the basic plan. In case of
accidental disability arising due to accident (within 180 days from the date of
accident), an amount equal to the Accident Benefit Sum Assured will be paid in
monthly instalments spread over 10 years and future premiums shall be waived.
If the policy becomes a claim either by way of death or the policy vests before
the expiry of the said period of 10 years, the disability benefit instalments
which have not fallen due will be paid in lump sum. The Accident Benefit
Sum Assured may be opted for an amount upto the Basic Sum Assured subject to
minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with
LIC of India and other insurers). This benefit will be available only till the
age nearer birthday of the Life assured is 65 yrs or till the vesting age,
whichever is earlier.
3. Income Tax
Benefit – Premiums paid under life insurance policy are exempted
from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted
from tax under Section 10 (10A). Annuity that is received is taxable.
4. Benefit on Vesting: On vesting an
amount equal to the Basic Sum Assured along with accrued Guaranteed Additions,
vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be
made available to the Life Assured.
5. 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 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.
Eligibility conditions of New
Jeevan Nidhi Plan No. 818:
1) Minimum Age at
entry for Life Assured : 20 years (nearest Birth day)
2)
Maximum Age at entry for Life Assured : 58 years (nearest Birthday)
in Regular Premium
: 60
years (nearest Bday) in Single Premium
3)
Minimum Deferment Period
: 5 years under Single Premium
:7
years under Regular Premium
4)
Maximum Deferment
Period
: 35 years
5)
Minimum age at
Maturity
: 55 years (Nearest Birthday)
6)
Maximum age at
Maturity
: 65 years (Nearest Birthday)
7)
Premium payment
mode
: Yearly, Half-yearly, Quarterly, Monthly (SSS or
ECS
) Or Single Premium
8)
Minimum Sum
Assured
: Rs 1,00,000/- for regular Premium
: Rs
1,50,000/- for Single Premium
9)
Maximum Sum
Assured
: No Limit
The
Sum Assured shall be in multiple of Rs 5000/-