About New Jeevan Nidhi (818)
This is a with profits deferred pension plan, which provides for death cover during the deferment period, and annuity on survival to the date of vesting. The policy provides for Guaranteed Additions @ Rs-50/- per thousand Sum assured for the first 5 years. From 6th year onwards the vested simple Reversionary Bonus and Final Additional Bonus if any will also be payable either on Death or Vesting.
Options at Vesting :
- Commutation is allowed to the extent permissible under Income Tax Act (Present rate 1/3rd), provided balance amount is sufficient to purchase minimum annuity as per provisions of section 4 of Insurance Act, 1938. The entire amount or balance after commutation shall be utilized to purchase immediate annuity at the then prevailing rates from LIC of India only.
- The entire proceeds without commutation may be utilized to purchase a new single premium deferred pension product from LIC of India only.
3% rebate on Purchase Price will be given under both the cases.
Features & Benefits
|Minimum age at entry||20 years nbd|
|Maximum age at entry||For Single Prem. (SP) : 60 years nbd
For Regular Prem. (RP) : 58 years nbd
|Min. age at Vesting||55 years nbd|
|Max. age at Vesting||65 years nbd
|Min. Deferment Period (DP)||For SP : 5 years
For RP : 7 years
|Max.Deferment Period (DP)||35 years|
|Minimum S.A||For SP : ` 1,50,000
For RP : ` 1,00,000
|Maximum S.A||No limit
S.A in multiples of ` 5,000 only.
|Available Riders||Accident & Permanent Disability Benefit|
|Mode of Payment||Yearly, Half Yly, Qly, Mly (SSS & ECS) & Single|
|Policy Loan||Not Available.|
|Revivals||Within 2 years of FUP.|
|Surrender||LA has to opt for pension only as
per options available on vesting.
|Back Dating||No lean month’s benefits.
For SP: Interest will be charged for exact no.
of days from DOC to date of payment.
For RP: Interest will be charged for period in
excess of 15 days, 16 days will be one month.
|Tax Benefits||On Premiums : u/s 80C
Commutation Tax free : u/s 10(10A)iii
Death claim Tax free : u/s 10(10D)
Pension : Taxable.
|Service Tax||1st Year of RP Policy/SP : 3.09%
2nd Year onwards : 1.545%