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%
(a) Death Benefit:
Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Additon 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/legal heir at the then prevailing immediate annuity rates.
Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Additon, vested Simple Reversionary Bonuses and Final Additonal 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/legal heir at the then prevailing immediate annuity rates.
(b) Participaton in profits:
The policy shall partcipate in profits from the 6th policy year onwards tll the end of the deferment period and at such rates as may be declared by the Corporaton provide the policy is kept in force for full Sum Assured.
Final Additonal Bonus, if any, may also be declared under the policy depending upon the experience of the Corporaton and shall be payable either on vesting or on earlier death provided the policy has run for certain minimum term.
(b) Optonal Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additonal premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent 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 equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
Other Popular LIC Plans
- LIC E Term Plan
- LIC Aadhaar Stambh Plan
- LIC Anmol Jeevan II Plan
- LIC Amulya Jeevan II Plan
- LIC Jeevan Rakshak Plan
- LIC Bima Diamond Plan
- LIC Bima Shree Plan
- LIC Children Money Back Plan
- LIC Endowment Plans
- LIC Jeevan Labh Plan
- LIC Jeevan Lakshya Plan
- LIC Jeevan Pragati Plan
- LIC Jeevan Shanti Plan
- LIC Jeevan Shiromani Plan
- LIC Jeevan Tarun Plan
- LIC Jeevan Utkarsh Plan
- LIC Child Plans
- LIC Health Plans
- LIC Money Back Plans
- LIC Navjeevan Plan
- LIC Pension/Annuity Plan
- LIC Term Insurance Plans
- LIC Limited Premium Endowment Plan
- LIC New Bima Bachat Plan
- LIC New Endowment Plan
- LIC New Endowment Plus Plan
- LIC's New Jeevan Akshay VI Plan
- LIC New Jeevan Anand Plan
- LIC New Jeevan Nidhi Plan
- LIC New Money Back Plan 20 years
- LIC New Money Back Plan 25 Years
- LIC Pradhan mantri vaya vandana Yojana
- LIC Single Premium Endowment Plan