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About New Jeevan Nidhi (818)

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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 :

  1. 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.
  2.  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 entry20 years nbd
Maximum age at entryFor Single Prem. (SP) : 60 years nbd
For Regular Prem. (RP) : 58 years nbd
Min. age at Vesting55 years nbd
Max. age at Vesting65 years nbd
Min. Deferment Period (DP)For SP : 5 years
For RP : 7 years
Max.Deferment Period (DP)35 years
Minimum S.AFor SP : ` 1,50,000
For RP : ` 1,00,000
Maximum S.ANo limit
S.A in multiples of ` 5,000 only.
Available RidersAccident & Permanent Disability Benefit
Mode of PaymentYearly, Half Yly, Qly, Mly (SSS & ECS) & Single
Policy LoanNot Available.
RevivalsWithin 2 years of FUP.
SurrenderLA has to opt for pension only as
per options available on vesting.
Back DatingNo 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 BenefitsOn Premiums : u/s 80C
Commutation Tax free : u/s 10(10A)iii
Death claim Tax free : u/s 10(10D)
Pension : Taxable.
Service Tax1st Year of RP Policy/SP : 3.09%
2nd Year onwards : 1.545%

Benefits

(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.

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