LIC’s New Jeevan Nidhi
Plan is a conventional with profits pension plan with a combination of
protection and saving features. This plan provides for death cover during the
deferment period and offers annuity on survival to the date of vesting.
- Benefits:
- Benefit on Vesting: Provided the
policy is in full force, 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.
The following options
shall be available to the Life Assured for utilization of the benefit amount.
- To purchase an immediate annuity
The Life Assured shall
have a choice to commute the amount available on vesting to the extent allowed
under Income Tax Act. The entire amount available on vesting or the balance
amount after commutation, as the case may be, shall be utilized to purchase
immediate annuity at the then prevailing annuity rates. Commutation shall only
be allowed provided the balance amount is sufficient to purchase a minimum
amount of annuity as per the provisions of section 4 of Insurance Act, 1938.
In case the total benefit
amount is insufficient to purchase the minimum amount of annuity, then the said
amount shall be paid as a lump sum to the Life assured.
The annuity shall only be
purchased from Life Insurance Corporation of India.
or
or
- To purchase a new Single Premium
deferred pension product from Life Insurance Corporation of India
Under this option the
entire proceeds available on vesting shall be utilized to purchase a single
premium deferred pension product provided the policyholder
satisfies the eligibility criteria for purchasing single premium deferred
pension product.
The Life Assured will
have to intimate his / her intention to go for a particular option available on
the date of vesting atleast six months prior to the date of vesting.
- Death Benefit:
Death
during first five policy years: Provided the policy is
in full force, 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 policy years: Provided the policy is
in full force, 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.
In any case, provided all
due premiums have been paid, the total death benefit at any time shall not be
less than 105% of the total premiums paid (excluding taxes, extra premium and
rider premium, if any).
The amount of annuity
will depend on the payable lump sum and the then prevailing immediate annuity
rates.
- Guaranteed Additions: The
policy provides for Guaranteed Additions @ Rs.50/- per thousand Basic Sum
Assured for each completed year, for the first five years.
- Participation in profits: Provided the
policy is in full force, depending upon the Corporation’s experience the
policies shall participate in profits from 6th year onwards for a Simple
Reversionary Bonus at such rate and on such terms as may be declared by
the Corporation.
Final (Additional) Bonus
may also be declared under the policy in the year when the policy results into
a claim either by way of death or on vesting, provided the policy has run for
certain minimum term.
- Optional Benefit:
LIC’s
Accidental Death and Disability Benefit Rider:
LIC’s Accidental Death and Disability 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 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 equal monthly instalments 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. 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. 1,00,000 and
maximum of Rs. 50 lakh (under individual as well as group policies with LIC of
India). This benefit will be available only till the vesting age.
R.MANI 0012532B
S.IYYAPPAN 0090232B
AGENT LIC OF INDIA
CHERANMAHADEVI BRANCH
TIRUNELVELI DIVISION
9443388475
9994760712
9488760712
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