Table no. 818
LIC’s New Jeevan Nidhi Plan
A Compulsory Pension Plan from LIC
LIC’s New Jeevan Nidhi Plan is introduced with effect of 27th Jan 2014. This is conventional with profit Pension Plan from LIC.
Eligibility conditions and restrictions:
1) Minimum Age at entry for Life Assured : 20 years (nearest Birth day)
2) Maximum Age at entry for Life Assured : 58 years (nearest Bday) 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/-
Benefit on Vesting: - Provided this policy is in full in force, on vesting, an amount equal to 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 benefits available on vesting shall be payable as per details given below:
a) Option available to the Life Assured for utilization of benefit amount:
The following options will be available to the life assured for the utilization of benefit amount on vesting/surrender
1) To Purchase in immediate annuity
The life assured will have a choice to commute the amount available on vesting/surrender to the extent allowed under Income tax act. The entire amount available on vesting/surrender or the balance amount after commutation as the case may be, shall be utilized to purchase immediate annuity at then prevailing annuity rates. Commutation will only be allowed provided that the balance is sufficient to purchase the minimum amount of annuity as per the provisions of sections of insurance Act. 1938.
In case the said 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.
2) To purchase a new Single premium deferred pension product from Life Insurance Corporation of India.
Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policyholder satisfied the eligibility criteria for purchasing a single premium deferred pension product.
b) Death Benefit:
Death during the first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.
Death during the first five policy years: