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New Jeevan Nidhi – Pension Plan from LIC – Table no. 812
Posted by:blog-admin, December - 18 - 2012

LIC’s New Pension Plan LIC JEEVAN NIDHI is expected to launch on 24th December 2012. It is a deferred pension plan from LIC.
Life Cover: There will be life insurance cover in this plan up to the vesting date of the policy.
Guaranteed Addition: Bonus is guaranteed Rs 50/1000 of basic sum assured for 1st five years and then reversionary bonus every year after fifth year.
Mode: Single premium, Yearly, Half yearly, Quarterly and Monthly (ECS/SSS)
Death Benefit:
1) If Death occurs with in first 5 years of starting LIC JEEVAN NIDHI, Sum assured along with guaranteed accrued bonus will be paid
2) If Death occurs after 5 years, Sum assured, Guaranteed bonus and vested reversionary bonus*1 and final additional bonus*2.

New Jeevan Nidhi

Maturity Benefit:
1) Pension: Option to purchase pension on maturity
2) Reinvest: Maturity proceed can be reinvested into single premium deferred pension plan.
Back  dating – Allowed within same Financial year.
Revival – A policy may be revived within a period of 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.
Surrender-The policy can be surrendered at any time on payment of     at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable shall be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.
*1: Reversionary Bonus shall be added from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation.
*2:Final Additional Bonus shall be payable either on vesting or on earlier death at the rates declared by the Corporation.

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When it comes to pension, a picture of regular income after retirement comes into mind. Very few people have idea, how pension funds work in India but an investor expects that there should be enough flexibility, high risk cover, high, safe & tax free returns in pension funds.

Pension funds do not provide any flexibility, high insurance cover and tax free returns at all. This is valid to all insurers operating in India and most of them even do not have any instruments like pension plans.

LIC OF INDIA, the biggest life insurer has more than 45 plans as on today can definitely fulfill the requirements of an investor who is looking for pension plan for his retirement with a lot of flexibility, high risk cover, reasonably high, tax free and safe returns.

Pension with a lot of flexibility, high risk cover, reasonably high, tax free and safe returns can easily be created using the combination of plans from LIC OF INDIA. There can be various combination depending upon once requirements and they will be always be better then existing pension plans available today in insurance industry.

LIC advisors listed on LIC HELPLINE are equipped with special softwares from LIC that they can easily fulfill your requirement of pension plan.


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