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LIC Jeevan Nidhi Plan

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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:

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.

For eligibility table-

Minimum age20 years (Completed)
Maximum age58 years for Regular Premium payment
60 years for Single Premium payment
Minimum Sum AssuredRs.1,00,000 for Regular Premium payment
Rs.1,50,000 for Single Premium payment
Maximum Sum AssuredNo limit
Deferment term7 years to 35 years for Regular Premium payment.
5 years to 35 years for Single Premium payment.
Vesting Age55 years to 65 years
Premium ModeYearly / Half yearly / Quarterly / Monthly (Thru Bank) / Single Premium
LoanNo Loan facility
SurrenderEligible after 3 years (Should Surrender before maturity)
On DeathSum Assured + Bonus is paid
On DeathSum Assured + Bonus is paid
On MaturityPension is payable
Option to commute 1/3rd of Maturity amount
Income Tax Benefits(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Commutation is Tax free u/s 10(10a)
(iii) Pension is Taxable