New Jeevan Nidhi (Plan No 812)

Plan Specialty : 

1. Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.
2. A grace period of one calender month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
3. Cooling-off period: If the Life Assured is not satisfied with the ‘Terms and Conditions’ of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections.

LICs New Jeevan Nidhi Plan (Table No 812)

• Plan Group: New Jeevan Nidhi Plan
• Product Type: Individual
• Plan Objective: Retirement Policy
• Loan: No loan facility will be available under this plan.
• Policy Term : 5 to 35 years

Investment Objective: LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
GRACE PERIOD: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums

BENEFITS:

1. Guaranteed Additions : The policy provides for Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.
2. Optional Benefit : Accident Benefit Rider : Accident 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 Rider 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 monthly instalments spread over 10 years and future premiums 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. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 65 yrs or till the vesting age, whichever is earlier.
3. Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted from tax under Section 10 (10A). Annuity that is received is taxable.
4. Benefit on Vesting : 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.
5. Death Benefit :

• Death during first five policy years: 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 : 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.
• The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.

SUM ASSURED DETAILS
Minimum Basic Sum Assured : Rs.1,00,000 under Regular Premium policies & Rs.1, 50,000 under Single Premium policies
Maximum Basic Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs.5000/-)

ENTRY AGE DETAILS
Minimum Entry Age : 20 years (nearest Birthday)
Maximum Entry Age : 60 years (nearest birthday)

PREMIUM PAYMENT TERM
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid

Exclusion : Suicide : This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

Surrender Value : The policy can be surrendered at any time after completion of at least 3 policy years but before the date on which annuity vests.

The Guaranteed Surrender Value will be as under:
i) Single Premium Policies: The Guaranteed Surrender value is equal to 90% of the premium paid excluding extras, if any.
ii) Regular Premium Policies: The Guaranteed Surrender Value will be available provided atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.

The surrender value shall be the guaranteed surrender value along with cash value of any accrued Guaranteed Additions and vested simple reversionary bonuses, if any.

REVIVAL DETAILS: If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Accident Benefit Rider, if opted for, shall be revived along with the basic plan and not in isolation.

VESTING AGE DETAILS
Minimum Vesting Age : 55 years (nearest birthday)
Maximum Vesting Age : 65 years (nearest Birthday)

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For more details please visit www.citizensadvicebureau.co.in or www.licindia.in