New Jeevan Nidhi policy is a conventional with-profits pension plan from Life Insurance corporation of India (LIC). Any person between 20 to 60 years of age can buy this policy for a period of 5 to 35 years so that the age at the time of vesting/pension be 55 to 65 years. The Vesting age would be (=) Age + Deferment period. On maturity, policy holder will need to buy an immediate pension plan with sum assured received from LIC.
New Jeevan Nidhi Key features:
- Death Cover during the deferment period
- Option to take immediate annuity or Purchase a Single premium deferred pension plan on survival to the date of vesting.
- Guaranteed Additions @ Rs.50‰ Sum Assured for the first 5 years.
- Entitled for Simple Reversionary Bonus from the 6th policy year.
- Option for Accident Benefit Rider.(under Regular Premium plans)
- No max limit on Sum Assured.
- Premium Mode: Single, Yearly,Half-yearly,Quarterly, Monthly(ECS/SSS)
Benefits on Vesting:
On Vesting of the policy, you will get the Basic Sum Assured (BSA) along with Accrued
Guaranteed Addition, Simple Reversionary Bonuses and Final Additional Bonus, if any.
Policy holder will need to use this money to buy a new Single Premium deferred pension plan.
- If policy holders death occurs during the initial 5 years then Basic Sum Assured plus accrued Guaranteed additions is payable.
- If death occurs after the 6th policy year then the Basic Sum assured along with accrued Guaranteed additions plus Simple Reversionary Bonus and Final Additional Bonus if any is payable.
The nominee can claim death benefit either in lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity/pension.
New Jeevan nidhi pension Plan does not have any maximum sum assured limit and the minimum sum assured is as follows:
- For single Premium plans: Rs.1,50,000/-
- Regular premium plan : Rs.1,00,000/-
Whats the eligibility?
- 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/-)
- Minimum Entry Age: 20 years (nearest Birthday)
- Maximum Entry Age: 60 years (nearest birthday)
- Policy Term: 5 to 35 years
- Minimum Vesting Age: 55 years (nearest birthday)
- Maximum Vesting Age: 65 years (nearest Birthday)
Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.
Participation in profits
Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period.
Final Additional Bonus will be given either on vesting or on earlier death at the rates announced from time to time.
Accident Benefit Rider:
Death due to Accident: Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan.
Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.
Revival within 5 years: A lapsed policy may be revived within a period of 5 years from the date of first unpaid premium and before the date of vesting subject to proof of continued insurability and payment of all the arrears of premium together with interest at such rates as may be prevailing at the time of the payment
Surrender after 3 years: The policy can be surrendered at any time after completion of at least 3 policy years provided that 3 years premiums have been paid.