LIC New Jeevan Nidhi Pension Plan

LIC New Jeevan Nidhi Pension Plan

LIC New Jeevan Nidhi Pension Plan (Table 818):  It’s a Pension Plan works like regular Endowment Policy good combination of Life Insurance Cover (protection) and best high return investments tool to achieve Longt-Term Financial Goals & for Retirement savings. The plan will give the benefit while maturity with one-third of Lump Sum and Pensions till the Life of Policy Holder. Also, Have an option can take care of liquidity needs by the loan facility and surrender value option. Before buy the pension policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally New Endowment LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2017.

lic India ChennaiLIC New Jeevan Nidhi Plan (Table 818)

Policy Main Specification

  • Age at Entry (Last Birthday): 20 Years
  • Maximum Age at Entry (Last Birthday): 58 Years for Normal Paying Mode & 60 Years for Single Time Investment
  • Age to start to receiving the pension amount (Vesting Age): 55 Year – 65 Years
  • Policy Term (PT): 5 – 35 years
  • Premium Paying Term: Up to Policy Pay Choosing Term or Singe Time Investment (Just One time Pay for Life Long Pension)
  • Minimum Sum Assured: 1,00,000 for Normal Paying Term, 1,50,000 for One Time Paying Term
  • Maximum Sum Assured: No bound (based on income Limit)
  • Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC New Jeevan Nidhi Pension Policy

  • LIC New Jeevan Nidhi Pension Policy is a like traditional deferred annuity plan with assured Guaranteed Additions up to first five policy years
  • After five years to end of term plan will work as traditional endowment policy with bonus and Final Additions
  • Premiums has to be paid to the full policy chosen period (years)

Benefits of LIC New Jeevan Nidhi Pension Policy

  • Assured Guaranteed Additions: First Five Policy Year 5% of Basic Sum will be added
  • Bonus: Like an Endowment Policy Benefits
  • Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
  • Death Benefit:
    1. First Five years on Death Basic Sum Assured and Assured Guaranteed Additions
    2. If Sixth year dies Basic Sum Assured, Assured Guaranteed Additions and Bonus
    3. Subject to a minimum of 105% of the total premiums paid as on date of death, whichever is higher
  • Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider
  • Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
  • Loan : Three full policy year premiums has to paid to eligible for the Loan
  • Mode and High S.A. Rebates:
  • Mode Rebate:
    1. Yearly mode – 2% of Tabular Premium
    2. Half-yearly mode – 1% of Tabular premium
    3. Quarterly & Monthly mode – NIL
    4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

Single Premiums
Age at entry Deferment period
10 20 30
25 435.80
35 612.00 456.15
45 852.55 632.80
Annual Premiums
Age at entry Deferment period
10 20 30
25 32.75
35 53.60 34.80
45 115.25 57.15

LIC New Jeevan Nidhi Pension Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy.


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