- Features
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:
Provided the
policy is in full force, 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.
The following
options shall be available to the Life Assured for utilization of the benefit
amount.
- To purchase an immediate annuity
The Life
Assured shall have a choice to commute the amount available on vesting to the
extent allowed under Income Tax Act. The entire amount available on vesting or
the balance amount after commutation, as the case may be, shall be utilized to
purchase immediate annuity at the then prevailing annuity rates. Commutation
shall only be allowed provided the balance amount is sufficient to purchase a
minimum amount of annuity as per the provisions of section 4 of Insurance Act,
1938.
In case the
total benefit amount is insufficient to purchase the minimum amount of annuity,
then the said amount shall be paid as a lump sum to the Life assured.
The annuity
shall only be purchased from Life Insurance Corporation of India.
- To purchase a new Single Premium deferred pension product
from Life Insurance Corporation of India
Under this
option the entire proceeds available on vesting shall be utilized to purchase a
single premium deferred pension product provided the policyholder
satisfies the eligibility criteria for purchasing single premium deferred
pension product.
The Life
Assured will have to intimate his / her intention to go for a particular option
available on the date of vesting atleast six months prior to the date of
vesting.
- 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.
- Guaranteed Additions: The policy provides for
Guaranteed Additions @ Rs.50/- per thousand Basic Sum Assured for each
completed year, for the first five years.
- Participation in profits: Provided the
policy is in full force, depending upon the Corporation’s experience the
policies shall participate in profits from 6th year onwards for a Simple
Reversionary Bonus at such rate and on such terms as may be declared by the
Corporation.
Final
(Additional) Bonus may also be declared under the policy in the year when the
policy results into a claim either by way of death or on vesting, provided the
policy has run for certain minimum term.
- Optional Benefit:
LIC’s
Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability 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
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 equal monthly instalments spread over 10
years and future premiums for Accident Benefit Sum Assured as well as premiums
for the portion of Basic Sum Assured which is equal to Accident Benefit Sum
Assured under the policy, 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. 1,00,000 and maximum of Rs. 50 lakh (under
individual as well as group policies with LIC of India). This benefit will be
available only till the vesting age.
- Eligibility Conditions and Other Restrictions :
a) Minimum Basic Sum
Assured :
Rs.1,00,000 under Regular Premium policies
Rs.1, 50,000 under Single Premium policies
b) Maximum Basic Sum
Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs.5000/-)
(in years)
(in years)
c) Minimum Entry
Age
: 20 (nearest Birthday)
d) Maximum Entry
Age
: 60 (nearest Birthday) under Single
Premium
58 (nearest birthday) under Regular Premium
58 (nearest birthday) under Regular Premium
e)
Deferment
period
: 5 to 35 under Single Premium &
7 to 35 under Regular Premium
7 to 35 under Regular Premium
f)
Minimum Vesting
Age
: 55 (nearest birthday)
g)
Maximum Vesting Age
: 65 (nearest Birthday)
- Payment of Premiums:
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.
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.
If the premium is not paid before the expiry of days of grace, the policy
lapses.
- Sample Premium Rates:
Following are
some of the sample premium rates (exclusive of service tax) per Rs. 1000/-
S.A.:
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
|
-
|
- Mode and High S.A. Rebates:
Mode
Rebate:
Yearly … 2% of tabular premium
Half-Yearly … 1% of tabular premium
Quarterly … Nil
Yearly … 2% of tabular premium
Half-Yearly … 1% of tabular premium
Quarterly … Nil
Sum
Assured Rebate:
For Regular Premium policies:
Basic Sum Assured Rebate
1, 00,000 to 2, 95,000 Nil
3, 00,000 and above 2%o S.A.
For Regular Premium policies:
Basic Sum Assured Rebate
1, 00,000 to 2, 95,000 Nil
3, 00,000 and above 2%o S.A.
For
Single Premium Policies:
Basic Sum Assured Rebate
1, 50,000 to 2, 95,000 Nil
3, 00,000 and above 5%o S.A.
Basic Sum Assured Rebate
1, 50,000 to 2, 95,000 Nil
3, 00,000 and above 5%o S.A.
- Revival:
If premiums are
not paid within the grace period then the policy will lapse. A lapsed policy
can be revived within a period of two consecutive years from the date of first
unpaid premium and before the date of vesting by paying all the arrears of
premium together with interest, compounding half-yearly at such rate as fixed
by the Corporation at the time of the payment 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.
LIC’s
Accidental Death and Disability Benefit Rider, if opted for, shall be revived
along with the basic plan and not in isolation.
- Paid-up Value (applicable for regular premium policies):
For policies
with deferment period less than 10 years if atleast two full years’ premiums
have been paid and for policies with deferment period 10 years or more than 10
years if atleast three full years’ premiums have been paid and any subsequent
premium be not duly paid, this Policy shall not be wholly void, but shall
subsist as a paid-up policy. The Basic Sum Assured under basic plan shall be
reduced to such a sum, called the paid-up sum assured, as shall bear the same
ratio to the full Basic Sum Assured as the number of premiums actually paid
shall bear to the total number of premiums originally stipulated for in the
Policy. The policy so reduced shall thereafter be free from all liability for
payment of the within-mentioned premium but shall not be entitled to guaranteed
additions and any bonuses in future. The accrued guaranteed additions and vested
bonus additions, if any, will remain attached to the paid-up policy.
This paid-up
sum assured alongwith the accrued Guaranteed Additions and vested Simple
Reversionary Bonuses, if any, is payable on the date of vesting or on Life
Assured’s prior death.
On the death of
the Life Assured, the nominee shall have an option to take the proceeds as lump
sum or in the form of an annuity or partly in lump sum and balance in the form
of an annuity.
On vesting the
proceeds shall be payable as per one of the options as specified against para
1.a. above.
LIC’s
Accidental Death and Disability Benefit rider do not acquire any paid-up value.
- Surrender Value:
The Surrender
Value available under this plan is as under:
- Single
Premium policies: The policy can be surrendered at
any time during the deferment period. The Guaranteed Surrender Value shall be
as under:
- Within three policy years from
Date of Commencement of policy: 70% of the Single premium excluding taxes
and extra premium, if any.
- Thereafter: 90% of the Single
premium excluding taxes and extra premium, if any.
For More Info Contact – US or
Call or SMS “Plan” to 9977143290
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