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LIC New Jeevan Nidhi Plan

What is the Plan all About?

LIC’s New Jeevan Nidhi is a traditional with-profits pension plan providing a combination of protection and saving features. This plan provides death cover during the deferment period and offers annuity on vesting.

What are the Key Features?

  • Annuity benefit on vesting
  • Avail guaranteed additions
  • Commutation benefit
  • Participation in profits
  • Rebate on choosing annual/semi annual mode
  • Single/Regular premium
  • High sum assured rebate
  • Choose rider to enhance benefit
  • Tax benefits

What are the Plan Benefits?

Death Benefit

    Following is the death benefit payable under this plan.

    On death during the first five policy years, the Basic Sum Assured plus accrued Guaranteed Addition is paid. On death after the first five policy years, the Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus is paid.

    In any case, the death benefit shall not be less than 105% of the total premiums paid.

    The nominee can take the death benefit in any one of the following ways:

    • Take the entire death benefit as a lump sum.
    • Take annuity from the entire death benefit proceeds.
    • Partly in lump sum and balance in the form of an annuity to the nominee.

Maturity/Vesting Benefit

    At maturity, an amount equal to the Basic Sum Assured along plus accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus is payable to the Life Insured.

    Amount received as a maturity benefit can be used in one of the following ways:

    • Commute a portion of the vesting benefit (up to the limit applicable under the Income Tax Act). The entire vesting amount or the balance amount after commutation can be used to purchase an immediate annuity at the then prevailing annuity rate.
    • Or, purchase a new Single Premium deferred pension product.

Commutation Benefit

    A policyholder can take up to 1/3rd of the benefit as tax-free lump sum as per the prevailing income tax regulations. The rest of the amount can be utilized to purchase an annuity at the then prevailing annuity rate.

Guaranteed Additions

    Guaranteed Additions is Rs 50 per thousand of Basic Sum Assured for each completed year. It is added during the first five policy years.

Bonus

    Simple Reversionary Bonus: You can avail Simple Reversionary Bonus from 6th policy year onwards at a rate, as declared by the Corporation.

    Final Bonus: Final (Additional) Bonus may also be declared under the policy in the year when the policy resulting a death claim or on vesting.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    Single Premium policies can be surrendered at any time during the deferment period. The Guaranteed Surrender Value within the first three policy years is 70% of the Single premium and thereafter, it is 90% of the Single premium.

    Under Regular Premium policies, for deferment period less than 10 years, the policy can be surrendered, if the premiums have been paid for at least two consecutive years and for deferment period of 10 years or more, the policy can be surrendered, if the premiums have been paid for at least three consecutive years.

    Moreover, the surrender value of accrued Guaranteed Additions and vested simple reversionary bonuses, is also payable.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 20 Years 58 Years (regular Premium), 60 Years (single Premium)
Vesting Age 55 Years 65 Years
Deferment Period 7 To 35 Years (regular Premium), 5 To 35 (single Premium) -
Premium Payment Term Single & Regular Pay -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly & Monthly -
Basic Sum Assured Rs 1,00,000 (regular Premium Policies, Rs 1,50,000 (single Premium Policies) No Limit
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

LIC’s Accidental Death and Disability Benefit Rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

This policy provides tax benefits towards the premiums paid under Section 80CCC of the Income Tax Act. The commutation benefit on vesting (1/3rd of the benefit) can be taken as tax-free lump sum under section 10(10A) of the Income Tax Act, 1961.

How the Plan Works?

Mr. Raj Agnihotri aged at 35 years wants to get annuity benefit on vesting along with the life cover during the deferment period. He decides to buy LIC’s New Jeevan Nidhi with the policy term and premium payment term of 25 years, basic sum assured is Rs 1 Lac with the annual premium of Rs 4121.

Scenario A: On survival of Mr. Raj

In case of survival of the life insured till the vesting date, an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional bonus is payable.

Scenario B: On demise of Mr. Rai

On the unfortunate death of Mr. Raj at the age of 50 years, Basic Sum Assured along with accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus is paid.

Benefit Illustration:

LIC New Jeevan Nidhi Plan Benefit Illustration