Published on September 30, 2014
New Jeevan Nidhi Plan No. 818 PRESENTED BY: - SUMEET PAWAR ( INSURANCE ADVISOR) CONTAC TS: - (+91) 7738546484 (+91) 9773757120
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.
Benefit Death Benefit: (deal with sudden financial crisis) 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). View slide
Benefit Vesting Benefit: (Pension) 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 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. View slide
Accidental Death & Disability Rider Benefit LIC’s Accidental Death and DisabilityBenefit 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.
Benefit Illustration Details Value Age 30 years Term 35 years Premium Paying Term 35 years Sum Assured Rs 1,50,000 Premium Paid (incl. ST) for 1st yr per month Rs 379 (Rs 368 + Rs 11) Premium Paid (incl. ST) from 2nd yr per month Rs 373 (Rs 368 + Rs 6) Premium Paid (incl. ST) for Single Premium Rs 59,766 (Rs 57,975 + Rs 1,791) Guaranteed Addition Rs 37,500 Bonus Rs 1,80,000 Final Bonus Rs 2,77,500 TOTAL Maturity Amount Rs 6,45,000 Commutation (1/3rd) Rs 2,15,000
Eligibility Conditions & Other Restrictions Details Value Minimum Entry Age 20 years (nearest birthday) Maximum Entry Age for Regular Premium 58 years (nearest birthday) Maximum Entry Age for Single Premium 60 years (nearest birthday) Maximum Vesting Age for Regular Premium 55 years (nearest birthday) Maximum Vesting Age for Single Premium 65 years (nearest birthday) Deferment Period for Regular Premium 7 to 35 years Deferment Period for Single Premium 5 to 35 years Minimum Sum Assured Rs 1,00,000 Minimum Sum Assured Rs 1,50,000 Maximum Sum Assured No Limit Sum Assured will be in multiple of Rs 5,000 Premium Payment Mode Regular & Single
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/- Sum Assured – for Single Premium Age Terms 10 years 20 years 30 years 25 - - 435.80 35 - 612.00 456.15 45 852.55 632.80 - Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- Sum Assured – for Regular Premium Age Terms 10 years 20 years 30 years 25 - - 32.75 35 - 53.60 34.80 45 115.25 57.15 -
Rebate for High Sum Assured & Payment Mode Sum Assured (in Rs) (Regular) Rebate (in Rs) 1,00,000 to 2,95,000 Nil 3,00,000 and above 2.00%o S.A. Sum Assured (in Rs) (Single) Rebate (in Rs) 1,50,000 to 2,95,000 Nil 3,00,000 and above 5.00%o S.A. Premium Payment Mode Rebate (in Rs) Yearly 2% of Tabular Premium Half-Yearly 1% of Tabular premium Quarterly & Monthly Nil
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 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. Regular Premium policies: For deferment period less than 10 years: The policy can be surrendered provided the premiums have been paid for atleast two consecutive years. For deferment period 10 years or more: The policy can be surrendered provided the premiums have been paid for atleast three consecutive years. The Guaranteed Surrender Value shall be a percentage of total premiums paid excluding taxes, extra premiums, if any and rider premium, if opted for .This percentage will depend on the deferment period and the policy year in which the policy is surrendered
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. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover (for basic plan and LIC’s Accidental Death and Disability Benefit rider, if any), expenses incurred on medical examination, special reports, if any and stamp duty.
Claims Settlement Report of all Life Insurance Companies in India (IRDA Annual Report 2012-13)
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