LIC introduces ‘New Jeevan Nidhi’ – Deferred
Pension Plan
LIC's New Jeevan Nidhi Plan is a
conventional with profits pension plan which provides for death cover during
the deferment period and offers annuity on survival to the date of
vesting.
1. Eligibility
Conditions and Other Restrictions (For
Basic Plan):
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 Sum Assured shall be in
multiples of Rs.5000/-)
c)
Minimum Entry
Age
: 20 years (nearest Birthday)
d)
Maximum Entry
Age
: 60 years (nearest birthday)
e) Policy
Term
f)
Minimum Vesting
Age
: 55 years (nearest birthday)
g)
Maximum Vesting Age : 65
years (nearest Birthday)
2. 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.
3. 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
|
Policy
term
|
||
|
|
10
|
20
|
30
|
|
25
|
-
|
-
|
435.80
|
|
35
|
-
|
612.00
|
456.15
|
|
45
|
852.55
|
632.80
|
-
|
-
|
Annual
Premiums
|
|||
|
Age
at entry
|
Policy
term
|
||
|
|
10
|
20
|
30
|
|
25
|
-
|
-
|
32.75
|
|
35
|
-
|
53.60
|
34.80
|
|
45
|
115.25
|
57.15
|
-
|
4. Mode and
High S.A. Rebates:
Mode Rebate:
Yearly
- 2% of tabular premium
Half-Yearly
- 1% of tabular premium
Quarterly
- Nil
Sum Assured Rebate:
For Regular Premium policies:
Sum Assured
1, 00,000 to 2,
95,000
Nil
3, 00,000 and
above
2%o S.A.
For Single Premium Policies:
Sum Assured
1, 50,000 to 2,
95,000
Nil
3, 00,000 and
above
5%o S.A.
5. Revival:
If premiums are not paid within the grace period then the
policy will lapse. A lapsed policy can be revived from the date of
first unpaid premium and before the date of vesting by paying all the
arrears of premium together with interest within a period of five years,
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. Accident Benefit Rider, if opted for, shall be revived
along with the basic plan and not in isolation.
6.
Policy Loan:
No loan facility will be
available under this plan.
7.
Service Tax:
Service tax, if any, shall be as per
the Service Tax laws and the rate of service tax as applicable from
time to time.
The amount of service tax as per the prevailing rates shall
be payable by the policyholder on premium(s) as and when the premiums are paid.
8.
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 risk premium, expenses incurred on medical examinationand stamp
duty.
9.
Exclusion:
Suicide: This policy shall be void if the Life Assured commits
suicide (whether sane or insane at that time) at any time within one year from the
date of commencement of risk and the Corporation will not entertain any
other claim by virtue of this policy except to the extent of a maximum of 90%
of single premium paid excluding any extra premium (in case of single premium
policies).
Note: Please note that, I am not a LIC Agent, in case you need more details please contact any LIC agent or LIC office directly
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