Feature:-

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.

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 : 5 to 35 years
f) Minimum Vesting Age : 55 years (nearest birthday)
g) Maximum Vesting Age : 65 years (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.

Mode and High S.A. Rebates:-

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Mode Rebate:-

Yearly – 2% of tabular premium
Half-Yearly – 1% of tabular premium
Quarterly – Nil

Sum Assured Rebate:-

For Regular Premium policies:-
Sum Assured Rebate
1, 00,000 to 2, 95,000 Nil
3, 00,000 and above 2%o S.A.

For Single Premium Policies:-

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 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.

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.

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 examination and stamp duty.

Benefits:-

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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/legal heir at the then prevailing immediate annuity rates.

Death after first five policy years:

Provided the policy is in full force, Basic Sum Assured long with accrued Guaranteed Addition, vested Simple Reversionary Bonuses 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/legal heir at the then prevailing immediate annuity rates.

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).

Participation in profits:-

The policy shall participate in profits from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation provide the policy is kept in force for full Sum Assured.
Final Additional Bonus, if any, may also be declared under the policy depending upon the experience of the Corporation and shall be payable either on vesting or on earlier death provided the policy has run for certain minimum term.

Optional Benefit:-

LIC’s Accidental Death and Disability Benefit Rider:-

LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. 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 permanent 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 installments 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.

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