LIC’s New Plan New Jeevan Nidhi (Table No. 818).
INTRODUCTION: LIC’s New Jeevan Nidhi (Table No. 818) with effect from 27th January, 2014. The Unique Identification Number (UIN) for LIC’s New Jeevan Nidhi Plan is – 512B209V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels).
a) 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 along 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.
(b) Participation in profits:
The policy shall participate in profits from the 6th policy year onwards tll 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 Addition 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.
(b) 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 basicplan. 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 Insure And Be Secure equal to Accident Benefit Sum Assured under the policy, shall be waived.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
- Minimum Age at entry for Life Assured : 20 years (completed)
- Maximum Age at entry for Life Assured : 60 years (nearest birthday) under single premium. : 58 years (nearest birthday) under Regular premium
- Minimum Age at Vesting : 55 years (nearest birthday)
- Maximum Age at Vesting : 65 years (nearest birthday)
- Minimum Deferment Period : 5 years under Single premium : 7 years under Regular premium
- Maximum Deferment Period : 35 years
- Minimum Basic Sum Assured : Rs. 150000 under single premium
- Minimum Basic Sum Assured : Rs. 100000 under Regular premium
- Maximum Basic Sum Assured : No Limit
- The Basic Sum Assured shall be in multiples of Rs. 5000/-
- Mode of payment Yearly, Half Yearly, Quarterly, Monthly[ECS or through salary Savings Scheme, Single premium only.
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