Product Summary :
LIC New Jeevan Nidhi (818) 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.
Premium Payment Mode:
5 to 35 Years
Minimum Entry Age :
20 Year Completed
Maximum Entry Age :
60 Year (Nearest Birthday)
Minimum Vesting Age :
Maximum Vesting Age :
Minimum Sum Assured :
Maximum Sum Assured :
NO LIMIT (Depending upon Income)
Policy Benefits :
On Death :
Death during first five policy year :
Sum Assured + Guaranteed Addition
Death after first five policy year :
Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
On Vesting :
On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.
Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.
Surrendered Value :
Single Premium : The Policy can be surrendered at any time during the deferment Period(term).
Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.
No loan facility will be available under this plan.
Income Tax Benefit :
• On Premiums : u/s 80C
• Commutation Tax free : u/s 10(10A)iii
• Death claim Tax free : u/s 10(10D)
• Pension : Taxable.