LICs New Jeevan Nidhi Plan
LICs New Jeevan Nidhi is a traditional participating deferred annuity plan which facilitates savings for regular income after retirement. Life cover is also available under the plan.
It is a participating Deferred Annuity or Pension Plan with Regular and Single premium payment option.
There are Guaranteed Additions accruing in every policy year for first five years.
Simple reversionary bonuses and Final Additional Bonus accrue form the 6th policy year till the end of term.
Details about Premium
Premium in Rupees for a male for a Sum Assured of 2 lakhs
Grace Period: Grace period of 15 days is allowed for monthly mode and 30 days for other modes for the payment of premium.
Policy Termination or Surrender Benefit: the policy can be surrendered anytime for Single Pay plans where the Surrender Value if surrendered in the first 3 years will be 70% of the premium paid and thereafter it will be 90% of the premium paid.
For Regular Pay plans, the policy can be surrendered after 2 or 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or Special Surrender Value. The Guaranteed Surrender Value will be expressed as a % of premiums paid + % of vested bonuses and accrued Guaranteed Additions depending on the year of surrender.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Loan is not available under the plan.
Additional Features or Riders
LICs Accidental Death and Disability Benefit Rider is available for a more comprehensive coverage.
Rebates in premium for high Sum Assured ranges of 3 lakhs and above.
For Single Pay plans, only 90% of the premium paid is refundable if suicide is committed within 12 months of policy inception.
For regular pay plans, if suicide is committed within 12 months of commencement, 80% of premiums paid are refundable and if committed within 12 months of revival, higher of 80% of premiums paid or the acquired Surrender Value is refundable.