| LIC's New Jeevan Nidhi (UIN: 512N271V02) |
| LIC’s New Jeevan Nidhi Plan is
a conventional with profits pension plan with a
combination of protection and saving features. This
plan provides for death cover during the deferment
period and offers annuity on survival to the date
of vesting. |
| Benefits: |
| Benefit on Vesting: Provided the policy
is in full force, on vesting an amount equal to
the Basic Sum Assured along with accrued Guaranteed
Additions, vested Simple Reversionary bonuses and
Final Additional bonus, if any, shall be made available
to the Life Assured. |
| The following options shall be available
to the Life Assured for utilization of the benefit
amount. |
To purchase an immediate annuity
The Life Assured shall have a choice to commute
the amount available on vesting to the extent allowed
under Income Tax Act. The entire amount available
on vesting or the balance amount after commutation,
as the case may be, shall be utilized to purchase
immediate annuity at the then prevailing annuity
rates. Commutation shall only be allowed provided
the balance amount is sufficient to purchase a minimum
amount of annuity as per the provisions of section
4 of Insurance Act, 1938. |
| In case the total benefit amount is
insufficient to purchase the minimum amount of annuity,
then the said amount shall be paid as a lump sum
to the Life assured. |
| The annuity shall only be purchased
from Life Insurance Corporation of India. |
| (or) |
| To purchase a new Single Premium deferred
pension product from Life Insurance Corporation
of India. Under this option the entire proceeds
available on vesting shall be utilized to purchase
a single premium deferred pension product provided
the policyholder satisfies the eligibility criteria
for purchasing single premium deferred pension product. |
| The Life Assured will have to intimate
his / her intention to go for a particular option
available on the date of vesting atleast six months
prior to the date of vesting. |
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. |
| Death after first five policy years:
Provided the policy is in full force, Basic Sum
Assured along with accrued Guaranteed Addition,
Simple Reversionary 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. |
| In any case, provided all due premiums
have been paid, the total death benefit at any time
shall not be less than 105% of the total premiums
paid (excluding taxes, extra premium and rider premium,
if any). |
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