LIC’s JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.
SALIENT FEATURES:
1. Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years. The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
2. Participation in profits : The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.
3. Benefit On Vesting :
1) Option to commute up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.
2) Annuity as per the option selected: Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.
4. Annuity Options:
On vesting, the annuity instalment, mode of annuity payment and type of annuity which shall be made available to the Life Assured (Annuitant) / Nominee will depend upon the then prevailing Immediate Annuity plan of the Life Insurance Corporation of India and its terms and conditions.
Currently the following options are available under LIC’s immediate annuities:
a. Annuity for life: The annuity is paid to the life assured as long as he/she is alive.
b. Annuity Guaranteed for 10 or 15 or 20 years: The annuity is paid to the life assured for periods of 5 or 10 or 15 or 20 years as chosen by him/her, whether or not he/she survives that period. After the chosen period, the annuity is paid to the life assured as long as he/she is alive.
c. Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.
d. Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.
e. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.
5. Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.
For the purpose of SUC & underwriting (Spl. Reports, Fin. U/R etc.) the S.A. under Basic Plan, Term Assurance Rider S.A. and Critical Illness Rider S.A. taken together shall be considered. Subject to Rs.4 per 1000 S.A. under Basic Plan, the cost of medical exam will be borne by Corporation
General Policy Conditions | ||||
Min. age at entry | 18 yrs (completed) | |||
Max. age at Vesting | 65 yrs (nbd) | |||
Min. age at vesting | 40 (lbd) | |||
Max. age at vesting | 75 (lbd) | |||
Min. Determent period | 5 yrs (Regular) | |||
Min. Determent period | 6 yrs (Sing. Prem.) | |||
Max. Determent period | 35 yrs | |||
Min. S.A. | Rs. 50,000 | |||
Max. S.A. | Any Amount | |||
S.A. in multiples of | Rs. 5,000 | |||
Min. Annual Premium | Rs. 3,000 | |||
Min. Single Premium | Rs. 10,000 | |||
Max. Premium | Any Amount | |||
Modes allowed | All | |||
Accident Benefits | Allowed ** (With extra Prem.) | |||
Underwriting requirements | ||||
Female lives category | I/II/III | |||
Age Proof | Std. /NSAP – 1/2/3 | |||
Form no. | 300 | |||
Dating Back @ 8% | Allowed | |||
Non-Medical General (WR) | Allowed | |||
Non-Medical General – Others | Allowed | |||
Non- medical (Prof.) | Allowed | |||
Non- medical (Sol.) | Allowed | |||
Risk Coverage | SA+GA+Bonus | |||
Actual Sum Assured (ASA) | Basic S.A. | |||
EMR class Allowed | All | |||
Policy Servicing | ||||
Policy Loan | No | |||
Housing Loan | No | |||
Assignment | No | |||
Nomination | Yes | |||
Revival | Yes | |||
Surrender of Policy | Yes | |||
Term Rider Option | Yes | |||
Critical Illness Rider | Yes | |||
Large S.A. Rebate per 1000 S.A. | ||||
Sum Assured | Regular Premium | Single Premium | ||
50,000 -1 lakh | Nil | Nil | ||
1,05,000 – 3 lakh | Re.1 | Re. 5 | ||
3,05,000 & above | Re. 2 | Re. 10 | ||
Mode Rebate Extra | ||||
Yly – 2% | ||||
Hly – 1% | ||||
Mly – + 5% | ||||
** Limit of 50 lakhs for all L.A. with the LIC of India taken together. This benefit will be available for the full deferment period of the policy or 70 years nbd. Of L.A. whichever is earlier. This plan offers the following optional Riders by payment of additional premium:
1. Accident Benefit Rider
2. Term Assurance Rider
3. Critical Illness Rider
Accident Benefit Rates for SINGLE PREMIUM per 1000 S.A. For Deferment Period 6 to 35 years: | ||||||||||||
6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | ||
5.45 | 6.15 | 6.85 | 7.50 | 8.15 | 8.75 | 9.30 | 9.85 | 10.35 | 10.30 | 11.30 | ||
17 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | ||
11.70 | 12.90 | 13.25 | 14.15 | 14.40 | 14.65 | 14.90 | 15.65 | 14.90 | 15.15 | 15.75 | ||
30 | 31 | 32 | 33 | 34 | 35 | |||||||
15.55 | 15.75 | 15.95 | 16.10 | 16.25 | 16.40 | |||||||
Eligibility conditions | For Term Assurance Rider Option | For Critical illness Rider option | ||||||||||
Min. age at entry | 18 yrs (Completed) | 20 yrs (Completed) | ||||||||||
Mix. age at entry | 50 yrs (nbd) | 50 yrs (nbd) | ||||||||||
Max. age at vested | 60 yrs (nbd) | 60 yrs (nbd) | ||||||||||
Determent period | 10 to 35 years for Regular Premium | 10 to 35 years | ||||||||||
Min. S.A. | Rs. 1 Lakh | Rs. 50,000/- | ||||||||||
S.A. in multiples | Rs. 25,000/- | Rs. 10,000/- | ||||||||||
Lives Allowed | Std./Sub Std. upto Class III EMR | Std. Lives | ||||||||||
Female Lives | Category I/II allowed | Category I/II allowed | ||||||||||
Large S.A. Rebate: For Regular Premium | Not available | Not available | ||||||||||
For Single Premium | Not available | Less than 1 lakh-nil 1 lakh-1,90,000-0.25 paise per 1000 S.A. 2 Lakhs & above – 0.50 paise per 1000 S.A. | ||||||||||
Mode Regular | Not available | Yly – 2%, Hly-1%, Qly / SSS – Nil, My -+ 5% | ||||||||||
Max. S.A. | Not exceeding S.A. under Basic plan subject to the max. of Rs. 25 Lakhs overall limit taking all Term Assurance Riders availed under all existing policies of the Life Assured with LIC and the Term Assurance Rider under new proposal under consideration. | Amount not exceeding the S.A. under basic plan subject to the Max. of Rs. 5 lakhs overall limit taking all Critical Illness Riders available under all existing policies of the L.A. with LIC and Critical Illness Rider under the new proposal into consideration. | ||||||||||
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