Benefits. Policy Document attached file is in PDF Document Format (5 MB). LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan with a. LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on. LIC'S NEW JEEVAN NIDHI -. HIGHLIGHTS. • Life Protection ~. Insurance Cover upto Date of Vesting. • Pension ~. Option To download an Immediate Annuity or.
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LIC's NEW JEEVAN NIDHI PLAN. (Cir: PD/50 Dtd 24/01/, U&R/99 Dtd 27/01/ , Launch Date: 27/01/). DETAILS: This is a with profits deferred. New Jeevan Nidhi (Plan No. - ). Presented by. Amit Kumar. LIC OF INDIA. 25, Jeevan Prakash Building, 1st Floor, nuratermege.ml, Connaught. Detailed Review of LIC New Jeevan NIdhi Plan. Compare Benefits & Key Features of this pension plan to get your retirement planning done.
LIC New Jeevan Nidhi Plan – Review, Features, Benefits
What you select. You can select Yearly pension, half-yearly pension, quarterly pension or a monthly pension. The minimum amount of pension or annuity will be INR approximately and the maximum will go till 60, INR approx. The amount will vary depending on the taxes applicable.
Here is a sample illustration of the premium depending upon following criteria:. The policy has some more terms related to it that an individual must understand clearly before downloading the plan.
Here are the key terms used:. The policy offers a grace period to the insured person to deposit the premium for comfort. It is 15 days if the policy is downloadd on monthly terms and 30 days for quarterly, half-yearly and annual terms.
In case you fail to pay the premium within the grace period the policy lapses. However, such lapsed policy can be revived within 2 years from the date of first unpaid premium. The insured person is offered surrender policy.
This, however, depends upon the payment plan availed. Here are the surrender terms:.
Single Pay plan: Regular Pay Plan: One can surrender the policy after paying the full premiums for 2- 3 years. The guaranteed surrender value is represented as a percentage of premiums paid a percentage of vested bonuses and accrued guaranteed additions that depend upon the year of surrender.
Free Look Period: The policy also offers a free look period.
If in case the coverage, terms, and conditions of the policy do not please you, you can cancel it within 15 days of the receipt of the policy document. Loan Facility: The plan does not offer any loan facility to the insured person.
PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision. YYYY English Hindi. For the first 5 years, the plan offers guaranteed additions. Large sum assured rebate available.
Should you download LIC New Jeevan Nidhi ?
Death Benefit: There are two different slabs: Within the first year of the policy: After the first 5 years of the policy: Vesting Benefits: The person can choose to: From the 6th year, the policy shall participate in profits that LIC earns but this is not guaranteed. In case you do not know, this comes via the form of Simple Revisionary bonuses from the insurance company.
There could be final additions of bonus as well but that again is not guaranteed. Once the policy matures, you will need to download an annuity product from LIC itself. This is in line with the new regulations from the insurance regulator which says that the policyholder will need to necessarily download annuity from the same insurance company.
The honours on this have been done by all my peer personal finance experts.
How does LIC New Jeevan Nidhi Policy work?
Jitendra takes the policy to the dressing table here to say it will only return 1. Now that all of them have given their feedback, I am not sure whether it makes any sense to waste any more time writing about it myself.
It is of utmost important to understand that you cannot lock yourself in these products if you are planning to save money for your hey days. If you have already put in your money, check out how you can surrender after 3 years of completion of the policy. Or you can make it paid up.Single Pay plan: The plan does not offer any loan facility to the insured person.
The entire proceeds can also be utilized to download a single premium deferred pension product provided the policyholder satisfies the eligibility criteria for downloading single premium deferred pension product. The payment mode for pension depends on you. The minimum amount of pension or annuity will be INR approximately and the maximum will go till 60, INR approx.
Jitendra takes the policy to the dressing table here to say it will only return 1. Benefit on Vesting: Life Insurance. Additional policy details The policy has some more terms related to it that an individual must understand clearly before downloading the plan.