LIC New Jeevan Nidhi is an annual postponed participation plan offered by a life insurance company in India. It provides double benefits of savings and protection along with the pension. Under this plan, a pensioner can take advantage of multiple pension options for different stages of life.
LIC’s New Jeevan Nidhi Plan is a traditional, profitable pension plan that includes savings and protection benefits. LIC’s New Jeevan Nidhi provides death cover even during the delay period.
LIC Jeevan Nidhi Plan
LIC’s New Jeevan Nidhi Plan is a traditional and participatory pension plan. Please note that pension plans are also referred to as “deferred installment plans” – which are called providing a range of protection and savings that can be used on your retirement days.
Key features of LIC New Jeevan Nidhi plan
- Guaranteed additions to the plan are added during the first five years of this policy.
- Simple Echo Rewards are added from Year Six.
- Premiums must be paid for the duration of the plan or once at the start of the plan.
- The plan provides the rider of death and disability benefits in the event of an additional insured being exposed to him if the insured dies as a result of an accident.
- Premium discounts are allowed to choose a high level of the guaranteed amount and also to pay the premiums annually or semi-annually.
LIC Jeevan Nidhi Plan – features and benefits
- Premiums paid are exempt under Article 80CCC of the Income Tax Law
- During the first five years, the policyholder will receive guaranteed additions of Rs 50 per 1,000 insured for each full year
- The policy will participate in the company’s profits from the sixth year onwards, based on the conditions set by the corporation
- The guaranteed minimum base amount is Rs 1 lakh under the normal premium and a maximum of Rs 1.50 under individual bonus policies
- There is no maximum guaranteed principal amount
- The duration of the policy ranges from 5 to 35 years
- The minimum age is 55 and a maximum of 65 years
The benefit of death in LIC New Jeevan Nidhi
In the event that the policyholder dies during the first 5 years of the policy – Sum Assured + Guaranteed Additions are paid to the candidate.
In the event that the policyholder dies after the first 5 years of the insurance policy – Sum Assured + Guaranteed Additions + Bonuses announced to the candidate is paid.
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