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 survival to the date of vesting.
1. Eligibility Conditions and Other Restrictions (For Basic Plan):
a) Minimum Basic Sum Assured : Rs.1,00,000 under Regular Premium policies
Rs.1, 50,000 under Single Premium policies
b) Maximum Basic Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs.5000/-)
c) Minimum Entry Age : 20 years (nearest Birthday)
d) Maximum Entry Age : 60 years (nearest birthday)
e) Policy Term : 5 to 35 years
f) Minimum Vesting Age : 55 years (nearest birthday)
g) Maximum Vesting Age : 65 years (nearest Birthday)
2. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.
A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
3. Sample Premium Rates:
Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:
Age at entry
Age at entry
4. Mode and High S.A. Rebates:
Yearly – 2% of tabular premium
Half-Yearly – 1% of tabular premium
Quarterly – Nil
Sum Assured Rebate:
For Regular Premium policies:
Sum Assured Rebate
1, 00,000 to 2, 95,000 Nil
3, 00,000 and above 2%o S.A.
For Single Premium Policies:
Sum Assured Rebate
1, 50,000 to 2, 95,000 Nil
3, 00,000 and above 5%o S.A.
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Accident Benefit Rider, if opted for, shall be revived along with the basic plan and not in isolation.
6. Policy Loan:
No loan facility will be available under this plan.
7. Service Tax:
Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.
8. Cooling-off period:
If the Life Assured is not satisfied with the ‘Terms and Conditions’ of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the risk premium, expenses incurred on medical examination and stamp duty.
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).