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New Jeevan Nidhi (Plan 818)

LIC New Jeevan Nidhi (818) 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.

Premium Payment Mode:Single Premium

Term :5 to 35 Years
Minimum Entry Age :20 years and 60 years.

Vesting Age :55 years to 65  years.
Minimum Sum Assured :Rs. 1,50,000/-

Policy Benefits :

On Death :

Death during first five policy year :

Sum Assured + Guaranteed Addition

Death after first five policy year :

Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.

On Vesting :

On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.

Option On Vesting :

1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.

2. Buy Jeevan Akshay of Full vesting amount increased by 3%.

3. Buy Jeevan Nidhi Single Premium.

Surrendered Value :

Single Premium : The Policy can be surrendered at any time during the deferment Period(term).

Regular Premium :

Term less than 10 : After atleast 2 full years premiums have been paid.

Term 10 or More : After atleast 3 full years premiums have been paid.

Loan :No loan facility will be available under this plan.

Income Tax Benefit :

• On Premiums : u/s 80C

• Commutation Tax free : u/s 10(10A)iii

• Death claim Tax free : u/s 10(10D)

• Pension : Taxable.