LIC Jeevan Nidhi Pension plan Summary:
Update: New Jeevan Nidhi Table no.812 launched. Refer to https://mypaisa.in/new-jeevan-nidhi-812/
If you want to ensure a pleasant life after retirement, then you should consider LIC’s Pension Plan. In other words, now you can retire at the age of 40 with Life Insurance Corporation of India’s pension plan. LIC’s Jeevan Nidhi (Table No.169) is a with-profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond the 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.
Jeevan Nidhi Features:
a . Guaranteed Additions: LIC’s Jeevan Nidhi provides Guaranteed Additions at the rate of Rs.50/- per thousand Sum Assured during the first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured on vesting or on earlier death.
b. Participation in profits: The policy shall participate in profits of LIC from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of Life Insurance Corporation of India.
c. 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.
d. Annuity Options:
On vesting, the annuity installment, mode of an 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 immediate annuities:
1. Annuity for life: The annuity is paid to the life assured as long as he/she is alive.
2. Annuity Guaranteed for certain periods: 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.
3. 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 the 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.
4. 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.
5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.
e. 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. The nominee will also have the option to purchase an annuity with this amount.
Tax Benefits:
Tax relief under Section 80CCC(1) is available on premiums paid under this policy.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death.
Single-Premium
A single-Premium option is also available. You can pay a single premium for Jeevan Nidhi.
For Basic Benefit:
| a) | Minimum age at entry: | 18 years (completed) |
| b) | Maximum age at entry: | 65 years |
| c) | Minimum age at vesting: | 40 years |
| d) | Maximum age at vesting | 75 years |
| e) | Policy terms: | 6 to 35 years under Single Premium policies and 5 to 35 years under Regular Premium policies |
| f) | Modes of premium payment: | Yearly, Half-yearly, Quarterly, SSS & Single Premium |
| g) | Sums Assured allowed: | Rs.50,000/- and in multiples of Rs.5,000/- thereafter, with no upper limit. |
| h) | Minimum Annual Premium: | Rs.3,000/- |
| i) | Minimum Single premium: | Rs.10,000/- |
For Term Assurance Rider Option:
| a) | Minimum age at entry: | 18 years (completed) |
| b) | Maximum age at entry: | 50 years |
| c) | Maximum age at vesting | 60 years |
| d) | Policy terms: | 6 to 35 years under Single Premium mode and 10 to 35 years under regular premium mode |
| e) | Minimum Sum Assured: | Rs.1,00,000/- |
| f) | Maximum Sum Assured: | An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.25,00,000/- taking all Term Assurance Rider Sum Assured under all policies of life assured. |
| g) | Multiples of Sum Assured: | Rs.25,000/- |
For Critical Illness Rider Option:
| a) | Minimum age at entry: | 20 years (completed) |
| b) | Maximum age at entry: | 50 years |
| c) | Maximum age at vesting | 60 years |
| d) | Policy terms: | 10 to 35 years |
| e) | Minimum Sum Assured: | Rs.50,000/- |
| f) | Maximum Sum Assured: | An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.5,00,000/- taking all Critical Illness Rider Sum Assured under all policies of life assured |
| g) | Multiples of Sum Assured: | Rs.10,000/- |
Accidental Death and Disability Benefit:
In case of death due to an accident (within 180 days), an additional amount equal to the Accident Benefit Sum assured will be payable. In case of Total and Permanent disability arising due to an accident, an amount equal to the accident benefit sum assured will be payable over a period of 10 years in monthly installments. However, the payment of accident benefit will be subject to an overall limit of Rs.25 lakh under all policies of the Life Assured with the Corporation taken together.
The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn a living. Following disabilities due to the accident are also covered –
a) irrevocable loss of the entire sight of both eyes or
b) amputation of both hands at or above the wrists or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle.
No benefit will be paid in case of accidental death or disability due to accident in case of
a) intentional self-injury, attempted suicide, insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcotic,
b) engagement in aviation or aeronautics other than that of a passenger in any aircraft,
c) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind,
d) accident resulted from committing any breach of law.
e) accident arising from employment in armed forces or military services or police organization.
Term Assurance Rider Option: Term Assurance as an optional rider will be available under this plan. Premiums for this option are payable during the premium paying term and an amount equal to Term Assurance Sum Assured will be payable on death during the policy term. The maximum cover for this rider will be Rs.25 lakh under all policies of the Life Assured with the Corporation taken together.
Critical Illness Rider Option: An amount equal to the Critical Illness Rider Sum Assured as an optional rider will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together.
If opted for Premium Waiver Benefit, then in case the Life Assured is diagnosed with any of the Critical Illnesses covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under all such policies with the Corporation taken together will not exceed Rs.5 lakh.
Revival: The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of the first unpaid premium subject to satisfactory evidence of health. The rate of interest for this purpose will be decided by LIC from time to time.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
The Unique Identification Number (UIN) for LIC’s Jeevan Nidhi is 512N224V01.
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
Update: LIC Jeevan Nidhi Plan No.169 Has Been Discontinued.
