LIC's latest pension plan - New Jeevan Nidhi Plan No. 812 :
Life Insurance Corporation has unveiled latest pension plan
named New Jeevan Nidhi. It is a deferred pension plan which is launched on 2nd
JAN 2013. 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.
Policy
loan: No loan facility will be available under this plan
Death
Benefit: 1) If Death occurs with in first 5 years of starting LIC
JEEVAN NIDHI, Sum assured along with guaranteed accrued bonus will be paid 2)
If Death occurs after 5 years, Sum assured, Guaranteed bonus and vested
reversionary bonus*1 and final additional bonus*2.
Maturity Benefit: 1)
Pension: Option to purchase pension on maturity 2) Reinvest: Maturity proceed
can be reinvested into single premium deferred pension plan. Back dating -
Allowed within same Financial year.
Eligibility
conditions:
Revival: A policy may be revived within a period of 5
years from the date of First Unpaid premium and before the date of vesting by
payment of Arrears of premium plus Interest and subject to continued
insurability.
Surrender: The policy can be surrendered at any time on
payment of at least 3 years' premiums and after completion of at least 3 policy
years but before the date on which annuity vests. The Surrender Value payable
shall be the higher of Guaranteed Surrendered Value and Special Surrender
Value. The Surrender proceeds shall be utilized to purchase an immediate
annuity product or a new Single Premium deferred pension product from LIC. *1:
Reversionary Bonus shall be added from the 6th policy year onwards till the end
of the deferment period and at such rates as may be declared by the
Corporation. *2:Final Additional Bonus shall be payable either on vesting or on
earlier death at the rates declared by the Corporation.
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.
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.
Exclusion: 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).