JEEVAN NIDHI
LIC's JEEVAN
NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the
policyholder beyond 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. The USP of the plan being the pension can commence at 40 years.
The premiums paid are exempt under Section 80CCC of Income Tax Act.
Eligibility Conditions And Other Restrictions Under This
Plan:
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/- |
Salient Features:
a . Guaranteed Additions: Guaranteed
Additions @ Rs.50/- per thousand Sum assured for each completed year, for the
first five years.
b. Participation in profits: The policy shall participate in profits
of the Corporation from the 6th year onwards and shall be entitled to receive
bonuses declared as per the experience of the Corporation.
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 instalment, mode of 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 LIC’s
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 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 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. Nominee will also have the option to purchase an annuity with
this amount.
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 a 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 a life assured |
|
g) |
Multiples of Sum Assured: |
Rs.10,000/- |
k. Options:
Accidental Death and
Disability Benefit:
In case of death due to 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 accident
an amount equal to accident benefit sum assured will be payable over a period
of 10 years in monthly instalments. 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
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
air craft,
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
organisation.
Term Assurance Rider
Option: Term
Assurance as 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 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.
Loan / Assignment:
No Loan/Assignment
will be available by the Corporation to the policyholders under this plan.