The Jeevan Nidhi Plan 812 is a special life cover plan that provides the dual features of profits pension plan along with a grouping of security and saving aspects. The policy supplies death protection in the course of the deferment duration while providing endowment on survival till the vesting date.
Benefit on Vesting
The New LIC Jeevan Nidhi plan provides great vesting amount during its active running period. The actual vested amount provided to the Life Assured would be a sum of Basic Amount Guaranteed added with accumulated Guaranteed Pluses, conferred Simple Reversionary additions along with any Final Supplementary bonus. For other options for an annuity, one can buy Jeevan Akshay Pension Plan.
Death Benefits in Jeevan Nidhi Plan
Demise in the initial five-year plan duration: In the course of an active plan, Basic Amount Guaranteed added with accumulated Guaranteed Pluses would be compensated as the huge amount or in a pension manner or partially in lump value and remaining in the pension manner to the beneficiary.
Demise after completion of initial five year plan duration: In the course of an active plan, Basic Amount Guaranteed added with accumulated Guaranteed Pluses, Simple Reversionary along with any Final Added Bonus would be funded as huge value or in an annuity manner or partially in lump value and remaining in the pension manner to the beneficiary.
If all the premium amounts have been fully funded then no matter what the time frame of death may be, the overall demise benefit would be equivalent to or more than 105 percent of entire premiums funded (exclusive of levies, added premium and any rider premium).
The pension sum would be dependent on the allocated lump amount and the existing pension rates.
Bonus
During initial 5 years, the policy delivers Definite Additions in terms of every 50 thousand INR Basic Amount Guaranteed for all complete year.
Participation in Proceeds
The LIC Corporation rewards its policy members for showing loyalty to the company with the help of Participation in Proceeds scheme. Under this scheme, any active policy member would partake in profits that initiate from the sixth year for Simple Reversionary Pluses. The ratio and term of this profit would be designated by the Company. The profit would depend entirely on the existing performance of the Corporation.
If the policy had completed a certain minimum duration then under a claim due to demise or vesting, the beneficiary could even be awarded a Final (Added) Bonus.
Surrender Value in Jeevan Nidhi Plan
There are following options of surrender value in New Jeevan Nidhi.
Single Premium policies: The LIC policyholder could surrender the plan during any instance in the deferment duration. The Definite Surrender Price would be provided as mentioned below:
Inside 3 Policy Years from Plan Initiation Date: 70 percent of Solitary premium exclusive of levies and any added premium.
After 3 Year Duration: 90 percent of Solitary premium exclusive of levies and any added premiums.
Regular Premium policies: For Deferment duration lower than 10 years: The policyholder may surrender the plan if he/she has funded the premiums for a minimum of two successive years.
For deferment Duration equivalent to or greater than 10 years: The policyholder may surrender the plan if he/she has funded the premiums for a minimum of three successive years.
The Definite Surrender Amount would be a percentile of overall premiums funded exclusive of levies; any added premiums and any opted rider premiums. The ratio would be dependent on the deferment duration along with the policy year where the plan was submitted.
Policy Loan
There is no provision of a loan under Jeevan Nidhi.
Policy Eligibility in Jeevan Nidhi Plan
| Lowest Basic Amount Guaranteed: | 1 lakh INR on plans comprising regular premiums
1.5 lakh INR on plans comprising solitary premium |
| Highest Basic Amount Guaranteed | It is boundless. (The basic amount guaranteed would be multiple of 5 thousand INR annually) |
| Lowest Age of Eligibility | The candidate must have completed 20 years of age. |
| Highest Age of Eligibility | The candidate must be below or equal to 60 years for the Single Premium scheme.
The candidate must be equal to or below 58 years for the Regular Premium scheme. |
| Deferment Duration | 5- 35 for Solitary Premium scheme
7- 35 for Regular Premium scheme. |
| Lowest Age of Consigning | The candidate should be equal to or less than 55 years of age |
| Highest Age of Consigning | The candidate should be equal to or less than 65 years of age. |
Premium Payments in Jeevan Nidhi Plan
The LIC policy purchaser could fund the premium payment regularly on a monthly, three monthly, six monthly or twelve monthly intervals (just via ECS) or via SSS method through the policy term. Instead, the purchaser may opt to fund a one-time solitary premium.
Grace Period
In the instance of monthly premiums, the policy purchaser is granted a grace duration of 15 days while in the instance of three monthly, six monthly or twelve monthly premiums, the purchaser is allowed a grace duration of one month. If the policy member fails to fund the amount during this time interval then the plan would immediately lapse.
Cooling off Duration
The Corporation delivers a facility of Cooling-off Duration within which if the candidate wants then he/she could return back the plan and receive a refund on the funded amount.
Policy Revival
In the case of a lapsed plan, then policy member if interested can take adequate measures to revive back the plan and enjoy the long-lasting benefits. This revival is only possible within a time from of 24 months from the date of initial defaulted premium and prior to the vesting date by funding, entire premium amounts overdue along with interest compounding six monthly at given rate affixed by Company at the instance of funding subject to submission of acceptable confirmation of sustained insurability.
