Benefits and Sum Assured of Jeevan Nidhi Pension Plans - LICIndia.in

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LICIndia.in - Jeevan Nidhi LIC Pension Plan. It is a deferred annuity plan. Most precisely, it is a profitable pension plan which includes both saving and protection features. It is also a non-unit linked retirement plan. This plan offers to pay the cost of living too long too for the senior citizens, in terms of pensions.

Benefits and Sum Assured of Jeevan Nidhi Pension Plans - LICIndia.in

Jeevan Nidhi Pension Plans
This LIC pension plan offers death cover during the deferment period and annuity to the survival till the time of vesting period. The premium for this policy, needs to be paid till the end of the accumulation period.

As per this policy, the vesting age is the age in which the pension is payable and the vesting date starts from the time, the pension starts paying to the policy holder.

PAY = Sum Assured + Accrued Guaranteed Additions + Simple Reversionary Bonus + Terminal Bonus

Parameters to keep in mind while applying for the policy is –



Minimum

Maximum
The Sum Assured 1,00,000 ( Regular Premium )
1,50,000 ( Single Premium )
No Limit
Deferment Period in years7 ( Regular Premium )
5 ( Single Premium )
35
Premium Payment Term SingleRegular
Entry Age in years2058 ( Regular Premium )
60 ( Single Premium )
Age at Vesting in years5565
Premium in Rs10,000 ( Single )
3000 ( Regular )
No Limit
Payment modes availableSingle, Yearly, Half-yearly, Quarterly, Monthly and SSS


Features of this policy includes –

  1. Bonus facility available with deferred annuity plan.
  2. Sum assured rebate is large.
  3. Loan facilities are not available under this scheme.
  4. House loan surety is available under this scheme.
  5. Accidental death rider and disability rider are offered under this scheme.
  6. Coverage of the risk is being provided till the end of the policy under this scheme.
  7. Premiums can be paid either single terms or in the regular terms.
  8. If you are not satisfied with the policy, you may return the policy within 15 days of date of receipt.
  9. For sure bonus, from the 6th year of the policy.
  10. Guaranteed additions under first 5 years.

BENEFITS UNDER Jeevan Nidhi –

  1. DEATH BENEFIT – 

    a.) WITHIN THE FIRST 5 YEARS OF THE POLICY - Basic Sum Assured + accrued Guaranteed Additions which can be paid in a lumpsum or as annuity or a combination of the two.
b.) AFTER THE FIRST 5 YEARS OF THE POLICY - Basic Sum Assured + accrued Guaranteed Additions + Simple Reversionary + Final Additional Bonus, if any, which can be paid in a lumpsum or as annuity or a combination of the two.
  1. VESTING BENEFIT – Different options are available under the vesting options, which depends upon the choice of the policy holder.
  2. INCOME TAX BENEFIT – Premiums paid under LIC policy and the maturity rate are exempted under this policy from tax under the section 80 C and the section 10 (10 A), respectively.
Thus, this is all about the important facts and features of LIC Jeevan Nidhi policy, which should be read out carefully, before purchasing of the policy.

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