LIC New Jeevan Nidhi Plan Features, Benefits

LIC New Jeevan Nidhi Plan

LIC New Jeevan Nidhi Plan is conventional with profit pension plan. It a combination of Investment and Savings features. LIC’s Jeevan Nidhi 818 is a regular premium plan which provides death cover during deferment period and offers annuity on survival to the date of vesting.

Life Assured can pay the premium through regular premium mode or single premium mode. If it is a regular premium mode, life Assured has to pay the premium until the end of the Accumulation Period. After the Death of the life Assured, the Sum Assured will be Paid to the Nominee.

LIC’s Jeevan Nidhi Policy Features and Benefits

Every plan has some Features and Benefits. LIC Corporation has designed a set of rules under this scheme. For the better understanding of Life assured, we have provided some information regarding Features and Benefits under this Jeevan Nidhi 818 plan. Check the Features of this Plan, so that you can complete knowledge on this policy.

The Features included in the LIC Jeevan Nidhi 818 Pension Plan are

Grace Period.
Revival Period.
Surrender Value.
Locking Period.

Grace Period:

If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC New Jeevan Nidhi Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.

Revival Period:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Term Plan will be revived within the two consecutive years from the date of first unpaid premium. This Term plan will be revived before the expiry period of Policy term.

Surrender Value:

Surrender Value is available under this plan.

Cooling Off Period:

If you are not satisfied with the Terms and Conditions of the Policy, you can return the Jeevan Nidhi Plan within the 15 days from the Date of receipt of the Policy.

Benefits of LIC India Jeevan Nidhi 818 Policy

As every policy has some benefits, LIC Pension Jeevan Nidhi Plan also has some benefits. These benefits are applicable for the Policyholder only when they pay the premium completely. Some Benefits of LIC Plan No 818 Jeevan Nidhi Plan are

Death Benefit.
Benefit on Vesting.

Benefit on Vesting:

On vesting then an equal amount to the Basic Sum Assured along with the accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Final Additional bonus(if any) will be payable to the Life Assured.

Death Benefit:

After the death of the life Assured, nominees can claim for the death benefit. The death benefit will be provided differently based on the following circumstances.

Death During First Five Years of the Policy Term:

A Basic Sum Assured as lump sum along with the with accrued Guaranteed Addition will be payable. Or the death benefit will be paid in the form of an annuity or partly in the lump sum and balance amount in the form of Annuity to the nominee.

Death After five Years of Policy Term:

A Basic Sum Assured as a lump sum along with the accrued Guaranteed Addition+ Simple Reversionary+ Final Addition Bonus shall be payable. Or the death benefit will be paid in the form of an annuity or partly in the lump sum and balance amount in the form of Annuity to the nominee.

If all the due premiums have been paid, the total death benefit should not less than 105% of the of the total premiums paid.

Guaranteed Addition:

For each completed year (First Five Years), the policy provides a Guaranteed Addition of Rs.50/- per Rs.1000/-Basic SA.

Participation in Profits:

The policy can participate from the 6th Anniversary onwards until the end end of the Deferment period.

Income Tax Benefit:

Premiums paid under life insurance policy and 1/3rd of the maturity proceeds are exempted from tax. Pension amount will be taxable.

LIC Jeevan Nidhi Policy Eligibility Criteria & Conditions

LIC New Jeevan Nidhi Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc. Check the Eligibility conditions for the LIC 818 Pension Plan.

Maximum Sum Assured	Regular Premium	Rs. 1,00,000
Maximum Sum Assured	Single Premium	Rs. 1,50,000.
Age at Entry	Minimum	18 years (completed)
Age at Entry	Maximum	60 years (nearest birthday)
Policy Term	Minimum	5 Years
Policy Term	Maximum	35 Years
Maximum Cover Ceasing Age		70 Years(Nearest birth)
Premium Payment Mode		Yearly or Half Yearly

Sample Premium Rates for LIC Jeevan Nidhi Policy

Single Premiums
Age at entry	Deferment period
	10	20	30
25	–	–	435.80
35	–	612.00	456.15
45	852.55	632.80	–
Annual Premiums
Age at entry	Deferment period
	10	20	30
25	–	–	32.75
35	–	53.60	34.80
45	115.25	57.15	–

LIC 818 Jeevan Nidhi Rebates

A rebate is the portion of interest earned by the owner (lender) of securities that are paid to a short seller (borrower) of the Securities. The Rebate provided under LIC New Jeevan Nidhi Policy is High Sum Assured Rebate.

Basic Sum Assured:

For Regular Premium Plan:

Sum Assured	Rebate
Rs. 1,00,000/- to Rs. 2,95,000/-	NIL
Rs. 3,00,000/- and above	2.0 % Basic Sum Assured

For Regular Premium Plan:

Sum Assured	Rebate
Rs. 1,00,000/- to Rs. 2,95,000/-	NIL
Rs. 3,00,000/- and above	5.00 % Basic Sum Assured

Mode Rebate:

Mode	Percentage
Yearly	Table Premium 2%
Half yearly	Table Premium 1%

CEIS Rebate:

For Single Premium: 2% of the tabular Premium.
For Regular Premium: 2.75% of the tabular Premium.

LIC India Jeevan Nidhi Premium Calculator

To calculate the premium and Maturity Benefit for the Jeevan Nidhi Plan, there is need of some data. The general data required for the LIC 818 Plan Premium Calculator is

Name of the Policyholder.
Email Id.
Mobile Number.
Age Proof.
Policy Term.
Sum Assured.

How to buy LIC’s Jeevan Nidhi Plan

The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the LIC New Jeevan Nidhi 818 Plan through the Agent.

Documents needed for LIC India Jeevan Sangam

Application form/ Proposal form along with a photo.
Address Proof.
Age Proof.
Medical reports (If required).

Note: Proposal Form No. 300 will be applicable under this plan.

Claim Procedure for LIC 818 Jeevan Nidhi Pension Plan

Nominees can claim for the Jeevan Nidhi Plan after the death of the policyholder or after the successful completion of the premium.

The documents required to claim for the LIC Nidhi Pension Plan are

Original Policy Document.
Proof of title,
Death Proof.
Medical treatment documents before death.
Age proof.

Exclusion of LIC 818 Plan:

There are some exclusions under this plan. Nominees of the Life assured cannot have the death benefit under these conditions. Some Exclusion under this Plan are

Suicide:

For Single Premium:

If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 90% of the premium paid till the date.

For Regular Premium:

If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 80% of the premium paid till the date.

Additional Information on LIC New Jeevan Nidhi Policy No 818

Loan: No Loan facility is available under this plan.

Vesting Period: At the time of retirement or starts receiving the pension.

Deferment Period: Period between the subscription date of an insurance cum pension policy and the time at which the first installment of pension is received is called as deferment period.

Date of Commencement of Risk: In the case of children whose age is less than eight years risk commencement starts either from 2 years of taking the policy or from achieving eight years old which is earlier.

House Loan Surety: House loan surety is provided under this LIC New Jeevan Nidhi Policy.

Surrender Value: Surrender value is avialble under this policy.

Guaranteed Surrender Value:
- Single Premium Policy:
  - Within three policy years would be 70% of the Single Premium Paid excluding taxes and extra premium, if any and
  - After three policy years would be 90% of the Single Premium Paid excluding taxes and extra premium, if any.
- Regular Premium:
  - For deferment period less than ten years: The policy can be surrendered provided the premiums have been paid for at least two consecutive years.
  - For deferment period ten years or more: The policy can be surrendered provided the premiums have been paid for at least three consecutive years.
  - The Guaranteed Surrender Value is a percentage of total premiums paid excluding taxes, extra premiums if any and rider premium and it depends on the deferment period and the policy year in which the policy is surrendered.

Back Dating Interest: The Policy can be backdated within the same financial year.

Income Tax Reduction: Available for premiums paid and for Maturity returns.

Assignments/Nominations: Assignees and nominees are applicable under this plan.

FAQ’s on LIC Jeevan Nidhi Policy 818

1. Can I surrender my policy within the Policy Term?

A. Yes, you can surrender the policy before the Policy term. If the insured candidate wants to return the policy within the Minimum Policy Term, the surrender value will be paid to the policyholder.

2. Is there any loan benefits in this Jeevan Nidhi 818 Plan?

A: No, there is no loan facility under this LIC Jeevan Nidhi Plan. The loan is available is after three months of the policy insurance.