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LIC Jeevan Nidhi

Sample Premiums for this plan
Healthy | (non-tobacco) | Policy term = 25 years
1 Lakhs Cover
4121
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Pension Plan
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Death Benefit
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Pension Options

LIC Jeevan Nidhi Plan

This plan has been withdrawan. Refer to the New Annuity Plan launched by LIC – LIC New Jeevan Nidhi.

LIC Jeevan Nidhi is with bonus deferred annuity plan. This is a non unit-linked insurance pension plan. This plan is purchased to cover the risk of living too long and hence has multiple pension options to cover that risk. The corpus that is created to provide pension for old age is the Sum Assured + accrued Guaranteed Additions + simple Reversionary Bonus + Terminal Bonus. The age where pension is payable is called Vesting Age and the date when pension starts is called Vesting Date.

Thus, if the Life Insured survives the entire term, then he would get the option to withdraw 1/3rd of the entire corpus that has been accumulated tax free and start receiving pension from the remaining 2/3rd of it. He would also get multiple pension options to choose from.

However, if the Life Insured dies within the policy tenure, i.e. before the pension starts then his nominee would receive the Sum Assured + accrued Guaranteed Additions + simple Reversionary Bonus + Terminal Bonus, if any.

Compare this plan with other Investment Plans

LIC Jeevan Nidhi - Key Features

This plan is a deferred pension plan with bonus facility
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Pension amount
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The corpus for pension is (Sum Assured + accrued Guaranteed Additions + simple Reversionary Bonus + Terminal Bonus)

Death Benefit
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Death Benefit before Vesting Date is also (Sum Assured + accrued Guaranteed Additions + simple Reversionary Bonus + Terminal Bonus).

Death Benefit after the Vesting Date depends on the annuity option chosen.
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Pension details
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There are 5 options for Pension:

  • Annuity for Life - where pension is paid till the l...

Other Benefits
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Optional higher cover through Term Rider, Accidental Death and Disability Benefit rider and Critical Illness Rider and Premium Waiver Rider for Cri...

This plan has Guaranteed Additions for the first 5 years
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There is large sum assured rebate.
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Riders
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There are 4 additional riders available:

  • Accidental Death and Disability Benefit rider
  • Term ...

LIC Jeevan Nidhi - Benefits

Death Benefit

 In case of death of the Life Insured before the vesting date, the nominee receives the following:

Sum Assured plus + Accrued Guaran...

Maturity Benefit

 At the maturity of the policy, the insured will get some choices

  • To choose whether to withdraw 1/3rd of the fund tax free and avail p...

Income Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the maturity proceeds are exempted from tax under S...

Bonus rates

Eligibility conditions and other restrictions in LIC Jeevan Nidhi Plan

  Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years)

5 for Regular Premium

6 for Single Premium

35
Premium Payment Term (in years)    
Entry Age of Policyholder (in years) 18  65
Age at Vesting (in years) 40  75
Premium (in Rs.)

10,000 for Single

3000 for Regular

No Limit
Payment modes Single, Yearly, Half-yearly, Quarterly, Monthly and SSS