LIC’s New Jeevan Nidhi Policy is a conventional with profits pension plan. Plan no. 812 covers death during the deferment period and offers annuity on survival to the date of vesting.
Death within 5 policy years: Basic Sum Assured plus accrued Guaranteed Addition would be paid as lump sum or
in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee.
Death after 5 policy years: Basic Sum Assured plus accrued Guaranteed Addition plus Simple Reversionary and
Final Additional Bonus, if any, will be paid as lump sum or in the form of an annuity or partly in lump sum
and balance in the form of an annuity to the nominee.
Guaranteed Additions: Guaranteed Additions of Rs.50/- per thousand Sum assured for each completed year, for
the first 5 years.
Participation in profits: It will participate in LIC’s profit from the 6th year onwards. It shall also be
entitled to receive Simple Reversionary bonuses declared by LIC.
The pension will depend on vesting lum sum amount and immediate annuity rates at that time.
Benefit on Vesting: On vesting an amount equal to the Basic Sum Assured plus accrued Guaranteed Additions,
vested Simple Reversionary bonuses and Final Additional bonus, if any, will be paid to policy holder.
Eligibility Conditions for New Jeevan nidhi
|Minimum Entry Age||20 yrs (nearest birthday)|
|Maximum Entry age||60 yrs (nearest birthday)|
|Minimum Vesting age||55 yrs (nearest birthday)|
|Maximum Vesting Age||65 yrs (nearest birthday)|
|Minimum SA||Rs 1,00,000 for regular premium|
|Rs 1,50,000 for single premiums|
|Maximum SA||No Limit|
|Policy term||5-35 yrs|
|Premium Payment||Monthly/Qrtrly/Half Yrly/Yrly/Single|
What if you stop paying premium?
Your policy will lapse, if you do not pay your premiums withing grace period. A lapsed policy can be
revived within 5 years from the date of first unpaid premium and before the date of vesting by payment of
Arrears of premium plus Interest and subject to continued insurability.
The policy can be surrendered at any time on payment of at least 3 years’ premiums and after completion of
at least 3 policy years but before the date on which annuity vests.