New Jeevan Nidhi is a traditional participating deferred annuity plan of LIC Life insurance company that facilitates savings for regular income after retirement. Life cover is also available under the plan.
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
20 years |
Regular Pay – 58 years Single Pay – 60 years |
Vesting Age (Last Birthday) |
55 years |
65 years |
Policy term (years) |
5 |
35 |
Premium Payment Term (years) (PPT) |
Single Pay or equal to policy term |
|
Premium paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
Yearly Premium |
Depends on age, SA and PPT |
|
Sum Assured |
Regular Pay – 100,000 Single Pay – 150,000 |
No limit |
Premium Payment Frequency |
Monthly, quarterly, half-yearly, yearly |
Premium in Rupees for a male for a Sum Assured of 2 lakhs
Age / Term (years) |
Single Pay |
Regular Pay |
||||
10 |
20 |
30 |
10 |
20 |
30 |
|
25 |
- |
- |
87,160 |
- |
- |
6550 |
35 |
- |
122,400 |
91,230 |
- |
10,720 |
6960 |
45 |
170,510 |
126,560 |
- |
23,050 |
11,430 |
- |
Grace Period: Grace period of 15 days is allowed for monthly mode and 30 days for other modes for the payment of premium.
Policy Termination or Surrender Benefit: the policy can be surrendered anytime for Single Pay plans where the Surrender Value if surrendered in the first 3 years will be 70% of the premium paid and thereafter it will be 90% of the premium paid.
For Regular Pay plans, the policy can be surrendered after 2 or 3 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or Special Surrender Value. The Guaranteed Surrender Value will be expressed as a % of premiums paid + % of vested bonuses and accrued Guaranteed Additions depending on the year of surrender.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
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Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.
More Useful Resources
LIC Online Services |
LIC Term Plans |
LIC Other Plans |