LIC’s
New Jeevan Nidhi Plan is a conventional with profits pension plan
with a combination of protection and saving features. This plan
provides for death cover during the deferment period and offers annuity
on survival to the date of vesting.
- Benefits:
- Benefit on Vesting: Provided
the policy is in full force, on vesting an amount equal to the Basic
Sum Assured along with accrued Guaranteed Additions, vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be
made available to the Life Assured.
The following options shall be available to the Life Assured for utilization of the benefit amount.
- To purchase an immediate annuity
The Life Assured shall have a
choice to commute the amount available on vesting to the extent allowed
under Income Tax Act. The entire amount available on vesting or the
balance amount after commutation, as the case may be, shall be utilized
to purchase immediate annuity at the then prevailing annuity rates.
Commutation shall only be allowed provided the balance amount is
sufficient to purchase a minimum amount of annuity as per the
provisions of section 4 of Insurance Act, 1938.
In case the total benefit
amount is insufficient to purchase the minimum amount of annuity, then
the said amount shall be paid as a lump sum to the Life assured.
The annuity shall only be purchased from Life Insurance Corporation of India.
or
- To purchase a new Single Premium deferred pension product from Life Insurance Corporation of India
Under this option the entire
proceeds available on vesting shall be utilized to purchase a single
premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.
The Life Assured will have to
intimate his / her intention to go for a particular option available on
the date of vesting atleast six months prior to the date of vesting.
- Death Benefit:
Death during first five policy years:
Provided the policy is in full force, Basic Sum Assured along with
accrued Guaranteed Addition shall 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 first five policy years:
Provided the policy is in full force, Basic Sum Assured along with
accrued Guaranteed Addition, Simple Reversionary and Final Additional
Bonus, if any, shall 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.
In any case, provided all due
premiums have been paid, the total death benefit at any time shall not
be less than 105% of the total premiums paid (excluding taxes, extra
premium and rider premium, if any).
The amount of annuity will depend on the payable lump sum and the then prevailing immediate annuity rates.
- Guaranteed Additions:
The policy provides for Guaranteed Additions @ Rs.50/- per
thousand Basic Sum Assured for each completed year, for the first
five years.
- Participation in profits: Provided
the policy is in full force, depending upon the Corporation’s
experience the policies shall participate in profits from 6th year
onwards for a Simple Reversionary Bonus at such rate and on such
terms as may be declared by the Corporation.
Final (Additional) Bonus may
also be declared under the policy in the year when the policy results
into a claim either by way of death or on vesting, provided the policy
has run for certain minimum term.
- Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit
Rider is available as an optional rider by payment of additional
premium under regular premium policies. In case of accidental death,
the Accident Benefit Sum Assured will be payable as
lumpsum along with the death benefit under the basic plan. In case of
accidental disability arising due to accident (within 180 days from the
date of accident), an amount equal to the Accident Benefit Sum
Assured will be paid in equal monthly instalments spread over 10 years
and future premiums for Accident Benefit Sum Assured as well as
premiums for the portion of Basic Sum Assured which is equal to
Accident Benefit Sum Assured under the policy, shall be waived. If the
policy becomes a claim either by way of death or the policy vests
before the expiry of the said period of 10 years, the disability
benefit instalments which have not fallen due will be paid in lump sum.
The Accident Benefit Sum Assured
may be opted for an amount upto the Basic Sum Assured subject to
minimum of Rs. 1,00,000 and maximum of Rs. 50 lakh (under individual as
well as group policies with LIC of India). This benefit will be
available only till the vesting age.
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