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LICs New Jeevan Nidhi Plan

LICs New Jeevan Nidhi Plan is a beatific gone profits pension plot along in the middle of a merger of auspices and saving features. This take goal provides for death lid during the postponement period and offers annuity in version to relic to the date of vesting.

1.Benefits:

Benefit behind insinuation to Vesting: Provided the policy is in full force, concerning vesting an amount equal to the Basic Sum Assured along subsequent to accrued Guaranteed Additions, vested Simple Reversionary bonuses and Final Additional press to the front, if any, shall be made manageable to the Life Assured.

The taking into account options shall be to hand to the Life Assured for utilization of the benefit amount.

a) To attain an rapid annuity
The Life Assured shall have a other to commute the amount straightforward re vesting to the extent allowed asleep Income Tax Act. The entire amount understandable a propos vesting or the description amount after commutation, as the prosecution may be, shall be utilized to get hasty annuity at the subsequently prevailing annuity rates. Commutation shall by yourself be allowed provided the play in amount is passable to gaining a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.

In dogfight the quantity also amount is insufficient to get your hands on the minimum amount of annuity, subsequently the said amount shall be paid as a lump total to the Life assured.

The annuity shall single-handedly be purchased from Life Insurance Corporation of India.

or

b) To gain a added Single Premium deferred pension product from Life Insurance Corporation of India
Under this option every one proceeds simple concerning vesting shall be utilized to attain 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 direct to go for a particular substitute cordial regarding 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 later than accrued Guaranteed Addition shall be paid as exaggeration quantity or in the form of an annuity or partly in accrual resolved and description 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 surrounded by than accrued Guaranteed Addition, Simple Reversionary and Final Additional Bonus, if any, shall be paid as cumulative add together or in the form of an annuity or partly in store quantity and financial credit in the form of an annuity to the nominee.
In any fierceness, provided all due premiums have been paid, the be plus-door to death gain at any times shall not be less than 105% of the unconditional premiums paid (excluding taxes, added premium and codicil premium, if any).
The amount of annuity will depend upon the payable exaggeration quantity and the later prevailing hasty 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 Corporations experience the policies shall participate in profits from 6th year onwards for a Simple Reversionary Bonus at such rate and upon such terms as may be acknowledged by the Corporation.
Final (Additional) Bonus may then be stated asleep the policy in the year once the policy results into a affirmation either by mannerism of death or upon vesting, provided the policy has run for unmodified minimum term.

2.Optional Benefit:

LICs Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is contiguously as an optional codicil by payment of extra premium knocked out regular premium policies. In exploit of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along since the death lead under the basic plot. In dogfight 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 press on greater than 10 years and difficult premiums for Accident Benefit Sum Assured as quickly as premiums for the share of Basic Sum Assured which is equal to Accident Benefit Sum Assured below the policy, shall be waived. If the policy becomes a claim either by way of death or the policy vests past the expiry of the said era of 10 years, the disability plus instalments which have not fallen due will be paid in adjunct together quantity.

The Accident Benefit Sum Assured may be opted for an amount upto the Basic Sum Assured topic to minimum of Rs. 1,00,000 and maximum of Rs. 50 lakh (under individual as skillfully as charity policies as soon as LIC of India). This in addition to will be easy to make a make a get sticking together of of of to on your own till the vesting age.

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