LIC

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  LIC Jeevan Nidhi is with bonus deferred annuity plan.

  This plan is purchased to provide for retirement benefit . 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.

  Key Features of LIC Jeevan Nidhi Plan

  1) This plan is a deferred pension plan with bonus facility

  2) The corpus for pension is (Sum Assured + accrued Guaranteed Additions + simple Reversionary Bonus + Terminal Bonus)

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

  4) Death Benefit after the Vesting Date depends on the annuity option chosen.

  5) Upon Vesting, there are 2 Vesting Options available to the life insured

  - He may choose to withdraw 1/3rd of the corpus tax free and avail pension from the remaining 2/3rd of the corpus

  - He may choose to avail pension from the entire corpus

  6) There are 5 options for Pension

  - Annuity for Life - where pension is paid till the life assured is alive and nothing is payable on death,

  - Annuity Guaranteed for Certain Periods - where pension is paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not,

  - Annuity with Return of Purchase Price on Death - pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,

  - Increasing Annuity - pension is paid till the life assured is alive at an increasing rate of 3% p.a.

  - Joint Life Last Survivor Annuity - pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive.

  7) This plan has Guaranteed Additions for the first 5 years

  Death and Maturity Benefit of LIC Jeevan Nidhi Plan

  Death Benefit - In case of death of the Life Insured before the vesting date, the nominee receives

  - Sum Assured plus

  - accrued Guaranteed Additions plus

  - simple Reversionary Bonus plus

  - Terminal Bonus

  Maturity Benefit - – At the maturity of the policy, the insured as following choices

  - To choose whether to withdraw 1/3rd of the fund tax free and avail pension from the remaining or take pension from the entire corpus

  - To choose the type of pension

  - Annuity for Life - where pension is paid till the life assured is alive and nothing is payable on death,

  - Annuity Guaranteed for Certain Periods - where pension is paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not,

  - Annuity with Return of Purchase Price on Death - pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,

  - Increasing Annuity - pension is paid till the life assured is alive at an increasing rate of 3% p.a.

  - Joint Life Last Survivor Annuity - pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive.

  Policy Lapse - If you stop paying the premiums after 3 policy years, the policy lapses and all benefits cease.

  Surrender Value - There is a Guaranteed Surrender Value after 3 policy years

  Guaranteed Surrender Value - 30% of all premiums paid (90% for Single Premium) – 1st year’s premium

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