Jeevan Nidhi is a New Traditional Plan of LIC by indiainsurance4u


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									          Jeevan Nidhi is a New Traditional Plan of LIC
Life Insurance Corporation New Jeevan Nidhi is the latest pension plan. It is a
pension plan launched this year in 2013 on 2nd January. This plan is a traditional
plan that provides death cover during the period of deferment and also provides
annuity up to the date of vesting on survival.

New Jeevan Nidhi does not support loan facilities and is a non unit-liked pension
insurance plan where the plan covers the risk of surviving too long years and
thereby offers multiple pension options covering the risk. Here, the corpus is
created to offer pension for old age is the assured sum + accrued additions
guaranteed + revisionary simple bonus+ terminal bonus. The vesting age here is
the age when a pension is payable and the vesting date is the date when pension

 The entry age is 18 and maximum age is 65, while age at vesting is 40 minimum
and maximum 75. The payment modes can be single, half or quarterly and monthly
as well.

Thus, in case the insured person survives for the entire term, he can withdraw 1/3rd
of the corpus that accumulates tax free and also receive pension from the balance
2/3rd. The insured person can choose from the multiple pension options.

Here, in this plan, if the insured loses his life within the tenure of the policy, his
nominee will receive the sum assured, simple revisionary bonus, accrued
guaranteed additions and terminal bonus.

The Life Insurance Corporation New Jeevan Nidhi Plan is a deferred pension plan
coming with bonus feature. The death benefit prior to vesting date is assured and
the corpus for pension is also given. Death benefit depends on the vesting date
option chosen.                                                  Page 1
The Jeevan Nidhi Plan has 5 Pension options such as:

    An annuity for life- here the pension is paid till he is alive and receives
     nothing on death.

    Annuity with purchase return, price on death- here the pension is paid until
     he is alive and the balance t is paid to the nominee as death benefit.

    Annuity Guaranteed for particular periods- here the pension is paid for 5/10
     or some number of years chosen, regardless of whether the insured person is
     alive or not.

    Increasing annuity- here pension is released till he is alive at 3% rate.

    Joint Life last survivor annuity- here the pension is paid to him as he is alive
     and on his death, 50% pension is paid to the spouse, as long as they are

There is an income tax benefit for premiums paid under Section 80 C and 1/3 rd
maturity proceeds are exempted under Section 10(10A).                                                   Page 2

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