LIC's New Jeevan Nidhi - 818

 New Jeevan Nidhi : is a deferred annuity plan with bonus.  This plan is purchased to cover the risk of living too long and hence has multiple pension options to cover that risk. 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.

Features : 

• Deferred annuity plan with bonus facility
• Guaranteed Additions available for the first 5 years
• Offers Bonus from the 6^th year onwards
• Optional cover of Accidental Death and Disability Benefit rider available
• Large sum assured rebate

Benefits 

Death Benefit 

 In case of death of the Life Insured before the vesting date, but

Within the first 5 years of the policy

provided all premiums have been paid, the nominee will be provided the Basic Sum Assured + accrued Guaranteed Additions which can be paid in a lump sum or as annuity or a combination of the two.

After the first 5 years of the policy: 

provided all premiums have been paid, the nominee will be provided the Basic Sum Assured + accrued Guaranteed Additions + Simple Revisionary + Final Additional Bonus, if any, which can be paid in a lump sum or as annuity or a combination of the two.

Vesting Benefit –   At the time of vesting, there are 3 choices

1. Withdraw 1/3^rd of the entire corpus tax free and then purchase an Immediate 

     Annuity Plan from the remaining amount at the prevailing annuity rates

2. Buy an Immediate Annuity Plan from the entire amount at the prevailing annuity rates

3. Buy a Single Premium Deferred Annuity Plan

Example : 

If any one at age of 25 Years want to take the pension plan with  Sum Assured of 5,00,00 for the period of 30 Years  Need to Pay only  15,548/- per year 

On Death :

With in First 5 Years of the Policy : 

 If policy holder dies With in First 5 Years of the Policy  then  Nominee will get 

5,00,000/-  Basic Sum Assured 

1,25,000/ - Accrued Guaranteed Additions 

5,00,000/-   Accidental Sum Assured 

Total Around 11,25,000/- ,  This can be taken as Lump Sum or Can be converted to Pension for Nominee or Both

After  First 5 Years of the Policy:  

If policy holder dies After  First 5 Years of the Policy  then  Nominee will get 

5,00,000/-   Basic Sum Assured 

1,25,000/ -  Accrued Guaranteed Additions  

5,00,000/-   Accidental Sum Assured

5,00,000/-   Simple Revisionary Bonus 

5,50,000/-   Final Additional Bonus 

Total Around  21,75,000/-    This can be taken as Lump Sum or Can be converted to Pension for Nominee or Both

If the Person die because of  A

On Maturity:  

On Maturity Total Amount can be take in 3 ways 

1)    5,58,334/- Can be taken as Lump Sum and Remaining Amount will be used to Buy   Annuity Plan By  which Pension will be paid after policy holder death 

2)   Total Amount will be Used   Annuity Plan By  which Pension  will be paid after policy holder death 

3)    Total Amount will be Used   Buy a Single Premium Deferred Annuity Plan  By  which Pension 

        will be paid   Pension after policy holder death.