LIC New Jeevan Nidhi Plan 818 Review
LIC New Jeevan Nidhi Plan 818 is a deferred annuity plan with a bonus. The LIC Jeevan Nidhi 818 Plan is a non-unit-linked insurance pension plan. New Jeevan Nidhi Plan in LIC is purchased to cover the risk of living too long and hence has multiple pension options to cover that risk. The amount that is created to provide the pension for old age is the Sum Assured + Accrued Guaranteed Additions + Simple Reversionary Bonus + Terminal Bonus. The age where the pension is payable is called Vesting Age and the date when pension starts are called Vesting Date.
LIC Jeevan Nidhi Plan Review
- LIC New Jeevan Nidhi 818 plan is conventional with profits pension plan.
- LIC’s new Jeevan Nidhi Pension plan is a combination of protection and saving features.
- LIC Jeevan Nidhi Pension plan provides death cover during the deferment period (until attaining the age of 60 or term of the plan) and offers annuity on survival to the date of vesting (from the date you get a pension).
- The following 2 options shall be available to the Life Assured for utilization of the benefits amount.
- Taking some money out of Annuity and get the pension from remaining pension amount.
- Simply buying single premium annuity plan.
- In new Jeevan Nidhi 818, there is Guaranteed addition of 50Rs for first five years.
- In New Jeevan Nidhi LIC Pension Plan Service tax is added which is 3.09%. For information about Tax on Insurance Policies refer www.taxqueries.in.
LIC Pension Plan Jeevan Nidhi Parameters
| Entry Age |
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| Vesting Age |
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| Sum Assured |
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| Premium Paying Mode |
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| Deferment period |
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You can Calculate the Premium that you should pay to get all the benefits available under this plan using LIC New Jeevan Nidhi Calculator. The Insured can also calculate maturity amount you will get after completion of your vesting period using LIC New Jeevan Nidhi Maturity calculator. You can also calculate loan value, surrender value and bonuses available using LIC Jeevan Nidhi Pension Plan Calculator.
Regular Premium
Single Premium
LIC Jeevan Nidhi 818 Rebates
Mode Rebate:
- Yearly – Table Premium 2%.
- Half yearly – Table Premium 1%.
Sum Assured Rebate For Regular Premium policies:
| Sum Assured | Rebate |
| Rs. 1,00,000/- to Rs. 2,95,000/- | NIL |
| Rs. 3,00,000/- and above | 2.00 % Basic Sum Assured |
Sum Assured Rebate For Single Premium policies:
| Sum Assured | Rebate |
| Rs. 1,00,000/- to Rs. 2,95,000/- | NIL |
| Rs. 3,00,000/- and above | 5.00 % Basic Sum Assured |
LIC New Jeevan Nidhi Plan 818 Benefits
- Maturity Benefit:
Sum Assured + Simple Reversionary Bonus + FAB(final additional bonus) if any.
- Death Benefit:
If the Insured dies within the Policy Term, then Nominee of the Policy will get “Death Benefit (Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus)” if any.
Additional LIC New Jeevan Nidhi 818 Pension Plan Details
Risk Coverage: Till end of Term of the Policy.
Date of Commencement of Risk: In the case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
Locking period: 3 years.
Loan Facility: No.
Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.
Housing Loan Surety: Available.
Riders available: Yes.
Policy Revival: The policyholder can revive the policy before 2 years from the date of First Unpaid Premium (FUP).
Suicide Clause: If insured commits suicide before 12 months, then the insurer will return 80% of premium to the insured that he has paid.
Proposal Forms: The insured can use Proposal Form no. 300 or 340 for this plan.
Service Tax: 3.09% service tax is applicable.
Cooling-off Period: If a policyholder is not happy with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the plan.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and Nominations are possible under this plan.
LIC New Jeevan Nidhi Example
| DOC | 11/02/2014 |
| Age NBD | 35 |
| P.P.Term / P.Term | 25 |
| Sum Assured | 1,00,000 |
| Vesting age | 60 |
| Tabular Rate | 41.21 |
| Service Tax | 3.09% |
| Mode | Premium |
| Yearly Premium | 4121 |
| Half Yearly Premium | 2061 |
| Quarterly Premium | 1032 |
| SSS | 343 |
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