LIC New Jeevan Nidhi Policy: State-owned insurance group and investment company Life Insurance Corporation (LIC) of India, which is headquartered in Mumbai, offers various types pension policies including Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, LIC Jeevan Akshay VI and LIC Jeevan Shanti Policy. If we compare the four pension policies mentioned here, LIC’s New Jeevan Nidhi emerges as the most popular pension scheme as it offers both protection, savings and flexibility.
The policy giver higher returns than Fixed Deposits with life cover guarantee. Apart from that, Guaranteed additions @ 5 per cent of sum assured for each completed policy year is added to the corpus in the first five years of the term. On death during the first five years of the term, family members of the policyholder get Sum Assured and Accrued Guaranteed Additions and vested Simple Reversionary Bonuses and Final Additional Bonus, if any is paid either in lump sum or partly in lump sum, in annuity or partly in annuity.
The country’s largest life insurer claims New Jeevan Nidhi policy also offers a range of deferment period options, from five years to 35 years, under the single premium option.
Here is all you need to know about the LIC New Jeevan Nidhi Plan:
– The scheme is available in two options — regular premium policy option and single premium policy option.
– Any individual, between the age group of 20-60 years, can buy the LIC New Jeevan Nidhi Plan for a minimum basic sum assured of Rs 1 lakh under the regular premium policy option and Rs 1.5 lakh under the single premium policy option.
– The policy offers a range of deferment period options from five years to 35 years under the single premium option. However, a subscriber can pick a deferment period ranging from seven years to 35 years under the regular plan option.
– The LIC said on its website the minimum age to buy the pension policy is 55 years while the maximum age of 65 years.
– A policy buyer can pay his/ her premiums regularly at yearly, half-yearly, quarterly or monthly basis. Premiums can also be paid over the term of the policy. As an alternatively, a single premium can also be paid.
Here are some of the sample premium rates for purchasing the New Jeevan Nidhi pension plan (exclusive of service tax) per Rs 1,000 per sum assured.