Product Summary : LIC New Jeevan Nidhi (818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.
Premium Payment Mode: Single Premium
Term : 5 to 35 Years
Minimum Entry Age : 20 Year Completed
Maximum Entry Age : 60 Year (Nearest Birthday)
Minimum Vesting Age : 55 Year
Maximum Vesting Age : 65 Year
Minimum Sum Assured : 1,50,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : Death during first five policy year : Sum Assured + Guaranteed Addition
Death after first five policy year : Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.
On Vesting : On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.
Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.
Surrendered Value : Single Premium : The Policy can be surrendered at any time during the deferment Period(term).
Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.
Loan :
No loan facility will be available under this plan.
Income Tax Benefit :
• On Premiums : u/s 80C
• Commutation Tax free : u/s 10(10A)iii
• Death claim Tax free : u/s 10(10D)
• Pension : Taxable.
Product Summary : LIC Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.
Premium Payment Mode: Single Premium
Term :9 Year 12 Year 15 Year
Minimum Entry Age : 15 Year Completed
Maximum Entry Age :
Term 9yr then 66yr (Nearest Birthday)
Term 12yr then 63yr (Nearest Birthday)
Term 15yr then 60yr (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured :
Term 9yr then 35,000
Term 12yr then 50,000
Term 15yr then 70,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : During 1st five years policy years : Sum Assured only. After completion of five policy years : Sum Assured + Loyalty Addition, if any.
On Survival :
For Policy Term of 9 years : 15% of SA, after 3rd & 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th & 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th & 12th policy year.
At Maturity Time : Single Premium Paid + Loyalty Additions, if any.
Surrendered Value : The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Guaranteed Surrender Value : First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
Loan : Loan facility is available under this plan at any time after completion of one policy year.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Product Summary : LIC Single Premium Endowment Plan (817) is a single premium, non-linked, with profits Endowment Plan.
Premium Payment Mode: Single Premium
Term : 10 to 25 Years
Minimum Entry Age : 90days Completed
Maximum Entry Age : 65 Year (Nearest Birthday)
Maximum Maturity Age : 75 Year
Minimum Sum Assured : 50,000
Maximum Sum Assured : NO LIMIT (Depending upon Income)
Policy Benefits : On Death : On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
On Survival : On survival Sum Assured + Vested Bonus + FAB if any.
Surrendered Value : The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.
Loan : Loan Facillity is available under this plan, after completion of one policy year.
Income Tax Benefit :
• u/s 80C up to 10% of SA.
Proposal Form : 300/340 shall be used under this plan.
