LIC Jeevan Nidhi 818 is a plan with Single Premium or premium paying terms equal to policy term whichever chosen by the applicant, Conventional non-linked Endowment Assurance Plan with Profit. Other benefits are also available under this plan like tax benefits, and rider benefits.
|There are two options of premium payment 1. Single Premium and 2. Regular Premium Payment|
|1. Single Premium Payment Option|
|2. Regular Premium Payment Option|
Vesting Benefits: on Vesting, basic sum assured along with the vested bonus, Guaranteed Additional bonus and Final Additional Bonus are payable to the policy holder.
First Five Years:
If the Death happens during First Five years of the policy Sum Assured and Guaranteed Addition are payable by LIC.
After Five policy years:
basic sum assured along with the vested bonus, Guaranteed Additional bonus and Final Additional Bonus if any are payable to the policy holder
Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D). Pension is taxable.
Liquidity Benefit: Loan Facility is not available under this plan.
For simplicity study following table
|Min Age||20 Year||20 Year|
|Max Age||60 Year||58 Year|
|Max Maturity Age||65 Year||65 Year|
|Policy Term||5 to 35 Year||7 to 35 Year|
|Premium Paying Term||Single||7 to 35 Year|
|Min Sum Assured||Rs. 1,50,000/-||Rs. 1,00,000/-|
|Max Sum Assured||Any||Any|
|Surrender||2/3 Years||2/3 Years|
An example of LIC’s Jeevan Nidhi Plan 818
Suppose someone of 30 years age is going to apply for policy 818 Jeevan Nidhi Plan than he/she has to chose the term 25 to 35 years, if of 40 years than 15 to 25 year. Simply, Policy should mature at the age of 55 to 65 year.
“Jeevan Nidhi“ Table 818
Age: 30 Year
Basic Sum Assured: Rs. 10,00,000/-
|Plan||Jeevan Nidhi||Jeevan Nidhi||Jeevan Nidhi||Jeevan Nidhi|
|Premium Paying Term||Single||Single||25||25|
|Basic Sum Assured||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Double Accidental Benefit||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Premium First Year||Rs. 5,34,256/-||Rs. 3,98,668/-||Rs. 40,994/-||Rs. 28,039/-|
|Premium second Year Onwards||0||0||Rs. 40,112/-||Rs. 27,436/-|
|Total Premium Paid||Rs. 5,34,256/-||Rs. 3,98,668/-||Rs. 10,03,682/-||Rs. 9,60,863/-|
|Maturity Return||Rs. 25,80,000/-||Rs. 48,70,000/-||Rs. 25,80,000/-||Rs. 48,70,000/-|
|Total Return||Rs. 25,80,000/-||Rs. 48,70,000/-||Rs. 25,80,000/-||Rs. 48,70,000/-|
|Life Time Cover||NA||NA||NA||NA|
Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.