Jeevan Nidh

LIC’s New Jeevan Nidhi Plan Table No. 818

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

  •  Policy Term: 5 to 35 Years.
  •  Premium Paying Term: Single Premium.
  •  Entry Age: The minimum entry age of the policy holder should be 20  years and the maximum age limit is 60 years.
  •  Vesting Age: Minimum 55 Years and Maximum 65 Years
  •  Sum Assured: Minimum Rs. 1,50,000/- and no maximum limit.
  •  Surrender: Policy can be Surrendered at any time during the term.
2.      Regular Premium Payment Option

  • Policy Term: 7 to 35 Years.
  • Premium Paying Term: Yearly, Half Yearly, Quarterly, and Monthly.
  • Entry Age: The minimum entry age of the policyholder should be 20 years and the maximum age limit is 58 years.
  • Vesting Age: Minimum 55 Years and Maximum 65 Years
  • Sum Assured: Minimum Rs. 1,00,000/- and no maximum limit.
  • Surrender: after 2 years of the term less than 10 years and after 3 years for term 10 or more than 10 years.
  • Rider Benefit: Accidental Death and Disability Benefit rider up to the age of 70 Year

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.

Death Benefits: 

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.

lic-new-jeevan-nidhi-plan

For simplicity study following table

PlanJeevan
Nidhi
Jeevan
Nidhi
Table818818
Min Age20 Year20 Year
Max Age60 Year58 Year
Max Maturity Age65 Year65 Year
Policy Term5 to 35 Year7 to 35 Year
Premium Paying TermSingle7 to 35 Year
Min Sum AssuredRs. 1,50,000/-Rs. 1,00,000/-
Max Sum AssuredAnyAny
Payment ModeSPAll
LoanNoNo
Surrender2/3 Years2/3 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/-

PlanJeevan NidhiJeevan NidhiJeevan NidhiJeevan Nidhi
Table818818818818
Age30303030
Premium Paying TermSingleSingle2525
Policy Term25352525
Basic Sum AssuredRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
Double Accidental BenefitRs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-Rs. 10,00,000/-
Premium First YearRs. 5,34,256/-Rs. 3,98,668/-Rs. 40,994/-Rs. 28,039/-
Premium second Year Onwards00Rs. 40,112/-Rs. 27,436/-
Total Premium PaidRs. 5,34,256/-Rs. 3,98,668/-Rs. 10,03,682/-Rs. 9,60,863/-
Maturity ReturnRs. 25,80,000/-Rs. 48,70,000/-Rs. 25,80,000/-Rs. 48,70,000/-
Total ReturnRs. 25,80,000/-Rs. 48,70,000/-Rs. 25,80,000/-Rs. 48,70,000/-
Life Time CoverNANANANA

Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.

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