LIC New Jeevan Nidhi Plan
A Non-linked, Conventional with-profits deferred Pension plan.
|Eligibility Conditions & Restrictions|
|Minimum age||:||20 years (Completed)|
|Maximum age||:||58 years for Regular Premium payment
60 years for Single Premium payment
|Minimum Sum Assured||:||Rs.1,00,000 for Regular Premium payment
Rs.1,50,000 for Single Premium payment
|Maximum Sum Assured||:||No limit|
|Deferment term||:||7 years to 35 years for Regular Premium payment.
5 years to 35 years for Single Premium payment.
|Vesting Age||:||55 years to 65 years|
|Premium Mode||:||Yearly / Half yearly / Quarterly / Monthly (Thru Bank) / Single Premium|
|Loan||:||No Loan facility|
|Surrender||:||Eligible after 3 years (Should Surrender before maturity)|
|On Death||:||Sum Assured + Bonus is paid|
|On Maturity||:||Pension is payable
Option to commute 1/3rd of Maturity amount
|Income Tax Benefits||:||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Commutation is Tax free u/s 10(10a)
(iii) Pension is Taxable