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