New Jeevan Nidhi(918) 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: Yearly, Halfly, Quarterly, Monthly(ECS)

Term: 7 to 35 years

Minimum Entry Age: 20 Year Completed

Maximum Entry Age: 58 Year (Nearest Birthday)

Minimum Vesting Age: 55 Year

Maximum Vesting Age: 65 Year

Minimum Sum Assured: 1,00,000

Maximum Sum Assured : NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits:

On Death:

Death during first five policy year: Sum Assured + Guaranteed Addition

Death during 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.