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.
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:
- Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
- Buy Jeevan Akshay of Full vesting amount increased by 3%.
- Buy Jeevan Nidhi Single Premium.
Single Premium: The Policy can be surrendered at any time during the deferment Period(term).
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.